Select Framework(s)
Results are displayed below
- Australia
- Australian Covered Bonds
- Austria
- FBS - Fundierte Bankschuldverschreibungen
- Pfandbriefe
- Belgium
- Belgium Covered Bonds
- Brazil
- Brazil Covered Bonds
- Bulgaria
- Bulgarian Covered Bonds
- Canada
- Canadian Covered Bonds
- Chile
- Bonos Hipotecarios (BH) - Chilean Covered Bonds
- Cyprus
- Cypriot Covered Bonds
- Czech Republic
- Czech Republic Covered Bonds
- Denmark
- Realkreditobligationer - RO
- Særligt Dækkede Obligationer - SDO
- Særligt Dækkede Realkreditobligationer - SDRO
- Estonia
- Estionian Covered Bonds
- Finland
- Finnish Covered Bonds
- France
- Caisse de Refinancement de l'Habitat - CRH
- General Law Based CBs
- Obligations Foncières - OF
- Obligations à l'Habitat - OH
- Germany
- Pfandbriefe
- Greece
- Greek Covered Bonds
- Hungary
- Hungarian Covered Bonds
- Iceland
- Icelandic Covered Bonds
- Ireland
- Asset Covered Securities - ACS
- Italy
- Obbligazioni Bancarie Garantite - OBG
- Luxembourg
- Lettres de Gage hypothécaires
- Lettres de Gage mobilières
- Lettres de Gage mutuelles
- Lettres de Gage publiques
- Netherlands
- Dutch registered CBs programmes
- New Zealand
- New Zealand Covered Bonds
- Norway
- Norwegian Covered Bonds
- Poland
- Polish Covered Bonds
- Portugal
- Mortgage CB (Obrigações Hipotecárias)
- Public Sector CB (Obrigações sobre o Sector Público)
- Romania
- Obligatiuni Ipotecare - Mortgage Covered Bonds
- Russia
- Mortgage Obligations
- Singapore
- Singapore Covered Bonds
- Slovakia
- Slovakian Covered Bonds
- Slovenia
- Slovenian Covered Bonds
- South Korea
- South Korean Covered Bonds
- Spain
- Cédulas Hipotecarias - CH
- Sweden
- Swedish Covered Bonds
- Switzerland
- Swiss Pfandbriefe
- Contractual Covered Bonds
- Credit Suisse CB
- UBS CB
- Valiant
- Turkey
- Turkish Covered Bonds
- United Kingdom
- Regulated Covered Bonds - RCB
- Unregulated Covered Bonds
- United States
- US Covered Bonds
Select Chapter(s)
- I. STRUCTURE OF THE ISSUER
- II. FRAMEWORK
- III. COVER ASSETS
- IV. VALUATION OF THE MORTGAGE COVER POOL & LTV CRITERIA
- V. ASSET-LIABILITY GUIDELINES
- VI. COVER POOL MONITOR & BANKING SUPERVISION
- VII. SEGREGATION OF ASSETS & BANKRUPTCY REMOTENESS OF COVERED BONDS
- VIII. RISK WEIGHTING & COMPLIANCE WITH EUROPEAN LEGISLATION
- IX. ADDITIONAL INFORMATION
Questions | Unregulated Covered Bonds |
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I. STRUCTURE OF THE ISSUER | |
1. Who is the issuer? | |
2. Does the bondholder have recourse to the credit institution? | |
3. Who owns the cover assets? | |
4. Is the issuer the originator of the assets? | |
II. FRAMEWORK | |
1. Are the bonds governed by a special covered bond Legislation? | |
2. What is the legal framework for bankruptcy of the issuer of covered bonds? | |
III. COVER ASSETS | |
1. What types of assets may be included in cover pools? | |
2. What is the geographical scope for public sector assets? | |
3. What is the geographical scope for mortgage assets? | |
4. Are regular covered bond specific disclosure requirements to the public mandatory? | |
IV. VALUATION OF THE MORTGAGE COVER POOL & LTV CRITERIA | |
1. LTV is calculated using which valuation?[4] | |
2. Are there any special LTV limits used solely for calculating collateralisation rates for the cover pool (if yes, specify)? | |
3. Do bondholders get the benefit of that portion of the loan which exceeds the LTV cap? | |
4a. Is there an LTV cap which makes the entire loan ineligible to be put in the cover pool (if yes, specify)? | |
4b. Is there an LTV cap which would require a loan to be removed from the cover pool? | |
5. Is there any additional LTV limit on a portfolio basis? | |
V. ASSET-LIABILITY GUIDELINES | |
. Exposure to market risk | |
1. Is exposure to market risk (e.g. interest rate, currency risks) required to be mitigated by law or contract? | |
