Furthermore, an additional valuation markdown is applied to own-use covered bonds.

The definition of valuation markdown is replaced by the following

This valuation markdown applies to all counterparties mobilising the covered bond in question.

This haircut is directly applied at the level of the theoretical valuation of the individual debt instrument in the form of a valuation markdown of 5 %.

This haircut is directly applied at the level of the theoretical valuation of the individual debt instrument in the form of a valuation markdown of 5 %.