Protection valuation approach (PRTCTN_VLTN_APPRCH)

Definition: Protection valuation approach. Type of protection valuation; method used to determine the protection value. The protection valuation approach identifies the type of the protection valuation (or the method used to determine the protection value) from among an exhaustive list of values this data attribute may assume. The type of valuation approach is in particular relevant for protection items which are valued at their fair values (or market or long-term sustainable values in the case of real estate collateral).

Reporting qualification: The protection valuation approach is to be reported for each protection received record. General reporting instructions, specific cases and examples The reporting agent reports the valuation method that was used to establish the protection value as reported in the data attribute “protection value”. Please note that if the type of protection value is “notional amount”, the protection valuation approach does not in fact apply, and therefore the value “other type of valuation” is reported. Otherwise, if the protection is not valued at its notional amount, then the valuation approach that was undertaken in the latest valuation is reported. In this connection, AnaCredit distinguishes between four broadly defined categories: • mark-to-market valuation; • counterparty estimation; • creditor valuation; • third party valuation. AnaCredit does not specify a priority as regards the protection valuation approach because there is no intention to restrict the choice of the reporting agents for the appropriate protection valuation approach and thereby to impose an additional constraint. Accordingly, AnaCredit does not require reporting agents to change or enhance (any step in) the process of protection valuation. On the contrary, this data attribute is intended to indicate which kind of valuation process reporting agents actually have in place. 28 February 2017 AnaCredit Reporting Manual – Part II – Datasets and data attributes For the sake of consistency, under the term creditor valuation, it is also presumed that the actual valuation is performed by a reporting agent by means of a quantitative valuation model (rather than by an appraiser as such) following a methodology applied by the reporting agent. Similarly, third party valuation, besides valuations carried out by appraisers, includes also valuations by means of quantitative techniques and methodologies of which neither the debtor nor the creditor have any control. However, reporting agents will naturally face constraints as regards the available valuation approaches. For example, a quoted price, which is the most recent price at which an investment (or any other type of asset) has traded in an active market, will only be available for a subset of protection items which are traded in an active market.

Values: Mark-to-market Definition: Mark-to-market is a valuation method whereby the protection value is based on unadjusted prices quoted at an exchange for identical assets and liabilities in an active market. For protection items whose fair value reported in the data attribute “protection value” has been established in organised markets, “mark-to-market” is reported as the protection valuation approach. This in particular regards the following protection items: • gold is valued at the price established in organised gold markets; • listed shares are valued at their fair value, represented by the mid-market price observed on the stock exchange or other organised financial markets. Counterparty estimation Definition: Counterparty estimation is a valuation method whereby the valuation is carried out by the protection provider. For protection items whose value (other than a notional amount) reported in the data attribute “protection value” has been established by the protection provider, other than the creditor, “counterparty estimation” is reported. This in particular may regard equity and investment fund shares/units that are valued at their fair values. Creditor valuation Definition: Creditor valuation is a valuation method whereby the valuation is carried out by the creditor. The valuation may be undertaken by an external or staff appraiser who possesses the necessary qualifications, ability and experience to execute a valuation and who is not independent from the credit decision process. For protection items whose fair value (or market or long-term sustainable value in the case of real estate collateral) has been established by the creditor (or by a 28 February 2017 AnaCredit Reporting Manual – Part II – Datasets and data attributes methodology which is controlled by the creditor), then the protection valuation approach is reported as “creditor valuation”. This in particular may regard the following cases: • unlisted shares valued at their fair value which is estimated on the basis of a methodology controlled by the creditor; • leased assets valued at their fair value following a valuation methodology controlled by the creditor where the asset value is calculated with the use of asset valuation curves; • commercial real estate valued at a long-term sustainable value which was based on an appraisal carried out by an appraiser hired by the creditor; • residential real estate valued at its market value which was based on an appraisal carried out by an appraiser hired by the creditor. Third party valuation Definition: Third party valuation is a valuation method in which the valuation is provided by an appraiser who is independent of the credit decision process. For protection items whose fair value (or market or long-term sustainable value in the case of real estate collateral) has been established by a third party (or by a methodology which is not controlled by the creditor), then the protection valuation approach is reported as “third party valuation”. This in particular may regard the following cases: • unlisted shares valued at their fair value which is estimated on the basis of a methodology not controlled by the creditor; • leased assets valued at their fair value following a valuation methodology not controlled by the creditor where the asset value is calculated with the use of asset valuation curves; • commercial real estate valued at its market value following a valuation carried out by a third party appraiser, over which the creditor has no control; • residential real estate valued at its market value following a quantitative valuation technique (using a publicly available house price index) developed by a third party over which the creditor has no control. Other type of valuation Definition: Other type of valuation is any other type of valuation that is not included in the previous categories of valuation approaches. If the protection value is the notional amount of the protection, as reported in the data attribute “type of protection value”, the protection valuation approach is reported as “other type of valuation”. 28 February 2017 AnaCredit Reporting Manual – Part II – Datasets and data attributes