2. What is the primary method for the mitigation of market risk? | |
3. If the answer to the above question on market risk mitigation is “Use of derivative hedge instruments”, please specify whether those instruments are entered into: | |
4. What type of coverage test is applied? | |
5. What is the frequency of coverage calculations? | |
6. What types of stress scenarios are applied? | |
7. What is the frequency of stress test calculations? | |
. Exposure to liquidity risk | |
8. Is exposure to liquidity risk required to be mitigated by law or contract? | |
9. What is the primary method for the mitigation of liquidity risk on interest payments? | |
10. What is the primary method for the mitigation of liquidity risk on principal payments? | |
11. Is there any grace period in case of a breach of liquidity risk mitigants? | |
12. What is the consequence of not fixing a breach of liquidity risk mitigants? | |
. Monitoring of exposures to market and liquidity risk | |
13. Who monitors the maintenance of coverage tests? | |
14. Are there any regular public reporting requirements for market and liquidity risk? | |
. Overcollateralisation | |
15. Is mandatory minimum overcollateralisation required? | |
16. What is the level of minimum mandatory overcollateralisation? | |
17. If mandatory overcollateralisation is required, are the amounts above the minimum OC level protected? | |
18. Is there any grace period in case of a breach of the coverage test? | |
19. What is the consequence of not fixing a breach of the coverage test? | |
VI. COVER POOL MONITOR & BANKING SUPERVISION | |
1. Is a special license required for the issuing of covered bonds? | |
2. Are there special reporting duties of the covered bond issuer to the supervision authority concerning covered bonds and the cover pool, which go beyond the regular banking supervision? | |
3. What is the role of the banking supervision regarding covered bonds? | |
4. Is there a special role of banking supervision in crisis regarding covered bonds? | |
5. Is there a cover pool monitor independent from the issuer? | |
6. If there is an independent cover pool monitor, what are its duties? | |
VII. SEGREGATION OF ASSETS & BANKRUPTCY REMOTENESS OF COVERED BONDS | |
1. Do covered bonds automatically accelerate when the credit institution goes insolvent? | |
2. What is the cover pool? | |
3. How are the covered bondholders protected against claims from other creditors in case of insolvency of the issuer? | |
4. Is there recourse to the credit institution’s insolvency estate upon a cover pool default? | |
5. Are there provisions that require derivatives to continue in case of insolvency of the credit institution? | |
6. If derivatives are permitted in the cover pool, what is their ranking? | |
VIII. RISK WEIGHTING & COMPLIANCE WITH EUROPEAN LEGISLATION | |
1. Does the covered bond fulfil the criteria of UCITS 52(4)? | |
2. For further information regarding the compliance to the criteria of Article 129 of the Capital Requirements Regulation (CRR), please see the following links: http://ecbc.hypo.org/Content/default.asp?PageID=504#position https://www.coveredbondlabel.com | |
3. Are listed covered bonds eligible in repo transactions with the national central bank? | |
4. Are there any special investment regulations regarding covered bonds? | |
IX. ADDITIONAL INFORMATION | |
1. Link to National Association representing covered bond interests |
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2. Link to national regulators and supervisors |
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3. Fact Book Country Chapter |
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4. Hypostat Country Chapter |
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