Arxo Findings Register · Arxo Law

ARXO-2026-0396 · Reported

Basel Framework: NSF30.29 FAQ1 vs NSF30.28

The NSFR FAQ on Level 2A covered bonds says a rating 'above AA–' is required, while NSF30.28 and LCR30.43 accept 'at least AA–', so a covered bond rated exactly AA– gets 15% or 85% RSF depending on which is followed.

Consequence

Position: Covered bond rated exactly AA–, 100, unencumbered, other Level 2A conditions met Reading a: 'At least AA–' -> Level 2A, 15%, RSF 15 Reading b: 'Above AA–' -> not Level 2A; non-HQLA by maturity (e.g. 85% if >1y), RSF 85 Difference: RSF 70

Proposed correction

Clarify or correct the cited passage so that the rule and its references give one result for the stated case.

Issued by
Basel Committee on Banking Supervision
Act
Basel Framework NSF30 (in force 2019-12-15, published 2024-07-05)
Place
NSF30.29 FAQ1 vs NSF30.28
Record
Discrepancy
Class
Text of the act
Where it arose
The text of the act
Arxo's conclusion
Confirmed
Official text
Unchanged at last check
Last checked
2026-10-31

Evidence

Reproduced by execution. Quotations are verbatim from the official material; translations are ours and marked.

only those whose rating is above AA– are eligible as Level 2A assets
Normative text · Basel Framework NSF30 (in force 2019-12-15, published 2024-07-05) · NSF30.29 FAQ1 vs NSF30.28 · Published 2024-07-05 · retrieved 2026-10-31 · SHA-256 aab56170f4c57f39254f95c7a1bcaea1af62676fbf4a109cf855eadfa9aadcd0 · copy
corporate debt securities (including commercial paper) and covered bonds with a credit rating equal or equivalent to at least AA–;
Normative text · Basel Framework NSF30 (in force 2019-12-15, published 2024-07-05) · NSF30.29 FAQ1 vs NSF30.28 · Published 2024-07-05 · retrieved 2026-10-31 · SHA-256 aab56170f4c57f39254f95c7a1bcaea1af62676fbf4a109cf855eadfa9aadcd0 · copy

How to check it without Arxo's tools

  1. Open Basel Framework NSF30 (in force 2019-12-15, published 2024-07-05) and find NSF30.29 FAQ1 vs NSF30.28. Compare the text with the quotation above. A copy is kept in this register: aab56170f4c57f39-NSF30@2019-12-15~2024-07-05.txt (SHA-256 aab56170f4c57f39254f95c7a1bcaea1af62676fbf4a109cf855eadfa9aadcd0, copy of the official file).
  2. The finding holds if the quoted passages read as shown and the comparison gives the result stated at the top of this page. If it does not, write to us with the record ID.

How this finding was made

AI models read the texts, built the examples and reviewed the findings.

Responsible institutions

Reported to

DateInstitutionChannelReference
2026-10-31Basel Committee on Banking Supervisione-mailhttps://mail.google.com/mail/u/0/#sent/KtbxLthRTjRNkqRtWGvxMWmXhVdckfWkGV

Responses

No response recorded.

History

  1. 2026-10-31Confirmed by Arxo
  2. 2026-10-31Entered in the register
  3. 2026-10-31Reported to Basel Committee on Banking Supervision (e-mail)

Cite this record

Arxo Law, Arxo Findings Register, ARXO-2026-0396, https://arxo.io/findings/ARXO-2026-0396/ (status as of 2026-10-31). Data: ARXO-2026-0396.json.