1. The following assets shall be subject to a 100 % required stable funding factor:
(a) unless otherwise specified in this Chapter, any assets encumbered for a residual maturity of one year or more;
(b) any assets other than those referred to in Articles 428r to 428ag, including loans to financial customers having a residual contractual maturity of one year or more, non-performing exposures, items deducted from own funds, fixed assets, non-exchange-traded equities, retained interest, insurance assets, defaulted securities.
2. Institutions shall apply a 100 % required stable funding factor to the difference, if positive, between the sum of fair values across all netting sets with positive fair value and the sum of fair values across all netting sets with negative fair value calculated in accordance with Article 428d.
The following rules shall apply to the calculation referred to in the first subparagraph:
(a) variation margin received by institutions from their counterparties shall be d
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