Comments for your selection

• 1: "Credit institution, but pledged to the issuer" in the case of "intermediary credits".
• 2: "No" in the case of "intermediary credits" or in case the assets are bought by the issuer from other credit institutions.
• 3: The Covered Bond Act contains certain provisions that specifically apply in the case of a covered bond issuer's bankruptcy, but the general framework of the bankruptcy procedures is set out in the Bankruptcy Act.
• 4: Market value at the moment of granting mortgage loan. The issuer shall quarterly follow the development of the market values of the collateral for mortgage loans as provided in the Financial Supervisory Authority's (« FIN_FSA ») regulations, for example using the statistical method. Application of a statistical method requires that threshold values are set for price changes; if the threshold value for a price drop is crossed, the supervised entity shall in its own systems without delay update the fair value of individual collateral. If the value of shares or real estates placed as collateral of commercial property credits and housing loans exceeds EUR 3 million, a valuation statement by an independent and external real estate evaluator approved by the Central Chamber of Commerce shall be acquired.
• 5: Pari passu with other unsecured creditors.
• 6: LTV of the original loan can be up to 100% (for residential loans a 90% recommendation by the FIN-FSA) but only 70% (residential) /60% (commercial) LTV of that loan is Cover Pool eligible.
• 7: No Portfolio specific LTV limits.
• 8: The total amount of collateral of covered bonds shall continuously exceed the remaining combined capital of the covered bonds. The net present value of the total amount of collateral of covered bonds shall continuously exceed by at least 2 per cent the total net present value of the payment liabilities resulting from the covered bonds.
• 9: The issuer shall further ensure that the total amount of interest accrued from the assets calculated in the total amount of collateral, during any successive period of 12 calendar months, is sufficient to cover the total amount of interest payable to holders of covered bonds and payments to counter-parties in derivative contracts during the same period.
• 10: If not otherwise advised by FIN-FSA.
• 11: Cancelling the licence (FIN-FSA).
• 12: Reports only to FIN-FSA.
• 13: "By contractual obligation" varies among the different issuers.
• 14: 2% of the Net Present Value by the law and issuer/programme specific levels.
• 15: If the collateral of a covered bond does not fulfill the requirements provided for in the Covered Bond Act, the FIN-FSA shall set a time period within which the issuer shall acquire more collateral in accordance with the law.
• 16: Cancelling the licence (FIN-FSA).
• 17: Eligibility criteria, requirements for the quality of cover assets, limitations on exposure to market and liquidit risks and overcollateralisation requirements are all set out in the Covered Bond Act (608/2010) and the Credit Institutions Act (610/2014) contains provision about evaluation of operational risk; the FIN-FSA shall supervise compliance (strictly speaking not "check", "monitor" or "evalutate") with both acts and provisions issued under them.
• 18: Issuer monitors the Cover Pool and reports it to FIN-FSA. FIN-FSA audits the cover pool.
• 19: n.a.
• 20: All cover assets in the cover register.
• 21: The bankruptcy administrator shall, on demand of the attorney (see VI.4) or by his permission, conclude derivatives contracts necessary for hedging against risks relating to covered bonds and the assets placed as their collateral.
• 22:
• 23: Also with the ECB.