ESRB欧洲系统风险委员会：2025年揭示STS表内证券化对欧盟金融稳定性的影响报告（英文版）

This report describes the European Systemic Risk Board’s (ESRB) assessment of the financial stability implications of introducing simple, transparent and standardised (STS) criteria for on-balance-sheet securitisations in the European Union (EU). The EU Securitisation Regulation1 (SECR) assigns the macroprudential oversight of the European Union’s securitisation market to the ESRB. Following the amendments made to the SECR in 2021, the ESRB was mandated to assess the impact on financial stabi