EU Covered Bond Directive

EU Covered Bond Directive

Covered bonds have been around for 250 years, but a pan-European law for them - the EU Covered Bond Directive - is relatively new. Richard discusses how this Directive came about, what it says and what the implications are for the future of the covered bond market.
Overview

The EBA published a report in 2014 suggesting covered bond law in 17 areas could be better organised. Consequently, these proposals formed the EU’s Covered Bond Directive In 2019 which essentially states the outcome needed from each country’s covered bond law.

Key learning objectives:

  • Explain what the Directive consists of along with their structural and supervisory features

  • Identify the amendments to the Capital Requirements Rule

  • Discuss the implications of the Directive

  • Conclude whether non-EU issuers should get fair treatment

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Summary
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Expert
Richard Kemmish

Richard Kemmish

Richard is a consultant working mainly in the covered bond market. He helps Finance Ministries and Central Banks in countries without covered bond laws to put legal frameworks in place. He has also helped the European Commission with their legislative agenda for covered bonds and related products.

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