Inclusion of loans that have been pre-positioned with central banks but are not encumbered in the numerator of the LCR

Since loans that have been pre-positioned with Central Banks and are not encumbered can be used to raise liquidity from the Central Bank, could they be considered as 2B level assets even though no commitment fee has to be paid?

According to the Article 12 of the Delegated Regulation (EU) 2015/61 it is possible to consider as 2b level assets those restricted-use committed liquidity facilities that may be provided by the ECB, the Central Bank of a Member State or a third country , provided that the requirements laid down in the Article 14 are met. The mentioned Article (14) establishes the requirements that the restricted-use committed liquidity facilities must fulfill (A-F) in order to be considered level 2b assets. In that sense, it can be considered that the only requirement not met is the one exposed in the letter A that states that the facility must be subject to a commitment fee on the total committed amount during a non-stress period. Based on the fact that the assets pre-positioned in a Central Bank constitute a credit facility, it can be assumed that the entity complies with the rest of the requirements of Article 14. If the loans are included in that pool of assets, the requirements can be considered met.