Spotlight of the week

The Technical Issues Working Group has developed an online database presenting the key features of different covered bond frameworks across Europe. Intended as a way to increase transparency for all covered bond stakeholders, it also enables the features of different frameworks to be easily compared. The database can be accessed at www.ecbc.eu

“The comparative database is part of our overarching target of improving transparency and people’s understanding of what constitutes a covered bond,” Ralf Grossmann, Chairman of the Technical Issues Working Group and Société Générale.

Mission statement

Luca BERTALOT
Head of ECBC

“Promoting the covered bond asset class as a key instrument enabling mortgage lenders to grant housing loans”

Latest Members

NIBC is a Dutch specialised bank providing advisory, financing and investment services to medium-sized companies essentially in the Benelux and Germany. In addition, it has a sector focus and operates worldwide in shipping, oil & gas services, infrastructure & renewables and real estate. It also offers residential mortgages, primarily via intermediaries, and online retail saving deposits via NIBC Direct in the Netherlands and Germany. NIBC has offices in The Hague, London, Brussels, Frankfurt, New York and Singapore.

Incorporated in the United kingdom and listed in London and New York, Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking, and wealth management with an extensive international presence in Europe, United States, Africa and Asia. Barclays’s income in 2009 was £30.1 bn and market capitalisation at the moment stands at £35 bn.

GE SCF is an Obligation Foncières issuer. It is 100% owned by GE Money Bank, which is a 100% GE Capital Corporation subsidiary. It was set up in July 2009. GE Money Bank operates in France, originating consumer finance products, and more particularly, mortgages. GE SCF is backed by residential mortgages which have been originated solely by GEMB and transferred to GE SCF via a true sale. At the end of 2009, GE SCF had €1,135 m covered bonds outstanding.

The Netherlands’ Bankers Association (Nederlandse Vereniging van Banken), established in 1989, represents the common interests of almost all banks that are active in the Netherlands. As such NVB is the sole representative in the Netherlands of Dutch issuers of covered bonds. The Dutch Bankers Association has in the past taken the initiative to set up the legal Dutch specific covered bonds regime (in place since mid 2008) and is monitoring the legislation and supervision of covered bonds since then.

Norddeutsche Landesbank Girozentrale (Nord/LB), with a staff of 6,463 employees and a consolidated balance sheet total of 238.7 billion euros (31.12.2009), is one of the leading commercial banks in the north of Germany, with its business activities focused on north and north east Europe.

For a full list of ECBC members, click here

Latest Documents

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).