This is the value, as at the relevant date, of credit exposures (on and off-balance sheet) arising from the following:- the most senior exposure in a securitisation (e.g. the most senior tranche of securities issued by the SPV or an obligation under a facility that ranks ahead of the first tranche);- asset-backed commercial paper securitisation (i.e. where the securities issued are predominantly commercial paper with an original maturity of one year or less) exposures in a second loss, or better, position.