Art. 104

(Art. 110 FinMIA)

1. The following count as admissible collateral:
   1. cash deposits, including medium-term notes or comparable instruments issued by a bank;
   2. high-quality debt securities issued by a central government, a central bank, a public-law entity with the right to levy taxes, the BIS, the International Monetary Fund, the ESM and multilateral development banks;
   3. high-quality debt securities of companies;
   4. high-quality mortgage bonds (Pfandbriefe ) and other covered debt securities;
   5. ¹ shares in a major index in accordance with Article 4 paragraph 1 letter b CAO², including convertible bonds;
   6. gold;
   7. money market funds;
   8. ³ units in securities funds in accordance with Article 53 of the Federal Act of 23 June 2006⁴on Collective Investment Schemes, if:
   1. the units are valued daily, and 2. the securities funds invest solely in assets in accordance with letters a to g or in derivatives that hedge such assets.
2. Collateral is deemed to be high value if it is highly liquid, has a strong track record of preserving its value even in a period of stress and can be monetised within an appropriate period.
3. Resecuritisation positions are not admissible as collateral.
4. The collateral must be valued anew each day.