Traditional securitisation

(see also synthetic securitisation)
Traditional securitisations describe securitisations, involving the economic transfer of the exposures being securitised. This shall be accomplished by the transfer of ownership of the securitised exposures from the originator institution to an SSPE or through sub-participation by an SSPE. The securities issued do not represent payment obligations of the originator institution (see Article 242 (10) CRR).