29 September 2020
Brussels, 29 September 2020 – For immediate release
The European Covered Bond Council (ECBC) is pleased to announce that Nationale Nederlanden Bank N.V. (NN Bank), has become the latest institution to join the Council. Accordingly, the ECBC now represents 125 members from across more than 30 active covered bond jurisdictions around the world.
NN Bank is a Dutch bank and covered bond issuer that is primarily active in providing mortgage and consumer loans, savings accounts and investment products to retail clients. NN Bank is a full subsidiary of the NN Group and currently the second largest mortgage provider in the Netherlands. The bank has EUR 2.6 billion of conditional pass-through covered bonds outstanding. In June this year NN Bank also established a soft bullet covered bond programme and since then the bank has issued two benchmark soft bullet covered bond transactions with a total size of EUR 1 billion.
Commenting on NN Bank’s admission as a member, Luca Bertalot, EMF-ECBC Secretary General said:
“We are very pleased to welcome Nationale Nederlanden Bank as the eighth ECBC member in the Netherlands. NN Bank has been a longstanding holder of the Covered Bond Label and so we are delighted that it has now decided to join the ECBC as well in order to benefit from the full range of complementary transparency, quality assurance, networking and information services provided by the Label and the Council.”
Niek Allon, Head of Treasury of NN Bank commented:
“We are very pleased to join the ECBC as a member. The ECBC plays an essential and central role in the covered bond community. We appreciate the achievements of the Council, such as the establishment of the Covered Bond Label and all the work done in the EU Covered Bond legislation dossier. NN Bank fully supports the Council’s mission to promote the covered bond asset class. In this respect our membership offers a great opportunity to actively contribute to the promotion of covered bonds and to further strengthen our position in the market as a frequent issuer.”
More information about the ECBC and its membership can be found here.