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Eurosystem Credit Assessment Framework: inclusion of DBRS as external credit rating institution

Nous attendons Tobias Pfeffer de lire la réponse récent et mettre à jour le statut.

Dear European Central Bank,

On 19 October 2007, the Governing Council decided to add Canadian-based Dominion Bond Rating Service (DBRS) to the list of approved external credit rating institutions which up to that point had comprised only the ‘big three’ private rating agencies, Fitch, Moody’s and Standard & Poor’s.

Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:

1. The general motivation behind this decision.
a. Why did the Governing Council conceive it necessary to add a fourth rating agency to its external credit rating institutions list?
b. Which particular member of the Governing Council brought this idea on the agenda?
c. Why was this decision taken at that particular point in time?

2. The reasons and motives to select DBRS.
a. Up until the decision to include DBRS in the list of approved external credit rating insti-tutions, DBRS’s rating activities in Europe had been negligible. Given its minor role in European markets, why did the Governing Council opt for DBRS?
b. The Governing Council decision for the acceptance of DBRS was made on 19 October 2007. Its rating assessments, however, were not taken into account before Guideline ECB/2008/13 came into force as of 1 February 2009. Why did it take more than fifteen months up until this decision had finally been implemented?

3. The initial discrimination between the ratings of DBRS and the other three credit rating agencies in the “harmonised rating scale” of the Eurosystem and its later reversal.
a. In its Guideline ECB 2010/13, the Eurosystem introduced the notion of the “harmonised rating scale”. The lowest acceptable long-term credit rating of Fitch, Moody’s and Standard & Poor’s in credit step 3 has since been BBB- (on the Fitch rating scale) while the lowest acceptable DBRS rating was initially set one notch higher at BBB (on the Fitch rating scale). Why did the Eurosystem discriminate between the ratings of the ‘big three’ rating agencies and the DBRS ratings?
b. Guideline ECB/2014/10 amends the above decision and sets the step 3 lower limit for DBRS ratings at BBB-. Which actor brought this suggestion on the agenda? What was the motivation for this adjustment? Why was this decision taken at that particular point in time?

In case there is need for further clarifications, please do not hesitate to contact me.

Thank you in advance for your cooperation!

Yours faithfully,

Tobias Pfeffer

Access to documents,

Dear Mr Pfeffer,

Thank you for your e-mail of 5 July 2018, applying for documents containing information about the inclusion of DBRS as external credit rating institution.

We are currently processing your request. Nevertheless, we would like you to kindly note that given your other pending requests which the ECB is assessing, it will not in all likelihood be possible provide you with a response to this one within the time-limit prescribed in Article 7(1) of Decision ECB/2004/3. Please also consider in this regard that the ECB has a number of pending public access requests that also need to be addressed within the prescribed deadline.

In view of the foregoing, we would like to propose to you a fair solution that enables us to conciliate your interest with the principle of good administration and without prejudice to other applicants' requests. We would propose to handle your current request subsequent to the replies to your earlier requests. In this case, the present request will be registered after the completion of the last part of your request for documents containing information on minimum rating requirements for government bonds pledged as collateral.

We would kindly ask for your agreement on this proposal.

Sincerely,

Compliance and Governance Office
DG Secretariat
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
[email address]
[email address]

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Dear European Central Bank,

your suggestion to handle my requests in two subsequent steps is fine for me. Could you please specify when I can expect an answer to my second request at the latest?

Yours sincerely,

Tobias Pfeffer

Access to documents,

Dear Mr Pfeffer,

Thank you for confirming the agreed approach for the treatment of your ongoing requests. Please note that, due to the holiday season and upcoming absences, we are not in a position to give you an exact time frame when your second request will be processed as we first need to reply to your first request as mentioned in our email of 10 July 2018. We will revert back to you at a later stage once we are more certain about a date.

Please rest assured however that we are doing our best to assess your requests in the best possible delays.

Thank you for your understanding.

Yours sincerely,

Compliance and Governance Office
DG Secretariat
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
[email address]
[email address]

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Nous ne savons pas si la réponse la plus récente à cette demande contient l'information ou non – si vous etes Tobias Pfeffer veuillez vous connecter et laisser nous savoir.