Temporary Rules of Eligibility Standards for Asset-backed Commercial Paper and Dematerialized Asset-backed Commercial Paper (Invalid)

December 17, 2002

Revision:February 14, 2003
June 25, 2003

1. When assessing the eligibility of asset-backed commercial paper and dematerialized asset-backed commercial paper, the Bank shall not apply paragraph 5. of Guidelines on Eligible Collateral, which stipulates that the debt obligations guaranteed by the Bank's counterparty financial institutions and their affiliates shall be ineligible.
2. When the Bank, with the view to maintain the soundness of its assets, deems it necessary to review the creditworthiness of specific assets and other procedures, the Bank may make exceptions to the rule set forth in paragraph 1.
3. These rules shall become effective on the date designated by the Governor, which shall be no later than January 31, 2003. The rules shall be abolished at the end of March 2006.