BETA


2018/0042(COD) Exposures in the form of covered bonds

Progress: Provisional agreement between Parliament and Council on final act

RoleCommitteeRapporteurShadows
Lead ECON LUCKE Bernd (icon: ECR ECR) ROSATI Dariusz (icon: PPE PPE), SANT Alfred (icon: S&D S&D), NAGTEGAAL Caroline (icon: ALDE ALDE), MATIAS Marisa (icon: GUE/NGL GUE/NGL), LAMBERTS Philippe (icon: Verts/ALE Verts/ALE), KAPPEL Barbara (icon: ENF ENF)
Committee Opinion JURI
Lead committee dossier:
Legal Basis:
TFEU 114

Events

2019/04/18
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament adopted by 426 votes to 103, with 39 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on amending Regulation (EU) No 575/2013 as regards exposures in the form of covered bonds.

The European Parliament’s position adopted at first reading under the ordinary legislative procedure amended the Commission proposal as follows:

The proposed Regulation aims to amend Regulation (EU) No 575/2013 (the Capital Requirements Regulation or CRR) by providing for additional requirements for covered bonds, which will enhance the quality of covered bonds eligible for preferential capital treatment as defined in Article 129 of the Regulation.

On 20 December 2013, the Commission requested to the European Banking Authority (EBA) to provide an opinion regarding the appropriateness of the risk weights set out in Article 129 of Regulation (EU) No 575/2013. According to EBA's opinion, the preferential risk weight treatment laid down in Article 129 of that Regulation is, in principle, an appropriate prudential treatment.

However, EBA recommended that further consideration be given to the opportunity of complementing the eligibility requirements as set out by Article 129 of Regulation (EU) No 575/2013 to cover, at a minimum, the areas of liquidity risk mitigation, over-collateralisation, the role of the competent authority, and the further elaboration of existing requirements on disclosure to investors.

The amendments build on the current prudential treatment but add requirements on minimum overcollateralisation and substitution assets. They would strengthen the requirements for granting preferential prudential treatment to guaranteed bonds.

The amended text specifies that Member States can decide to apply a higher minimum level of overcollateralisation to covered bonds issued by credit institutions located in their territory, without preventing other covered bonds with a lower minimum level of overcollateralisation that comply with this Regulation from benefitting from its provisions. Such a requirement serves the purpose of mitigating the most relevant risks arising in case of the issuer’s insolvency or resolution.

Documents
2019/04/17
   EP - Debate in Parliament
2019/04/01
   EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
2019/03/20
   CSL - Coreper letter confirming interinstitutional agreement
2018/11/26
   EP - Committee report tabled for plenary, 1st reading/single reading
Details

The Committee on Economic and Monetary Affairs adopted the report by Bernd LUCKE (ECR, DE) on the proposal for a regulation of the European Parliament and of the Council on amending Regulation (EU) No 575/2013 as regards exposures in the form of covered bonds.

The proposed Regulation aims to amend Regulation (EU) No 575/2013 (the Capital Requirements Regulation or CRR) by providing for additional requirements for covered bonds , which will enhance the quality of covered bonds eligible for preferential capital treatment as defined in Article 129 of the Regulation.

The amendments build on the current prudential treatment but add requirements on minimum overcollateralisation and substitution assets . They would strengthen the requirements for granting preferential prudential treatment to guaranteed bonds. The amended text specifies that Member States can decide to apply a higher minimum level of overcollateralisation to covered bonds issued by credit institutions located in their territory, without preventing other covered bonds with a lower minimum level of overcollateralisation that comply with this Regulation from benefitting from its provisions

Such a requirement serves the purpose of mitigating the most relevant risks arising in case of the issuer’s insolvency or resolution.

The European Parliament, in its resolution of 4 July 2017 entitled ‘Towards a pan-European covered bonds framework’, supported the creation of a European framework for principles-based covered bonds.

Documents
2018/11/20
   EP - Vote in committee, 1st reading/single reading
2018/11/20
   EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2018/09/26
   EP - Amendments tabled in committee
Documents
2018/08/22
   ECB - European Central Bank: opinion, guideline, report
Details

OPINION of the European Central Bank on a proposal for a directive of the European Parliament and of the Council on the issue of covered bonds and covered bond public supervision and amending Directive 2009/65/EC and Directive 2014/59/EU; and on a proposal for a regulation of the European Parliament and of the Council on amending Regulation (EU) No 575/2013 as regards exposures in the form of covered bonds.

