Caisse de Refinancement de l'Habitat - CRH
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Who is the issuer? |
- Specialized credit institution
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| 2 |
Does the bondholder have recourse to the credit institution? |
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| 3 |
Who owns the cover assets? |
- Credit institution, but pledged to the issuer (with transfer to the issuer upon trigger event)
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Is the issuer the originator of the assets? |
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Are the bonds governed by a special covered bond Legislation? |
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| 2 |
What is the legal framework for bankruptcy of the issuer of covered bonds? |
- Specific legal framework superseding the general insolvency law
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What types of assets may be included in cover pools? |
- Mortgage loans (Mortgage loans for the purpose of this question are taken to include guaranteed real-estate loans.)
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What is the geographical scope for public sector assets? |
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What is the geographical scope for mortgage assets? |
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Are regular covered bond specific disclosure requirements to the public mandatory? |
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| 1 |
LTV is calculated using which valuation?[4] |
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| 2 |
Are there any special LTV limits used solely for calculating collateralisation rates for the cover pool (if yes, specify)? |
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| 3 |
Do bondholders get the benefit of that portion of the loan which exceeds the LTV cap? |
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| 4a |
Is there an LTV cap which makes the entire loan ineligible to be put in the cover pool (if yes, specify)? |
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Is there an LTV cap which would require a loan to be removed from the cover pool? |
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| 5 |
Is there any additional LTV limit on a portfolio basis? |
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| 1 |
Is exposure to market risk (e.g. interest rate, currency risks) required to be mitigated by law or contract? |
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| 2 |
What is the primary method for the mitigation of market risk? |
- “Natural” matching (matching without the use of off-balance sheet instruments) and stress testing
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| 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: |
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| 4 |
What type of coverage test is applied? |
- Nominal cover
- Present value cover
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| 5 |
What is the frequency of coverage calculations? |
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What types of stress scenarios are applied? |
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| 7 |
What is the frequency of stress test calculations? |
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Exposure to liquidity risk |
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| 8 |
Is exposure to liquidity risk required to be mitigated by law or contract? |
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| 9 |
What is the primary method for the mitigation of liquidity risk on interest payments? |
- “Natural” matching (matching without the use of off-balance sheet instruments) and stress testing (Natural matching is taken to include replacing CBs with new issues, as well as substitute assets.)
- Liquidity facilities
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| 10 |
What is the primary method for the mitigation of liquidity risk on principal payments? |
- Natural matching (matching without the use of off-balance sheet instruments) and stress testing
- Liquidity facilities
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| 11 |
Is there any grace period in case of a breach of liquidity risk mitigants? |
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| 12 |
What is the consequence of not fixing a breach of liquidity risk mitigants? |
- Programme freeze (neither sale of assets nor new issuance allowed)
- Other regulatory or rule-based action
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Monitoring of exposures to market and liquidity risk |
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| 13 |
Who monitors the maintenance of coverage tests? |
- Supervisory authority
- Rating agency
- Other
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| 14 |
Are there any regular public reporting requirements for market and liquidity risk? |
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| 15 |
Is mandatory minimum overcollateralisation required? |
- By legislation/regulation
- By contractual obligation
- By published voluntary commitments
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| 16 |
What is the level of minimum mandatory overcollateralisation? |
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| 17 |
If mandatory overcollateralisation is required, are the amounts above the minimum OC level protected? |
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| 18 |
Is there any grace period in case of a breach of the coverage test? |
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| 19 |
What is the consequence of not fixing a breach of the coverage test? |
- Programme freeze (neither sale of assets nor new issuance allowed)
- Other regulatory or rule-based actions
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| 1 |
Is a special license required for the issuing of covered bonds? |
- Yes with additional requirements compared to general banking supervision regulations
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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? |
- Periodic reporting required
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| 3 |
What is the role of the banking supervision regarding covered bonds? |
- To check whether eligibility criteria are fulfilled and documented
- Checking quality of cover assets (real estate valuations, etc)
- Monitoring of exposure to market risk and liquidity risk
- Evaluation of operational risk
- To check minimum mandatory overcollateralisation requirements
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Is there a special role of banking supervision in crisis regarding covered bonds? |
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Is there a cover pool monitor independent from the issuer? |
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If there is an independent cover pool monitor, what are its duties? |
- Performing audits of the cover pool
- Reporting duties to the supervision authority
- Verification of coverage tests
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Do covered bonds automatically accelerate when the credit institution goes insolvent? |
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What is the cover pool? |
- All assets on the cover register
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How are the covered bondholders protected against claims from other creditors in case of insolvency of the issuer? |
- Preferential claim by law
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Is there recourse to the credit institution’s insolvency estate upon a cover pool default? |
- Yes, pari passu with unsecured creditors
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| 5 |
Are there provisions that require derivatives to continue in case of insolvency of the credit institution? |
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| 6 |
If derivatives are permitted in the cover pool, what is their ranking? |
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| 1 |
Does the covered bond fulfil the criteria of UCITS 52(4)? |
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Does the covered bond legislation completely fall within the criteria of the Annex VI, Part 1, Paragraph 68 (a) to (f) of the Capital Requirements Directive (CRD)? |
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Are listed covered bonds eligible in repo transactions with the national central bank? |
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Are there any special investment regulations regarding covered bonds? |
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| 1 |
Link to National Association representing covered bond interests |
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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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