Definition: Protection valuation approach. Type of protection valuation; method used to determine the protection value. The protection valuation approach identifies the type of the protection valuation (or the method used to determine the protection value) from among an exhaustive list of values this data attribute may assume. The type of valuation approach is in particular relevant for protection items which are valued at their fair values (or market or long-term sustainable values in the case of real estate collateral).

Reporting qualification: The protection valuation approach is to be reported for each protection received record. General reporting instructions, specific cases and examples The reporting agent reports the valuation method that was used to establish the protection value as reported in the data attribute “protection value”. Please note that if the type of protection value is “notional amount”, the protection valuation approach does not in fact apply, and therefore the value “other type of valuation” is reported. Otherwise, if the protection is not valued at its notional amount, then the valuation approach that was undertaken in the latest valuation is reported. In this connection, AnaCredit distinguishes between four broadly defined categories: • mark-to-market valuation; • counterparty estimation; • creditor valuation; • third party valuation. AnaCredit does not specify a priority as regards the protection valuation approach because there is no intention to restrict the choice of the reporting agents for the appropriate protection valuation approach and thereby to impose an additional constraint. Accordingly, AnaCredit does not require reporting agents to change or enhance (any step in) the process of protection valuation. On the contrary, this data attribute is intended to indicate which kind of valuation process reporting agents actually have in place. 28 February 2017 AnaCredit Reporting Manual – Part II – Datasets and data attributes For the sake of consistency, under the term creditor valuation, it is also presumed that the actual valuation is performed by a reporting agent by means of a quantitative valuation model (rather than by an appraiser as such) following a methodology applied by the reporting agent. Similarly, third party valuation, besides valuations carried out by appraisers, includes also valuations by means of quantitative techniques and methodologies of which neither the debtor nor the creditor have any control. However, reporting agents will naturally face constraints as regards the available valuation approaches. For example, a quoted price, which is the most recent price at which an investment (or any other type of asset) has traded in an active market, will only be available for a subset of protection items which are traded in an active market.

Values: Mark-to-market Definition: Mark-to-market is a valuation method whereby the protection value is based on unadjusted prices quoted at an exchange for identical assets and liabilities in an active market. For protection items whose fair value reported in the data attribute “protection value” has been established in organised markets, “mark-to-market” is reported as the protection valuation approach. This in particular regards the following protection items: • gold is valued at the price established in organised gold markets; • listed shares are valued at their fair value, represented by the mid-market price observed on the stock exchange or other organised financial markets. Counterparty estimation Definition: Counterparty estimation is a valuation method whereby the valuation is carried out by the protection provider. For protection items whose value (other than a notional amount) reported in the data attribute “protection value” has been established by the protection provider, other than the creditor, “counterparty estimation” is reported. This in particular may regard equity and investment fund shares/units that are valued at their fair values. Creditor valuation Definition: Creditor valuation is a valuation method whereby the valuation is carried out by the creditor. The valuation may be undertaken by an external or staff appraiser who possesses the necessary qualifications, ability and experience to execute a valuation and who is not independent from the credit decision process. For protection items whose fair value (or market or long-term sustainable value in the case of real estate collateral) has been established by the creditor (or by a 28 February 2017 AnaCredit Reporting Manual – Part II – Datasets and data attributes methodology which is controlled by the creditor), then the protection valuation approach is reported as “creditor valuation”. This in particular may regard the following cases: • unlisted shares valued at their fair value which is estimated on the basis of a methodology controlled by the creditor; • leased assets valued at their fair value following a valuation methodology controlled by the creditor where the asset value is calculated with the use of asset valuation curves; • commercial real estate valued at a long-term sustainable value which was based on an appraisal carried out by an appraiser hired by the creditor; • residential real estate valued at its market value which was based on an appraisal carried out by an appraiser hired by the creditor. Third party valuation Definition: Third party valuation is a valuation method in which the valuation is provided by an appraiser who is independent of the credit decision process. For protection items whose fair value (or market or long-term sustainable value in the case of real estate collateral) has been established by a third party (or by a methodology which is not controlled by the creditor), then the protection valuation approach is reported as “third party valuation”. This in particular may regard the following cases: • unlisted shares valued at their fair value which is estimated on the basis of a methodology not controlled by the creditor; • leased assets valued at their fair value following a valuation methodology not controlled by the creditor where the asset value is calculated with the use of asset valuation curves; • commercial real estate valued at its market value following a valuation carried out by a third party appraiser, over which the creditor has no control; • residential real estate valued at its market value following a quantitative valuation technique (using a publicly available house price index) developed by a third party over which the creditor has no control. Other type of valuation Definition: Other type of valuation is any other type of valuation that is not included in the previous categories of valuation approaches. If the protection value is the notional amount of the protection, as reported in the data attribute “type of protection value”, the protection valuation approach is reported as “other type of valuation”. 28 February 2017 AnaCredit Reporting Manual – Part II – Datasets and data attributes

