In the QRT S11, insurers have to report “Assets held as collateral”. We have a question with respect to the value of the collateral held. Should the insurer report the full economic value according article 75 as the value of the collateral or should the insurer only report the economic value of the actual part of the collateral to which the insurer has the right in the case of default of the counterparty. For example, for mortgage loans the house can act as collateral to protect against the default of the counterparty. A mortgage loan of € 100.000 is covered by the value of the residential property of € 250.000. In case of default, the insurer would only be awarded the € 100.000 to cover for his loss and the remaining € 150.000 would be used to cover other creditors or would be given to the counterparty. Should the insurer report the € 100.000 or the € 250.000?