Preamble
Recitals 31
Chapter I - General provisions (Article 1) 1
Chapter II - Independence of valuers (Article 2-5) 4
Chapter III - Methodology for assessing the value of the assets and liabilities of the CCP before and after resolution (Article 6-18) 13
Chapter IV - Separation of the valuation under resolution and valuation for the application of the ‘no creditor worse off’ principle and methodology for carrying out the valuation for the application of the ‘no creditor worse off’ principle (Article 19-26) 8

hold value

Definitions over time (1)

29/08/2023 – today applies on 12/11/2026 Article 1, Commission Delegated Regulation (EU) 2023/1616 Scope: Whole act

For the purposes of this Regulation, the following definitions apply:

‘hold value’ means the present value, discounted at an appropriate rate, of cash flows that the CCP can reasonably expect under fair, prudent and realistic assumptions from retaining particular assets and liabilities, considering factors affecting customer or counterparty behaviour or other valuation parameters in the context of resolution;