PD selection in case of substitution approach

The PD assigned to the obligor grade or pool to be reported for the Draft ITS on Supervisory Reporting for Institutions for benchmarking the internal approaches (ITS on benchmarking) shall be based on the provisions laid down in Article 180 of Regulation (EU) No. 575/2013 (CRR). The PD to be reported shall be the PD used in the calculation of the RWA. Hence, in case the PD of the guarantor is used to calculate the RWA, then this is the PD that shall be reported.   DISCLAIMER: The present Q&A on Supervisory reporting is provisional. It will be reviewed after the Implementing Regulation is in force and published in the Official Journal, which may differ from the text of the draft ITS to which this Q&A relates.