In the context of the current COVID-19 outbreak and the significant consequences that this has for the global economy, the European Mortgage Federation – European Covered Bond Council (EMF-ECBC) stands ready to act in the interests of consumers, lenders and investors to help secure financial stability and stimulate socio-economic recovery. To this end, the EMF-ECBC is keen to play its part as a market catalyst and think tank at European and global levels, fostering and coordinating market and policy actions focused on immediate measures to mitigate adverse systemic impacts.
In particular, we are acutely aware of and concerned about the potential consequences of this outbreak on the economic well-being of each and every European citizen in terms of changes in their income and ongoing living costs, as well as the potential impacts on the entire value chain, the functioning of capital markets and ability of investors to conduct due diligence.
In this respect and being mindful of the role our Industry can play in supporting efforts to address this and future economic challenges, the EMF-ECBC is at the complete disposal of the European Institutions to offer its intelligence, expertise and network to support actions responding to this unprecedented crisis.
As a first concrete step towards supporting efforts to address current and future economic challenges in the context of the COVID-19 outbreak, the EMF-ECBC has established a special Task Force on COVID-19. The Task Force is composed of retail, funding and investment bank representatives appointed by the EMF Executive Committee and the ECBC Steering Committee for each Member jurisdiction, and will meet virtually at least once a week for as long as is necessary (full Task Force membership list available in the Resources section to the right).
The work of the Task Force is already underway to, in the first instance, analyse the impacts on mortgage and covered bond markets, compile relevant national, European and international measures, and gather critical statistics (see below). Using this intelligence, the Task Force will move into a second stage, during which it will identify market best practices and solutions with a view to delivering market coordination and support to a future recovery plan. Crucial to this will be a dynamic dialogue with EMF-ECBC members in Europe and globally, as well as European and international institutions and organisations.
With a view to presenting all market stakeholders with a single reference point for the latest information concerning how the Industry is seeking to respond to this unprecedented situation in the interests of consumers, lenders and investors, the Task Force has published the EMF-ECBC COVID-19 Response Dynamic Monitoring Report, which will be reviewed and updated by the Task Force on a weekly basis (see Resources section to the right).