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    ECB Opinion on Proposed Directive and Regulation on Covered Bonds

    August 22, 2018

    ECB published its opinion (CON/2018/37) on the proposed directive and regulation on covered bonds. In its opinion, ECB welcomed the objectives of the proposed directive and regulation of promoting further integration of Union financial markets and deepening the Capital Markets Union. ECB is in favor of a developed, harmonized, high-quality, and transparent covered bond market in the Union and sees the proposed directive as an important step toward creating such a market.

    ECB opines that it also sees merit in the proposed directive serving as a basis for new national legislation on covered bonds. However, the implementation of the proposed directive might not lead to full harmonization to the extent that member states will have flexibility in its implementation. The provided degree of flexibility should not endanger the objective of further convergence toward a common, high standard in all member states. The distinction made between different product regulations within the initiatives launched under the broader policy objectives of the Capital Markets Union allows for product-specific considerations. In this context, ECB supports the approach of the proposed directive, whereby European secured notes would be dealt with in a separate legislative proposal. Furthermore, the proposed directive and regulation are independent of the Eurosystem collateral framework and the covered bond purchase program, or CBPP3, of the Eurosystem, as these are monetary policy instruments that fall within the exclusive competence of the Eurosystem.

    This opinion was issued in response to the requests received by ECB. On March 28, 2018 and April 13, 2018, ECB had received requests from the Council of the European Union and the European Parliament respectively for an opinion on:

    • A proposal for a directive of the European Parliament and of the Council on the issue of covered bonds and covered bond public supervision and amending Directive 2009/65/EC and Directive 2014/59/EU
    • A proposal for a regulation of the European Parliament and of the Council on amending the Capital Requirements Regulation or Regulation (EU) No 575/2013 regarding exposures in the form of covered bonds

     

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    Keywords: Europe, EU, Banking, Securities, Covered Bonds, CON/2018/37, CRR, Capital Markets Union, ECB

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