Im Datenfeld Ansatz der Sicherheitenbewertung wird die Methode zur Bestimmung des Wertes der Sicherheit erfasst. Dies erfolgt anhand einer abschließenden Liste von Werten, die dieses Datenfeld annehmen kann. Die Art des Ansatzes der Sicherheitenbewertung ist insbesondere bei Sicherheiten relevant, die zum beizulegenden Zeitwert (oder Marktwert oder langfristig dauerhaften Wert im Falle von Immobiliensicherheiten) bewertet werden. Der Berichtspflichtige meldet die Bewertungsmethode, die angewendet wurde, um den Wert der Sicherheit festzulegen, der im Datenfeld Wert der Sicherheit erfasst wurde. In Fällen, in denen der Wert für die Art des Wertes der Sicherheit „Nominalbetrag“ lautet, findet der Ansatz der Sicherheitenbewertung keine Anwendung und ist daher der Wert „andere Bewertungsart“ zu melden. Deutsche Bundesbank Statistik Richtlinien Januar 2026 6.134 Kreditdaten- statistik Wurde die Sicherheit nicht zum Nominalbetrag bewertet, ist der Bewertungsansatz zu melden, der bei der letzten Bewertung angewendet wurde. In diesem Zusammenhang werden vier Ansätze der Sicherheitenbewertung unterschieden: – Marktpreisbewertung – Schätzung des Vertragspartners – Bewertung durch den Gläubiger – Bewertung durch Dritte Die Kreditdatenstatistik (AnaCredit) legt keine Priorität im Hinblick auf den Ansatz der Sicherheitenbewertung fest. Stattdessen soll dieses Datenfeld angeben, welche Art von Bewertungsprozess die Berichtspflichtigen tatsächlich anwenden. Aus Gründen der Einheitlichkeit setzt die Bezeichnung „Bewertung durch den Gläubiger“ auch voraus, dass die eigentliche Bewertung von einem Berichtspflichtigen entsprechend einer von dem Berichtspflichtigen angewendeten Methode anhand eines Modells zur quantitativen Bewertung vorgenommen wird (statt durch einen Gutachter). Entsprechend fallen in die Kategorie „Bewertung durch Dritte“ neben den von Gutachtern vorgenommenen Bewertungen auch Bewertungen anhand quantitativer Techniken und Methoden, über die weder der Schuldner noch der Gläubiger Kontrolle haben. Marktpreisbewertung Bewertungsmethode, bei der der Wert der Sicherheit auf unberichtigten, notierten Preisen für identische Aktiva und Passiva auf einem aktiven Markt beruht. Bei Sicherheiten, deren im Datenfeld Wert der Sicherheit gemeldeter beizulegender Zeitwert an organisierten Märkten festgelegt wird, ist „Marktpreisbewertung“ als Ansatz der Sicherheitenbewertung zu melden. Dies betrifft insbesondere folgende Sicherheiten: – Gold wird zu dem an den organisierten Märkten für Gold festgelegten Preis bewertet. – Börsennotierte Aktien werden zum beizulegenden Zeitwert bewertet, der dem an der Börse oder anderen organisierten Finanzmärkten beobachteten Mittelkurs entspricht. Schätzung des Vertragspartners Bewertungsmethode, bei der die Bewertung durch den Sicherungsgeber ausgeführt wird. Dies kann insbesondere bei Anteilsrechten und Investmentfondsanteilen der Fall sein, die zum beizulegenden Zeitwert bewertet werden. Bewertung durch den Gläubiger Bewertungsmethode, bei der die Bewertung durch den Gläubiger ausgeführt wird. Die Bewertung kann durch einen externen oder