12 Amendments of Jeppe KOFOD related to 2017/2005(INI)
Amendment 33 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls for a clear definition of CBs in a European Directive; insists that the definition for securities henceforth called ‘covered bonds’ must not fall below the standards currently set by Article 12952(4) of the CRR; requests that securities incompatible with this definition but compatible with Article 52(4) of the UCITS DirectiUCITS Directive; CBs which are also compliant with Article 129 of the CRR should benefit from preferential risk weight treatment; for the achievement of the Capital Markets Union's objective, recognizes the potential of UCITS compliant dual recourse securities, with different requirements in terms of eligible cover aressets; calls on the Commission to properly defined them in the same directive under a name clearly distinct from ‘covered bonds’; suggests that this name may be ‘European Secured Notes’; (ESNs);
Amendment 50 #
Motion for a resolution
Paragraph 4 – introductory part
Paragraph 4 – introductory part
4. Calls on the Commission to propose a Directive defining CBs and ESNs, including all the following common principles achievable through-out the life of this issued in-strument independent of potential preferential treatment. :
Amendment 68 #
Motion for a resolution
Paragraph 4 – point e
Paragraph 4 – point e
e) Overcollateralisation (OC) is applied toreflecting the risks of the cover pool is applied. By an extent to be determined in national law, the value of all cover pool assets must always be greater than the net present value of outstanding payment obligations. The value of cover pool assets is at all times to be determined on the basis of market prices when market prices are available and on the basis of face values adjusted for market conditions if no market prices are available;
Amendment 74 #
Motion for a resolution
Paragraph 4 – point g
Paragraph 4 – point g
g) A part of the cover pool assets or liquidity facilities is sufficiently liquid such that the payment obligations of the CB or ESN programme can be met for the next six months, except in cases with match funded bonds or bonds with a soft bullet and conditional pass through (CPT);
Amendment 78 #
Motion for a resolution
Paragraph 4 – point h – paragraph 1 – introductory part
Paragraph 4 – point h – paragraph 1 – introductory part
National law provides for a robust special public supervision framework by specifying the competent authority, the cover pool monitor and the special administrator, along with a clear definition of the duties and supervisory powers of the competent authority, which can also function as cover pool monitor, to ensure that:
Amendment 79 #
Motion for a resolution
Paragraph 4 – point h – paragraph 1 – point ii
Paragraph 4 – point h – paragraph 1 – point ii
ii) the features of specific programmecover pools meet the applicable requirements both prior to issuance of and until maturity of the security.
Amendment 88 #
Motion for a resolution
Paragraph 4 – point i
Paragraph 4 – point i
i) The issuer is required to disclose at least biannually aggregate data on the programmecover pools to a level of detail that enables investors to carry out a comprehensive risk analysis. Information should be provided on the credit risk, market risk and liquidity risk characteristics of cover assets, on counterparties involved in the programmecover pools and on the levels of legal, contractual and voluntary OC;
Amendment 92 #
Motion for a resolution
Paragraph 5 – point a
Paragraph 5 – point a
a) The security is fully collateralised by assets defined by Article 129(1)(a)-(f) of the CRR and in article 129(1) last two subparagraphs and satisfies the additional requirements of Article 129(2) and (7) of the CRR;
Amendment 93 #
Motion for a resolution
Paragraph 5 – point a
Paragraph 5 – point a
a) The security is fully collateralised by assets defined by Article 129(1)(a)-(fg) of the CRR and satisfies the additional requirements of Article 129(2) and (7) of the CRR;
Amendment 97 #
Motion for a resolution
Paragraph 5 – point b
Paragraph 5 – point b
b) The maximum LTV parameters for mortgages are set by European law in such a way that they do not surpass the LTV ratios currently fixed in Article 129 CRR, but are subject to regular review and adjustment in line with independent assessments (stress tests) of pricing conditions which might prevail in the relevant real estate markets under stress;
Amendment 105 #
Motion for a resolution
Paragraph 5 – point c
Paragraph 5 – point c
c) The maturity of the CB cannot be extended, except in the event of insolvency or resolution of the issuer and with approval by the competent supervisory authority;subject to objective financial triggers established by national law, including in the event of insolvency or resolution of the issuer.
Amendment 121 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Encourages the regular execution of stress tests for CB programmecover pools and the publication of stress test results;