Press release

ECBC provides overview of national market impacts of draft Report of MEP Bernd Lucke for EP’s ECON on proposed Covered Bond Directive

4 September 2018

ECBC provides overview of national market impacts of draft Report of MEP Bernd Lucke for EP’s ECON on proposed Covered Bond Directive”

Brussels, 4 September 2018 – For immediate release


The European Mortgage Federation – European Covered Bond Council (EMF-ECBC) has, today, published market feedback on the draft Reports prepared by MEP Bernd Lucke for the European Parliament’s Economic & Monetary Affairs Committee (ECON) on the European Commission’s proposals for a Covered Bond Legislative Framework.

The EMF-ECBC welcomes the objectives of the European Commission’s proposals to promote further integration of the EU’s financial markets and reinforce the Capital Markets Union (CMU) and is following very closely the work of the European Parliament in this area. In this respect and given the significance of this file for the EMF-ECBC membership, the EMF-ECBC has worked intensively over the last couple of weeks to assess MEP Lucke’s proposed amendments to the European Commission’s proposals and gather an overall understanding of the main concerns of the European covered bond industry through its national experts and representatives.

The feedback collected is classified according to a priority ranging from 1 to 4, by level of seriousness and scope (national or European) and consolidates feedback received from 13 countries (geographical coverage represented in the map below) representing 92.1% of outstanding covered bonds and around 89.9% of total outstanding residential mortgages in the European Economic Area (EEA).

Commenting on this publication, Luca Bertalot, EMF-ECBC Secretary General, stated:

 “The ECBC strongly supports the Capital Markets Union project and we believe that covered bond markets are a pillar of this initiative, playing an essential role in the real European economy as a robust crisis management funding tool. The Covered Bond Directive represents an opportunity to provide common ground to ensure financial stability with key fundamental macroprudential features, to enhance investor appetite with a clear harmonised qualitative benchmark, and to secures a cost-efficient funding instrument for its issuers. The large amount of feedback received is a clear sign that the covered bond community is committed to provide and express its views and/or concerns to support a relevant and balanced outcome of the legislative debate.

The market feedback collected by the EMF-ECBC can be downloaded here.

The European Commission’s Proposals for a Directive and a Regulation amending the Capital Requirements Regulation (CRR) can be downloaded here.

The draft ECON Reports prepared by MEP Lucke on the European Commission’s Proposals can be downloaded here (Directive) and here (Regulation).



Luca Bertalot

Secretary General

Tel: +32 2 285 40 35