14 July 2020
Brussels, 14 July 2020 – For immediate release
As part of the Industry’s ongoing commitment to support mortgage borrowers through the current social and economic challenges brought about by the COVID-19 pandemic, the European Mortgage Federation – European Covered Bond Council (EMF-ECBC) welcomes today’s announcement by European Commission Executive Vice-President, Valdis Dombrovskis, of the Best Practices in relation to relief measures offered to consumers and businesses in the context of COVID-19 crisis. The Best Practices represent the outcome of the high-level dialogue between participants – including the EMF-ECBC – of two roundtables on best practices organised in May and June 2020 by the European Commission in the context of the COVID-19 crisis.
To recap, since the onset of the COVID-19 pandemic, the EMF-ECBC has stood ready to act in the interests of consumers, lenders and investors to help secure financial stability and stimulate socio-economic recovery, and to serve as a market catalyst and think tank, fostering and coordinating market and policy actions focused on immediate measures to mitigate adverse systemic impacts. This work has been led by the EMF-ECBC COVID-19 Task Force, which has analysed the impacts on mortgage and covered bond markets, compiled relevant national, European and international measures, and gathered critical statistics in its weekly COVID-19 Monitoring Report. Using this intelligence, the Task Force has also sought to identify market best practices and solutions with a view to delivering market coordination and support to a European recovery plan, resulting in a first contribution in April 2020.
Commenting on the European Commission’s announcement, Luca Bertalot, EMF-ECBC Secretary General said:
“We welcome today’s announcement of the COVID-19 Best Practices by the European Commission as a recognition of the proactive steps that have been taken by European banks and other lending institutions since the onset of the crisis to provide borrowers with clear and unambiguous support in what are exceptional circumstances. As we now move into the next phase of the crisis, the EMF-ECBC remains at the disposal of the European Institutions to continue the dialogue with all stakeholders with a view to ensuring a strong, sustainable and inclusive recovery for all.”