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Economic and Social Policies, PUBLICATIONS

Covered bonds – Issue and supervision, exposures [EU Legislation in Progress]

Written by Angelos Delivorias (1st edition),

Schiffspfandbrief mit Modellschiff

© Björn Wylezich / Fotolia

Covered bonds are debt securities issued by credit institutions and secured by a pool of mortgage loans or credit towards the public sector. They are characterised further by the double protection offered to bondholders, the segregation of assets in their cover pool, over-collateralisation, and their strict supervisory frameworks. Currently, their issuance is concentrated in five Member States. National regulatory regimes vary widely in terms of supervision and composition of the cover pool. Lastly, despite benefiting from preferential treatment under the Capital Requirements Regulation (CRR), they share no common definition, which can lead to different securities benefiting from this treatment. To remedy this, the Commission has adopted proposals for, on the one hand, a directive, which would lay down investor protection rules and provide common definitions, and on the other, a regulation, which would amend the CRR with regard to covered bond exposures.

Versions

Proposal for a directive of the European Parliament and of the Council on the issue of covered bonds and covered bond public supervision and amending Directive 2009/65/EC and Directive 2014/59/EU
Proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards exposures in the form of covered bonds
Committee responsible: Economic and Monetary Affairs (ECON) COM(2018) 94
COM(2018) 93
12.3.2018

2018/0042 (COD)
2018/0043 (COD)

Ordinary legislative procedure (COD) (Parliament and Council on equal footing – formerly ‘co-decision’)

Rapporteur:

To be appointed.

Shadow rapporteurs:

To be appointed.

Next steps expected: Initial discussion in committee

Discussion

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