30 Amendments of Philippe LAMBERTS related to 2018/0043(COD)
Amendment 124 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point b
Article 6 – paragraph 1 – subparagraph 1 – point b
(b) a mortgage, charge, lien or other guarantee on the asset is enforceablelegally valid and enforceable and enables the credit institution issuing covered bonds to receive the payment of the claim without undue delay;
Amendment 139 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
For the purposes of point (a), Member States shall lay down rules on valuation of assets. The rules shall ensure at least that the assets are valued by an independent evaluator who possesses the necessary qualifications, ability and experience to carry out the valuation.
Amendment 149 #
Proposal for a directive
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Member States shall ensure investor protection by requiring that credit institutions issuing covered bonds have in place procedures to monitor that the assets used as collateral are adequately insured against the risk of loss or damage.
Amendment 159 #
Proposal for a directive
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Where Member States allow for the inclusion referred to in paragraph 1, they shall ensure investor protection by verifying whether the assets located outside of the Union meet all the requirements set out in Article 6 and that the realisation of such assets is legally enforceable in a way similar to assets located within the Union. Member States shall ensure that such assets located outside of the Union do not exceed 20% of the total cover pool at issuance of the covered bond until maturity.
Amendment 196 #
Proposal for a directive
Article 11 – paragraph 2 – point b
Article 11 – paragraph 2 – point b
Amendment 205 #
Proposal for a directive
Article 11 – paragraph 2 a (new)
Article 11 – paragraph 2 a (new)
2 a. EBA shall develop draft regulatory technical standards to specify the limits on the amount of derivative contracts in the cover pool. EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2020. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 213 #
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 216 #
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 217 #
Proposal for a directive
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2 a. Member States shall ensure that, for the purposes of paragraph 2, point (c), the duties of the cover pool monitor include at least the following: (a) ongoing monitoring of the covered bonds’ compliance with the provisions transposing this Directive, including requirements related to the eligibility of cover assets, coverage, liquidity, cover pool derivatives and transparency; (b) reporting to the competent authorities designated pursuant to Article 18(2) on compliance with the provisions transposing this Directive and on material observations regarding the covered bond business, including in cases where assets are added/removed to the cover pool and cause substantial change in the coverage requirements; (c) responding to informations requests and inquiries from the competent authorities designated pursuant to Article 18(2);
Amendment 220 #
Proposal for a directive
Article 13 – paragraph 4
Article 13 – paragraph 4
Amendment 222 #
Proposal for a directive
Article 14 – paragraph 2 – subparagraph 1 – point b
Article 14 – paragraph 2 – subparagraph 1 – point b
(b) the geographical distribution and type of assets in the cover pool, their loan size and valuation method, including the indexation method used if applicable;
Amendment 223 #
Proposal for a directive
Article 14 – paragraph 2 – subparagraph 1 – point b a (new)
Article 14 – paragraph 2 – subparagraph 1 – point b a (new)
(b a) for mortgage assets in the cover pool, the methodology used for calculating the value of property, the loan-to-value ratio and the loan-to- income ratio;
Amendment 224 #
Proposal for a directive
Article 14 – paragraph 2 – subparagraph 1 – point b b (new)
Article 14 – paragraph 2 – subparagraph 1 – point b b (new)
(b b) for residential mortgage assets in the cover pool, the loan purpose and the credit characteristics of the debtor;
Amendment 225 #
Proposal for a directive
Article 14 – paragraph 2 – subparagraph 1 – point b c (new)
Article 14 – paragraph 2 – subparagraph 1 – point b c (new)
(b c) for commercial mortgage assets in the cover pool , the distribution by sector;
Amendment 226 #
Proposal for a directive
Article 14 – paragraph 2 – subparagraph 1 – point b d (new)
Article 14 – paragraph 2 – subparagraph 1 – point b d (new)
(b d) for public sector assets in the cover pool, the type of public borrower;
Amendment 227 #
Proposal for a directive
Article 14 – paragraph 2 – subparagraph 1 – point d
Article 14 – paragraph 2 – subparagraph 1 – point d
(d) the maturity structure of assets in the cover pool and covered bonds, including an overview of the maturity extension triggers if applicable;
Amendment 228 #
Proposal for a directive
Article 14 – paragraph 2 – subparagraph 1 – point e
Article 14 – paragraph 2 – subparagraph 1 – point e
(e) the levels of required coverageand available coverage, including statutory, contractual and voluntary overcollateralisation;
Amendment 229 #
Proposal for a directive
Article 14 – paragraph 2 – subparagraph 1 – point f a (new)
Article 14 – paragraph 2 – subparagraph 1 – point f a (new)
(f a) an overview of the key transaction parties;
Amendment 230 #
Proposal for a directive
Article 14 – paragraph 2 – subparagraph 1 – point f b (new)
Article 14 – paragraph 2 – subparagraph 1 – point f b (new)
(f b) a glossary with definitions, data sources and criteria;
Amendment 231 #
Proposal for a directive
Article 14 – paragraph 2 – subparagraph 2
Article 14 – paragraph 2 – subparagraph 2
Member States shall ensure that the information is provided to investors on an aggregated basis. Member States may also require the information to be provided on a separate or loan-by-loan basis.
