ASF factors for Additional Tier 1 items as wells as Tier 2 items and other capital instruments maturing between 6 month and 1 year

For the purpose of calculating the NSFR, which appropriate available stable funding factor shall institutions apply for Additional Tier 1 items as well as Tier 2 items and other capital instruments maturing between 6 month and 1 year?

Article 428o(b), (c) and (d) refer explicitly to Additional Tier 1 items as well as Tier 2 items and other capital instruments with a residual maturity of 1 year or more and defines the applicable ASF factor as 100%.  Article 428k(3)(d) envisages a 0% factor for any capital items or instruments not referred to in Articles 428l to 428o. In the corrigendum to CRR2 on 25 February 2021, point (41) added the wording “capital items or instruments” in Article 428l(d) which allows a 50% ASF for instruments and liabilities with a residual maturity of a minimum of 6 months but less that 1 year. The instructions on C 81.00, rows 0040 to 0060, column 0050, follow Articles 428o(b), (c) and (d) and 428k(3)(d) of the CRR. The amendment to article 428l(d) has not been incorporated. According to the EBA analysis of the feedback on the public consultation in the final draft ITS EBA/ITS/2020/05, published prior to the CRR2 corrigendum, section 4.4, question 31 comments ‘capital instruments’, page 111/112, it was stated that “Article 428l(d) does not apply (for capital instruments maturing between 6 months and 1 year) (.) because it does not refer to capital items or instruments but to liabilities, which is the case specifically in Article 428k(3)(d)”. Given article 428l(d) has been amended in the corrigendum to reference capital items or instruments, should the ITS be updated to allow a 50% ASF for AT1 and T2 items and other capital instruments with a residual maturity of a minimum of 6 months but less than 1 year?