Brussels, 17 May 2018 – For immediate release
We are very grateful for the constructive dialogue held between the Industry and the EU Institutions to date on such a crucial topic for the EU. We also appreciate the proposal’s recognition of the fundamental role played by the Covered Bond Label as a globally recognised benchmark in improving transparency, harmonisation and setting high qualitative standards. As we move forward with the implementation of the Directive, the Industry is ready to continue its key role as supporter of the European Institutions’ push for a strong EU covered bond framework thus improving efficient funding of the real economy and contributing to further development of covered bonds across all of the EU.
Against this background and in response to the European Commission’s consultation on its legislative package for covered bonds, today the ECBC has published a paper highlighting key market concerns with EU-wide relevance, identified by the 14 jurisdictions which took part in this feedback collection exercise. This collection of feedback is intended to offer support during the forthcoming legislative debates, by indicating the key issues which need to be addressed from a market perspective.
In total, 55 concerns were received from 14 jurisdictions which represent 95.7% of the covered bond market outstanding in the EEA and over 86% of the global covered bond market outstanding, thus constituting significant geographic coverage of the covered bond market. All but two concerns highlighted relate to articles or specific sections from the directive, indicating that in the legislative package proposed by the European Commission the Directive is the subject of most discussion.
Commenting on this publication, Luca Bertalot, EMF-ECBC Secretary General stated:
Download the complete paper here.