Solvency Capital Requirement (SCR)

This question has been rejected because the issue it deals with is already explained or addressed in Articles 1(19) and 180(1) of Commission Delegated Regulation (EU). Non-tranched assets do not fall under the definition of securitisation, as specified by Article 1(19) of Commission Delegated Regulation(EU) 2015/35. Only exposures in the form of bonds that fall under the definition set out in point (1) of Article 3 of Directive (EU) 2019/2162 can be considered as covered bonds. To this purpose, please see Article 180(1) of Commission Delegated Regulation (EU) 2015/35 which clarifies that covered bonds are exposures in the form of bonds referred to in Article 52(4) of Directive 2009/65/EC, which points at the definition set out in Article 3(1) of Directive (EU) 2019/2162.