Recital 1

(1)To ensure that the property under construction, as referred to in Article 124(3), point (a)(iii), of Regulation (EU) No 575/2013, is completed within a reasonable timeframe, the legal mechanism referred to in Article 124(3), point (a)(iii)(2) of that Regulation should provide for a protection provider that is able to act in a reasonable timeframe and has sufficient credit worthiness.