1. NCBs may grant derogations to the reporting requirements set out in Article 4 as follows:
(a) for loans originated by euro area MFIs and broken down by maturity, sector and residency of debtors, and where the MFIs continue to service the securitised loans within the meaning of Regulation (EC) No 25/2009 (ECB/2008/32), the NCBs may grant FVCs derogations from reporting data on these loans. Regulation (EC) No 25/2009 (ECB/2008/32) provides for the reporting of these data;
(b) the NCBs may exempt FVCs from all reporting requirements set out in Annex I, apart from the obligation to report, on a quarterly basis, end-of-quarter outstanding amount data on total assets, provided that the FVCs that contribute to the quarterly aggregated assets/liabilities account for at least 95 % of the total of FVCs' assets in terms of outstanding amounts, in each participating Member State. The NCBs shall check the fulfilment of this condition in good time in order to grant or withdraw, if necessary,