Stress Test Data Framework Dictionary 2017: Version 02

CREassetclass

Enumeration Definition
CRE development Facilities secured against development transactions where the primary means of repayment is through the completion of that development. Includes: a) house builder with non-recourse SPV exposure for a specific property development; and b) specific developments or structured exposures for corporate property companies (e.g. British Land PLC). Excludes trading exposures to house builders.
CRE investment Facilities secured against property where the rental income from the property is the primary means of repayment of the facility. Includes: a) exposures to commercial real estate properties where the development phase has been concluded; and b) hotels and nursing homes on a third party lease. Excludes: a) loans to social housing associations; b) other hotel and nursing homes loans (i.e. owner occupied); c) Op Co/Prop Co exposures with a wider corporate relationship; d) other exposures of corporate property companies (e.g. General Corporate unsecured balance sheet lending); e) CRE exposures held at Fair Market Value; and f) hedging positions where there is no debt.