12 Amendments of Anne SANDER related to 2018/0043(COD)
Amendment 90 #
Proposal for a directive
Recital 18
Recital 18
(18) Small credit institutions face difficulties when issuing covered bonds as the establishment of covered bond programmes often entails high upfront costs. Liquidity is also particularly important in covered bond markets and is largely determined by the volume of outstanding bonds. It is therefore appropriate to allow for joint funding by two or more credit institutions in order to enable the issue of covered bonds by smaller credit institutions. This would provide for the pooling of assets by several credit institutions as collateral for covered bonds issued by a single credit institution and would facilitate the issue of covered bonds in those Member States where there are not currently well-developed markets. It is important that the requirements for the use of joint funding agreements ensure that assets sold or transferred by way of financial collateral arrangement pursuant to Directive 2002/47/EC to the issuing credit institutions meet the requirements of eligibility of assets and segregation of cover assets under Union law.
Amendment 100 #
Proposal for a directive
Article 3 – paragraph 1 – point 3
Article 3 – paragraph 1 – point 3
(3) 'cover pool' means the assets that constitute the collateral forsecuring the covered bonds and that are segregated from other assets held by the credit institution issuing covered bonds;
Amendment 104 #
Proposal for a directive
Article 3 – paragraph 1 – point 12
Article 3 – paragraph 1 – point 12
(12) 'overcollateralisation' means the entirety of the statutory or, contractual or voluntary level of collateral exceeding the coverage requirement as set out in Article 15;
Amendment 168 #
Proposal for a directive
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States shall ensure investor protection by laying down rules regulating the transfersale or transfer by way of financial collateral arrangement pursuant to Directive 2002/47/EC of loans and mortgages, charges, liens or other comparable security rights from the credit institution which issued them to the credit institution issuing covered bonds. Those rules shall ensure that all requirements laid down in Articles 6 and 12 are met.
Amendment 176 #
Proposal for a directive
Article 10 – paragraph 1
Article 10 – paragraph 1
Member States shall ensure investor protection by providing for a sufficient level of homogeneity of the assets in the cover pool so that they shall be of a similar nature in terms of structural features, lifetime of assets or risk profilelaying down rules on the composition of cover pools. The rules shall describe, where relevant, the conditions for credit institutions issuing covered bonds to include primary cover assets that have different characteristics in terms of structural features, lifetime of assets or risk profile. Member States may lay down rules on the level of homogeneity required from assets in the cover pool.
Amendment 197 #
Proposal for a directive
Article 11 – paragraph 2 – point b
Article 11 – paragraph 2 – point b
Amendment 206 #
Proposal for a directive
Article 11 – paragraph 2 a (new)
Article 11 – paragraph 2 a (new)
2 a. Member States shall lay down rules ensuring that, when derivative contracts are concluded to hedge risks linked to covered bonds issurance or assets in the cover pool, they benefit from the provisions mentioned in Chapter 1 on dual recourse and bankruptcy remoteness.
Amendment 214 #
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Member States may require that a credit institutions issuing covered bonds appoints 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 218 #
Proposal for a directive
Article 13 – paragraph 3
Article 13 – paragraph 3
3. A cover pool monitor shall be separate and independent from the credit institution issuing covered bonds and from that credit institution's auditor. The competent authority, designated pursuant to Article 18 (2), may authorize - on a case-by-case basis only - that the credit institution issuing covered bonds monitors its cover pool.
Amendment 233 #
Proposal for a directive
Article 15 – paragraph 1 – subparagraph 1 – point a
Article 15 – paragraph 1 – subparagraph 1 – point a
(a) all book value of liabilities of the covered bonds, including the obligations for the payment of principal and any accrued interest of outstanding covered bonds and costs related to maintenance and administration of a covered bond programme, are covered by the book value of assets in the cover pool;
Amendment 257 #
(b) exposures to credit institutions that qualify for the credit quality step 1 and step 2, in accordance with Article 129(1)(c) of Regulation (EU) No 575/2013.
Amendment 261 #
Proposal for a directive
Article 16 – paragraph 3 – subparagraph 1 – point b a (new)
Article 16 – paragraph 3 – subparagraph 1 – point b a (new)
(b a) assets eligible to European Central Bank refinancing