On March 28, the RBA announced and published new criteria for self-securitisations on the RBA website (
Eligible Securities | Criteria for Domestic Market Operations | RBA).
“The ASF was pleased to note that the RBA took on board the ASF’s submissions dated
22 August 2023 and 11
March 2024 in finalising the criteria.”
In addition, included in the RBA announcement, are two criteria that were not in the original consultation, although the second in relation to the inclusion of BBSW fallback language was always anticipated (
this comes into effect from 1 April 2025):
1. Remit to the collections account at least weekly
Principal and interest collections must be remitted to the issuer’s collections account at least weekly. This requirement applies to any self-securitisation that the RBA first approves for repo eligibility after 31 March 2025. Existing self-securitisations (i.e. self-securitisations first approved by the RBA for repo eligibility on or before 31 March 2025) that do not meet this criteria after 31 March 2025 will incur a higher margin ratio (see
Margin Ratios).
2. BBSW fallback language
From 1 April 2025, all self-securitisations, regardless of the date of issue, will be required to include at least one robust and reasonable and fair fallback in order to be eligible.
The RBA expressed its appreciation for the assistance provided by the ASF members during the consultation process.
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