14 Amendments of Sven GIEGOLD related to 2017/2005(INI)
Amendment 25 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses that domestic and cross- border investments in CBs work well in EU markets under the current legislative framework; emphasises that product diversity of sound and safe products should be maintained;
Amendment 29 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Warns that a mandatory harmonisation of national models or their replacement by a European one could lead to unintended negative consequences for markets whose current success relies on CB legislation being embedded in national laws; insiselcomes a European framework that enhances the quality of covered bond products currently stipulated mainly in national systems; Supports that European legislation be limited toadopts a principles-based approach which establishes the objectives but leaves the ways and means to be specified in the transposition to national laws; Points out that a mandatory harmonisation of national models or their replacement by a European one could lead to unintended negative consequences for markets whose current success relies on CB legislation being embedded in national laws;
Amendment 39 #
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 belowgo beyond the standards currently set by Article 129 of the CRR; requests that securities incompatible with this definition but compatible with Article 52(4) of the UCITS Directive are properly defined in the same directive under a name clearly distinct from ‘'covered bonds’'; suggests that this name may be ‘'European Secured Notes’'; (ESNs);
Amendment 42 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Calls for the exclusion of CBs and ESNs from the calculation of the contributions to the Single Resolution Fund;
Amendment 58 #
Motion for a resolution
Paragraph 4 – point b – paragraph 2
Paragraph 4 – point b – paragraph 2
Should these claims be insufficient to fully meet the issuer’s payment obligations, the investor’s residual claims must be at least pari passu with claims of the issuer’s unsecured creditors;
Amendment 62 #
Motion for a resolution
Paragraph 4 – point e
Paragraph 4 – point e
e) Overcollateralisation (OC) is applied to the cover pool. By an extent to be determined in national law, the net present 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;1b _________________ 1bVerband Deutscher Pfandbriefbanken, Position Paper on the Draft report "Towards a Pan-European Covered Bond Framework", Topic No2
Amendment 71 #
Motion for a resolution
Paragraph 4 – point f
Paragraph 4 – point f
f) European or national law defines maximum loan-to-value (LTV) parameters for cover pool assets in a way that ensures that the removal of cover pool assets oin the grounds of insufficient LTVbreach of the LTV requirements occurs only if they are replaced by assets of at eligible ast the same market value.sets.1a The removal of cover pool assets in breach of LTV limits should not be mandatory, as maximum LTV requirements should only determine the contribution of any given cover pool asset to the coverage requirement; _________________ 1aVerband Deutscher Pfandbriefbanken, position paper on the draft report "Towards a Pan-European Covered Bond Framework", Topic No 3
Amendment 75 #
Motion for a resolution
Paragraph 4 – point g a (new)
Paragraph 4 – point g a (new)
g a) Only derivative instruments exclusively for risk hedging purposes are allowed in covered bond programmes and derivative contracts entered into by the covered bond issuer with a derivative counterparty and registered in the cover pool cannot be terminated upon the issuer's insolvency;
Amendment 76 #
Motion for a resolution
Paragraph 4 – point h – paragraph 1 – introductory part
Paragraph 4 – point h – paragraph 1 – introductory part
Amendment 83 #
Motion for a resolution
Paragraph 4 – point h – paragraph 2
Paragraph 4 – point h – paragraph 2
Amendment 87 #
Motion for a resolution
Paragraph 4 – point i
Paragraph 4 – point i
i) The issuer is required to disclose at least biannuallyon a quarterly basis aggregate data on the programme 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 programme and on the levels of legal, contractual and voluntary OC;
Amendment 96 #
Motion for a resolution
Paragraph 5 – point a a (new)
Paragraph 5 – point a a (new)
a a) All cover assets as specified in the Article 129(1)(a)(b) and (c) of the CRR should be allowed as substitution assets contributing towards the coverage requirement, subject to limits on credit quality and exposure size as currently set out in the Article 129(1). Substitution assets contributing towards the coverage requirement should be limited to maximum 15% of minimum required coverage (including minimum effective over-collateralisation);
Amendment 101 #
Motion for a resolution
Paragraph 5 – point b a (new)
Paragraph 5 – point b a (new)
b a) A minimum effective overcollateralization level is set at 5% according to EBA recommendation. This amount can be calibrated based on an impact assessment and should be able to cover for relevant credit-related risks while avoiding undue asset encumbrance;
Amendment 109 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Calls on the Commission to empower the ESAs to evaluate compliance with the criteria for CBs and ESNs with the aim to replace the lists provided for in Article 52 (4) sub-paragraph of UCITS Directive by an authoritative list of compliant covered bond regimes at the European level.