zur Belegschaft gehörenden Gutachter vorgenommen werden, der über die notwendigen Qualifikationen, Fähigkeiten und Erfahrungen verfügt, die für die Ausführung einer Bewertung erforderlich sind, und der von der Kreditvergabeentscheidung nicht unabhängig ist. Bei Sicherheiten, deren beizulegender Zeitwert (oder Marktwert oder langfristig dauerhafter Wert im Falle von Immobiliensicherheiten) durch den Gläubiger (oder anhand einer Methode, die vom Gläubiger kontrolliert wird) festgelegt wird, ist als Ansatz der Sicherheitenbewertung „Bewertung durch den Gläubiger“ zu melden. Deutsche Bundesbank Statistik Richtlinien Januar 2026 6.135 Kreditdaten- statistik Dies kann insbesondere auf folgende Fälle zutreffen: – nicht börsennotierte Aktien, die zum beizulegenden Zeitwert bewertet werden, der auf Basis einer vom Gläubiger kontrollierten Methode geschätzt wird, – geleaste Vermögenswerte, die zum beizulegenden Zeitwert bewertet werden, der anhand einer vom Gläubiger kontrollierten Bewertungsmethode bestimmt wird, wobei der Wert des Vermögenswertes unter Verwendung von Bewertungskurven für den Vermögenswert berechnet wird, – Gewerbeimmobilien, die zu einem langfristig dauerhaften Wert bewertet werden, der auf einem Gutachten basiert, das von einem vom Gläubiger abhängigen Gutachter erstellt wurde, – Wohnimmobilien, die zum Marktwert bewertet werden, der auf einem Gutachten basiert, das von einem vom Gläubiger beauftragten Gutachter erstellt wurde. Bewertung durch Dritte Bewertungsmethode, bei der die Bewertung von einem von der Kreditvergabeentscheidung unabhängigen Gutachter erbracht wird. Bei Sicherheiten, deren beizulegender Zeitwert (oder Marktwert oder langfristig dauerhafter Wert im Falle von Immobilien) durch einen Dritten (oder anhand einer Methode, die nicht vom Gläubiger kontrolliert wird) festgelegt wird, ist als Ansatz der Sicherheitenbewertung „Bewertung durch Dritte“ zu melden. Dies kann insbesondere auf folgende Fälle zutreffen: – nicht börsennotierte Aktien, die zum beizulegenden Zeitwert bewertet werden, der auf Basis einer nicht vom Gläubiger kontrollierten Methode geschätzt wird, – geleaste Vermögenswerte, die zum beizulegenden Zeitwert bewertet werden, der anhand einer nicht vom Gläubiger kontrollierten Bewertungsmethode bestimmt wird, wobei der Wert des Vermögenswertes unter Verwendung von Bewertungskurven für den Vermögenswert berechnet wird, – Gewerbeimmobilien, die nach einer Bewertung durch einen externen Gutachter, über die der Gläubiger keine Kontrolle ausübt, zum Marktwert bewertet werden, – Wohnimmobilien, die anhand einer von einem Dritten entwickelten quantitativen Bewertungsmethode (unter Verwendung eines öffentlich verfügbaren Hauspreisindex), über die der Gläubiger keine Kontrolle ausübt, zum Marktwert bewertet werden. Andere Bewertungsart Andere Art der Bewertung, welche nicht unter die vorstehend aufgeführten Kategorien fällt. Handelt es sich bei dem Wert der Sicherheit um den „Nominalbetrag“ der Sicherheit wie im Datenfeld Art des Wertes der Sicherheit gemeldet, ist als Ansatz der Sicherheitenbewertung „andere Bewertungsart“ zu melden.