Default

Pursuant to Article 178 (1) of Regulation (EU) No 575/2013 (CRR) default is said to occur, if:

1. the institution considers that the obligor is unlikely to pay its credit obligations to the institution, the parent undertaking or any of its subsidiaries in full, without recourse by the institution to actions such as realising security;
2. the obligor is past due more than 90 days on any material credit obligation to the institution, the parent undertaking or any of its subsidiaries.