16 Amendments of Caroline NAGTEGAAL related to 2018/0043(COD)
Amendment 86 #
Proposal for a directive
Recital 15
Recital 15
(15) Another core feature of existing national covered bond frameworks is the fact that assets serving as collateral should be of very high quality in order to ensure the robustness of the cover pool. High quality assets are characterised by having specific features making them eligible to cover the claims attached to the covered bond. It is therefore appropriate to set out the general quality features that assets should respect in order to be eligible to serve as collateral. Assets listed in points (a) to (g) of Article 129(1) of Regulation (EU) No 575/2013 should be considered eligible to serve as collateral in the cover pool, within a covered bond framework, as should loans involving public undertakings as defined in Article 2(b) of Commission Directive 2006/111/EC but also other assets of a similar high quality could be considered eligible under the Directive, provided that it is possible to determine either their market value or mortgage lending value. Furthermore, the Directive should include rules to ensure that assets, including guaranteed loans, can be repossessed or called in through an enforceable protection agreement, whether in the form of a traditional mortgage or by a charge, lien or guarantee providing the same level of legal protection, and thus ensuring the same level of safety for investors. However, those provisions on the eligibility of assets should not prevent Member States from allowing other categories of assets to serve as collateral in their national frameworks provided the assets comply with Union law. Member States should also be free to exclude assets in their national frameworks.
Amendment 115 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – introductory part
Article 6 – paragraph 1 – subparagraph 1 – introductory part
Member States shall ensure investor protection by requiring that covered bonds are at all times collateralised by high quality assets referred to in points (a) to (g) of Article 129(1) of Regulation (EU) No 575/2013 or by other high quality assets that meet at least the following requirements:.
Amendment 118 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point a
Article 6 – paragraph 1 – subparagraph 1 – point a
Amendment 120 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point b
Article 6 – paragraph 1 – subparagraph 1 – point b
Amendment 127 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point c
Article 6 – paragraph 1 – subparagraph 1 – point c
Amendment 130 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point d
Article 6 – paragraph 1 – subparagraph 1 – point d
Amendment 138 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
Amendment 141 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 3
Article 6 – paragraph 1 – subparagraph 3
Amendment 145 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 4
Article 6 – paragraph 1 – subparagraph 4
Amendment 202 #
Proposal for a directive
Article 11 – paragraph 2 – point b
Article 11 – paragraph 2 – point b
Amendment 212 #
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Member States mayshall require that credit institutions issuing covered bonds appoint a cover pool monitor to perform ongoing monitoring of the cover pool with regard to the requirements set out in Articles 6 to 12 and Articles 14 to 17.
Amendment 215 #
Proposal for a directive
Article 13 – paragraph 2 – introductory part
Article 13 – paragraph 2 – introductory part
2. Where Member States use the option provided for in paragraph 1, they shall lay down rules at least on the following aspects:
Amendment 221 #
Proposal for a directive
Article 13 – paragraph 4
Article 13 – paragraph 4
Amendment 241 #
Proposal for a directive
Article 15 – paragraph 2
Article 15 – paragraph 2
2. Member States shall ensure that the calculation of coverage and the calculation of liabilities is based on the same methodology, with the exception of substitution assets.
Amendment 258 #
Proposal for a directive
Article 16 – paragraph 3 – subparagraph 1 – point b
Article 16 – paragraph 3 – subparagraph 1 – point b
(b) exposures to credit institutions that qualify for the credit quality step 1, in accordance with Article 129(1)(c) of Regulation (EU) No 575/2013.
Amendment 274 #
Proposal for a directive
Article 17 – paragraph 1 – point f a (new)
Article 17 – paragraph 1 – point f a (new)
(f a) the cover pool monitor is required to organise bondholder meetings on a regular basis, in case of a default of the issuer, and in these meetings bondholders and the cover pool monitor shall discuss the possibilities to sell (part of) the cover pool.