Re-securitisation exposures include collateralised debt obligations (CDOs) of asset-backed securities (ABS) including, for example, a CDO backed by residential mortgage-backed securities (RMBS). Moreover, it also captures a securitisation exposure where the pool contains many individual mortgage loans and a single RMBS. This means that even if only one of the underlying exposures is a securitisation exposure, then any tranched position (such as senior or subordinated ABS) exposed to that pool is considered a re-securitisation exposure.