Artículo 3.2.5. IFRS 9 Paragraph 3.2.5

When an entity retains the contractual rights to receive the cash flows of a financial asset [ Refer: IAS 32 paragraph 11 (definition of a financial asset) and the last sentence of paragraph 3.2.2 ] (the ‘original asset’), but assumes a contractual obligation to pay those cash flows to one or more entities (the ‘eventual recipients’), the entity treats the transaction as a transfer of a financial asset if, and only if, all of the following three conditions are met. (a) The entity has no obligation to pay amounts to the eventual recipients unless it collects equivalent amounts from the original asset. Short‑term advances by the entity with the right of full recovery of the amount lent plus accrued interest at market rates do not violate this condition. (b) The entity is prohibited by the terms of the transfer contract from selling or pledging the original asset other than as security to the eventual recipients for the obligation to pay them cash flows. (c) The entity has an obligation to remit any cash flows it collects on behalf of the eventual recipients without material delay. In addition, the entity is not entitled to reinvest such cash flows, except for investments in cash or cash equivalents (as defined in IAS 7 Statement of Cash Flows [ Refer: IAS 7 paragraph 6 ] ) during the short settlement period from the collection date to the date of required remittance to the eventual recipients, and interest earned on such investments is passed to the eventual recipients. E12 [ Refer: paragraphs B3.2.1⁠–⁠B3.2.3 Basis for Conclusions paragraphs BCZ3.14⁠–⁠BCZ3.24 ]