“…In the context of ECL estimation, there has been a large volume of literature on PD forecasting, including normative documents (cf., e.g., [2]); studies of credit risk (cf., e.g., [4][5][6][7][8]); economic factors determining market performance (e.g., [9]); general forecasting techniques (e.g., [10][11][12][13][14][15]); and the relationship between point-in-time and through-the-cycle PD is developed in detail in, e.g., [16].…”