BPFI broadly welcome the European Commission’s Covered Bonds Package12th March 2018
BPFI broadly welcomes the adoption today (12th March) of the European Commission’s package on covered bonds, which is a key element of the European Union’s Action Plan on Capital Market Union.
BPFI member banks welcome the proposals of the Commission today which provide for the harmonisation of the European Covered Bond product while maintaining the functioning national systems already in place. The Commission’s engagement with industry through various fora has resulted in proposals that will be broadly welcomed by the industry and BPFI looks forward to engaging on behalf of its members with the European Parliament and Council of Ministers as the file progresses through the legislative process in the next weeks and months.
BPFI is encouraged to see that the proposed directive is looking to legislate for a number of elements that the Irish legislation already encompasses or that Irish issuers already provide – for example, in terms of transparency or the use of a cover pool monitor.
Note: BPFI provide the Secretariat for ACS Ireland the voice of the Irish covered bond industry bringing together institutions issuing asset covered securities(“ACS”) secured on public credits and mortgages.
Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.