12 March 2018
Brussels, 12 March 2018 – For immediate release
The European Mortgage Federation – European Covered Bond Council (EMF-ECBC) welcomes the adoption of the European Commission’s package on covered bonds, which aims at completing the Capital Markets Union (CMU) in Europe.
The EMF-ECBC appreciates the long and careful consideration given by the European Institutions in preparing the draft framework for the key qualitative characteristics of the covered bond asset class, and to maintaining its fundamental role in the long-term funding strategies of European lenders.
As the proposal now starts its journey through the European Union’s (EU) legislative process, it is of paramount importance that the final outcome strikes the right balance between safeguarding the smooth functioning of the market, both now and in the future, and upholding the clear qualitative standards for which the covered bond asset class has come to be recognised by investors and legislators around the globe.
Luca Bertalot, EMF-ECBC Secretary General, said:
“We greatly appreciate the constructive dialogue that has taken place to date between the Industry and the EU Institutions on this crucial topic for the Union, as well as 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 stands ready to continue its key role in supporting the European Institutions’ push for a strong EU covered bond framework to improve the efficient funding of the real economy and to contribute to the further development of covered bonds across the whole EU.”
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