GNMA MBS are unconditionally guaranteed by the United States government. However, Article 180 does not recognize guarantees by non-member central governments. Should GNMA MBS be assigned a risk factor stress of 0% under Article 180(2)?

Background of the question

I had a BaFin regulator disagree with this interpretation.

EIOPA answer

Dear Sir/Madam, This question has been rejected because the issue the question deals with is already explained or addressed in article 180 of the Solvency 2 Delegated regulation (a 0% risk charge cannot be granted).