Recital 5

(5)Taking into account the recommendations made by the European Banking Authority (EBA) in its report of 20 December 2013 ⁴ , prepared pursuant to Article 509(3) and (5) of Regulation (EU) No 575/2013, all types of bonds issued or guaranteed by Member States’ central governments and central banks as well as those issued or guaranteed by multilateral developments banks and international organisations should be given level 1 status. In the EBA report an empirical and qualitative analysis regarding the high or extremely high liquidity and credit quality of such bonds has been performed and the report concludes that those bonds fulfil Basel standards in terms of high liquidity and credit quality. Therefore, bonds issued by official export credit agencies, irrespective of those agencies’ organisational structure, should be qualified as ‘liquid assets’ and consequently given level 1 status.