Amendment 232 #
Proposal for a directive
Article 15 – paragraph 1 – subparagraph 1 – point a
Article 15 – paragraph 1 – subparagraph 1 – point a
(a) all liabilities of thethe sum of all payment claims on the assets in the cover pool has, at all times, to be at least equal to the sum of all payment obligations attached to the corresponding 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 assets in the cover pool;
Amendment 234 #
Proposal for a directive
Article 15 – paragraph 1 – subparagraph 1 – point b
Article 15 – paragraph 1 – subparagraph 1 – point b
(b) the calculation of the level of coverage required ensures that: (i) the total nominal amount of all assets in the cover pool, with the exception of assets which are derivatives, are at least of the same value as the total nominal amount of outstanding covered bonds ('nominal principle') and (ii) assets and liabilities resulting from derivatives are measured at market value;
Amendment 238 #
Proposal for a directive
Article 15 – paragraph 1 – subparagraph 1 – point c – point v
Article 15 – paragraph 1 – subparagraph 1 – point c – point v
Amendment 240 #
Proposal for a directive
Article 15 – paragraph 1 – subparagraph 1 a (new)
Article 15 – paragraph 1 – subparagraph 1 a (new)
For the purpose of point (a) of the first subparagraph, the same limits as set out in Article 129 of Regulation (EU) No 575/2013 shall be applicable. For the purpose of the limit on the value of the properties comprising the collateral security, such properties shall be monitored and updated at least on a yearly basis by using an indexation method.
Amendment 245 #
Proposal for a directive
Article 16 – paragraph 2
Article 16 – paragraph 2
2. The cover pool liquidity buffer shall cover, as a minimum, the net liquidity outflow for 180 calendar days.
Amendment 248 #
Proposal for a directive
Article 16 – paragraph 3 – subparagraph 1 – point a
Article 16 – paragraph 3 – subparagraph 1 – point a
(a) assets qualifying as level 1, level 2A and level 2BA assets pursuant to Articles 10, 11 and 121 of Delegated Regulation (EU) 2015/61, valuated in accordance with Article 9 of that Delegated Regulation and, segregated in accordance with Article 13 of this Directive and appropriately diversified in accordance with Article 8(1) of that Delegated Regulation;
Amendment 262 #
Proposal for a directive
Article 16 – paragraph 3 – subparagraph 1 a (new)
Article 16 – paragraph 3 – subparagraph 1 a (new)
For the purposes of point (a) of the first subparagraph, Member States shall ensure that own-issued covered bonds cannot contribute to the cover pool liquidity buffer.
Amendment 263 #
Proposal for a directive
Article 16 – paragraph 3 a (new)
Article 16 – paragraph 3 a (new)
3 a. Liquid assets in the cover pool liquidity buffer shall not contribute towards the liquidity requirements set out in Delegated Regulation (EU) 2015/61.
Amendment 264 #
Proposal for a directive
Article 16 – paragraph 4
Article 16 – paragraph 4
4. Where the credit institution issuing covered bonds is subject to liquidity requirements set out in other acts of Union law, Member States may decide that the national rules transposing paragraphs 1, 2 and 3 do not apply throughout the period foreseen in those acts of Union lawBy way of derogation from paragraph 3a, Member States may decide that the liquid assets in the cover pool liquidity buffer that are referred to in point (a) of paragraph 3, while always held separately within the covered bond programme and always segregated from the liquid assets held for the purposes of the liquidity requirements set out in Delegated Regulation (EU) 2015/61, may contribute towards those liquidity requirements, but only up to the amount of the net liquidity outflow of the covered bond programme.
Amendment 269 #
Proposal for a directive
Article 16 – paragraph 5
Article 16 – paragraph 5