Cédulas Hipotecarias - CH
1 |
Who is the issuer? |
- Universal credit institution
- Specialized credit institution
|
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? |
|
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? |
- General insolvency law
- Specific legal framework superseding the general insolvency law
|
|
|
1 |
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.)
|
|
|
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? |
|
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? |
|
|
|
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? |
- Use of derivative hedge instruments
|
|
|
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: |
- By the time of issue of covered bonds or entry of asset in the cover pool
|
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? |
- “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.)
|
|
|
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
|
|
|
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? |
|
15 |
Is mandatory minimum overcollateralisation required? |
- By legislation/regulation
|
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? |
- Other regulatory or rule-based actions
|
1 |
Is a special license required for the issuing of covered bonds? |
- Yes, but no additional requirements
|
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? |
- Periodic reporting required
- Reporting on demand for special occasions
|
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
|
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? |
|
1 |
Do covered bonds automatically accelerate when the credit institution goes insolvent? |
|
2 |
What is the cover pool? |
- All assets on the cover register
|
3 |
How are the covered bondholders protected against claims from other creditors in case of insolvency of the issuer? |
- Preferential claim by law
|
4 |
Is there recourse to the credit institution’s insolvency estate upon a cover pool default? |
- Yes, pari passu with unsecured creditors
|
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? |
- Subordinated to covered bond holders
|
|
|
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? |
|
1 |
Link to National Association representing covered bond interests |
|
2 |
Link to national regulators and supervisors |
|
3 |
Fact Book Country Chapter |
|
|
|
|
4 |
Hypostat Country Chapter |
|
|
|
|