Negotiable collateral
Article 53
1. Collateral pledged in accordance with Article 52(2), point (c), shall, at the time the security is given, have a disposable value of at least 115 % of the value of the security required. 2. A competent authority may accept a security as referred to in Article 52(2), point (c), only if the party offering it undertakes, in writing, either to give an additional security or to replace the original security should the disposable value of the security in question have been for a period of 3 months below 105 % of the value of the security required. That written undertaking shall not be necessary where national law already so provides. The competent authority shall regularly review the value of such security. 3. The disposable value of a security as referred to in Article 52(2), point (c), shall be assessed by the competent authority, taking into account any costs of disposal. 4. The disposable value of securities shall be assessed using the last available quotation. 5. The party giving the security shall, at the request of the competent authority, provide proof of its disposable value.