This shall be accomplished by the transfer of ownership of the securitised exposures from the originator credit institution or through sub-participation.

Savings mortgages are included in the reference pool and a savings sub-participation is used in the structure comparable to previous Hermes transactions.

However, the EMI understands from Article 2(h) of the draft Directive that its intended scope is not restricted to such systems and that indirect participation (or sub-participation), as well as correspondent banking are also meant to be covered.

The dispute in the main proceedings, concerning the valuation of the provision for possible losses resulting from BIAO-Afribank's sub-participation in the risk of non-repayment of the loan granted to Corporación del Cobre, is relevant only to trade tax.