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The ECBC announces its LABEL INITIATIVE, which highlights to investors the value and quality of covered bonds and further enhances the recognition of, and trust in the covered bond asset class.
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ECBC Barcelona Plenary Summaries
The ECBC Plenary meeting held in Barcelona on the 14th of September 2011 covered key issues such as the ECBC label initiative, the new regulatory architecture for financial institutions in Europe and also developments concerning new covered bond legislative frameworks outside Europe. Summaries are available here
Mission statement
 Luca BERTALOTHead of ECBC "Promoting the covered bond asset class as a key instrument enabling mortgage lenders to grant housing loans"
Latest Members
 As a result of the strong growth of the Dutch covered bond market, in January 2011 the Dutch issuers decided to establish the Dutch Association of Covered Bond issuers (DACB). The main goal of the DACB is to represent Dutch issuers and to act as a platform for the exchange of information between its members. In practice this means that the DACB has the following key objectives: (1) to represent the interest of Dutch issuers in discussions with legislative and regulatory authorities; (2) to provide investors with information about the Dutch covered bond market; (3) to participate on behalf of Dutch issuers in international covered bond organisations like the ECBC; and (4) to continuously improve the quality of the Dutch covered bond product offering.
Pfandbrief & Covered Bond Forum Austria sees itself as an interest group promoting Austrian Pfandbriefe and covered bonds. The Forum was founded in 2010 by the following Austrian issuers of Pfandbriefe and covered bonds: BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG; Erste Group Bank AG (as the leading bank in the Sparkasse sector); Kommunalkredit Austria AG; Oesterreichische Volksbanken-Aktiengesellschaft; Raiffeisen Zentralbank; Oesterreich (as the leading bank in the Raiffeisen group of banks); UniCredit Bank Austria AG; Verband der österreichischen Landes-Hypothekenbanken.
 DBRS is a globally recognized credit rating agency providing credit opinions across a broad range of financial institutions, corporate entities, government bodies and various structured finance sectors in Europe, North America, Australasia and South America. With offices in London, New York, Toronto, and Chicago, DBRS is independently owned and operated and not affiliated with any institution or organization. Currently, DBRS rates more than 2,000 single-purpose vehicles, corporations, and financial institutions that issue a variety of debt including covered bonds, commercial paper and senior and subordinated term debt. DBRS's rating approach includes maintaining a stable and consistent rating philosophy by rating through economic cycles. Rating changes are made for structural reasons and true credit impairment, not cyclical factors.
 Crédit Mutuel Arkéa is a French cooperative regional bank, with a national network through diversified subsidiaries (private banking, corporate bank, consumer finance, etc.). Crédit Mutuel Arkéa is an autonomous regional bank and a member of the Crédit Mutuel national cooperative banking group. As of 1st June 2011, Crédit Mutuel Arkéa had EUR 3.2 bn covered bonds outstanding
For a full list of ECBC members, click here
Latest Documents
ECBC Label Convention
The European Covered Bond Council (ECBC) announces its Label Initiative, which highlights to investors the value and quality of covered bonds and further enhances the recognition of, and trust in the covered bond asset class. The label will also improve access to relevant and transparent information for investors, regulators and other market participants. The long-term objective of the initiative is to promote liquidity and strengthen covered bonds' secondary market activity.
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ECBC Position Paper on CRD IV: arguments and supporting evidence
As a key funding tool and as a solid investment class in the EU market, covered bonds contribute directly to the EU Commission's goal of promoting a more resilient banking sector. In this Note, the ECBC set out that covered bonds warrant an improved level of treatment than that proposed under the Basel Agreement.
The Impact of the Eurosystem's Covered Bond Purchase Programme on the Primary and Secondary Markets
The European Central Bank published a report on The Impact of the Eurosystem's Covered Bond Purchase Programme on the Primary and Secondary Markets (January 2011) .
ECBC Note on Covered Bonds in the Solvency II Spread Risk Sub-Module – Empirical Evidence
The QIS5 Technical Specifications, published in July 2010, introduced preferential treatment for covered bonds in the spread risk sub-module of Solvency II. The ECBC strongly welcomes this development which recognises the inherent quality features and solid performance of the asset class. In this note Covered Bonds in the Solvency II Spread Risk Sub-Module, in which we apply the CEIOPS spread volatility calculation methodology to a large covered bond dataset, we find that there is strong evidence to support extending the preferential treatment for covered bonds.
Financial Integration in Europe
The European Central Bank published a report on Financial Integration in Europe (April 2010) which includes a ten page special feature on covered bonds.
ECBC Response to the Basel Committee Consultation
ECBC response to the Basel Committee on Banking Supervision's Consultation on strengthening capital and liquidity regulations in the banking sector (April 2010). ECBC response to the paper attached.
EU Banks' Funding Structures and Policies
The European Central Bank published a report on EU Banks' Funding Structures and Policies (May 2009).
Covered Bonds in the EU Financial System
The European Central Bank published a report into Covered Bonds in the EU Financial System (December 2008).
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