The ECB welcomes the objectives of the proposed directive and regulation of promoting further integration of Union financial markets and deepening the Capital Markets Union (CMU). It is in favour of a developed, harmonised, high-quality and transparent covered bond market in the Union.

Specific observations on the proposed regulation

The ECB welcomes a harmonised approach towards minimum overcollateralisation. A uniform calculation method without exceptions is favoured.

The ECB therefore has reservations about the proposal to apply different requirements in certain situations.

The ECB also welcomes the fact that the proposed regulation clarifies that the loan-to-value (LTV) limits should be applied as soft coverage limits. This LTV limit should be applied not only upon inclusion of such loan but throughout the entire maturity of the loan.

For the purpose of the LTV limits, it would be prudent for the property value to be monitored and updated at least on a yearly basis by using an indexation method, in addition to the other requirements for immovable property collateral that are set out in Article 208 of Regulation (EU) No 575/2013.

The ECB recommends, furthermore:

- that the assets that may contribute to mandatory overcollateralisation should be eligible assets as listed in the proposed regulation, and be subject to the same limits on exposure size as set out in the proposed regulation

- setting out qualitative requirements for substitution assets for covered bonds, applying the same requirements as for eligible assets in accordance with the proposed regulation;

- including in the proposed regulation a requirement that substitution assets must not exceed 20 % of the total nominal amount of all outstanding covered bonds of the issuer.

2018/08/21
   EP - Committee draft report
Documents
2018/05/31
   EP - Responsible Committee
2018/05/17
   PT_PARLIAMENT - Contribution
Documents
2018/05/14
   ES_CONGRESS - Contribution
Documents
2018/04/16
   EP - Committee referral announced in Parliament, 1st reading/single reading
2018/03/12
   EC - Document attached to the procedure
2018/03/12
   EC - Document attached to the procedure
2018/03/12
   EC - Legislative proposal published
Details

PURPOSE: to amend the requirements for the prudential treatment of covered bonds in order to promote the development of covered bond markets.

PROPOSED ACT: Regulation of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: this proposal for a Regulation amending Regulation (EU) No 575/2013 (Captial Requirements Regulation – CRR) is part of a package of measures to deepen the Capital Markets Union (CMU), together with the Communication " Completing Capital Markets Union by 2019 – time to accelerate delivery ".

Covered bonds are financial instruments that are generally issued by banks to fund the economy. They facilitate the financing of mortgage and public sector loans, thereby supporting lending more broadly. Covered bonds fared well during the financial crisis and proved to be a reliable and stable funding source at a time as other funding channels dried up.

However, diverse rules across Member States affect the credit strength of those instruments. In addition, covered bonds markets are unevenly developed across the Single Market. While they are very important in some Member States, they are less developed in others.

While they benefit from preferential prudential and regulatory treatment in various respects in the light of the lower risks (e.g. banks investing in them do not have to set aside as much regulatory capital as when they invest in other assets), Union law does not comprehensively address what actually constitutes a covered bond.

The Commission considers that a Union legislative framework on covered bonds should:

expand the capacity of credit institutions to provide financing to the real economy and contribute to the development of covered bonds across the Union, particularly in Member States where no market for them currently exists; increase cross-border flows of capital and investment which would provide investors with a wider and safer range of investment opportunities, contribute to financial stability and help finance the real economy.

The framework consists of a Directive on definitions and standards for covered bonds and a Regulation amending the Capital Requirements Regulation (CRR) – the two instruments should be seen as a single package.

IMPACT ASSESSMENT: of the four options considered, the option chosen is that of minimum harmonisation based on national regimes . It is based on the recommendations made in the 2016 European Banking Authority (EBA) report, with the exception of a few deviations.

It is likely to be the most effective in achieving the objectives, while at the same time being efficient and minimising disruption and transition costs. It is also one of the more ambitious options in regulatory terms, while enjoying the most support from stakeholders.

CONTENT: this proposed Regulation will mainly amend Article 129 of Regulation (EU) No 575/2013 (Capital Requirements Regulation (CRR)) with the aim of strengthening the conditions for granting preferential capital treatment by adding further requirements .

The amendments build on the current prudential treatment but add requirements on minimum overcollateralisation and substitution assets .

Article 129 of Regulation (EU) No 575/2013 allows covered bonds to be collateralised by senior units issued by French Fonds Communs de Titrisation or equivalent entities governed by the laws of a Member State that securitise residential or commercial property exposures under certain conditions, including the provision that such units do not exceed 10 % of the nominal amount of the outstanding issue. This possibility is repealed , as only a few national covered bond frameworks allow the inclusion of residential or commercial mortgage-backed securities.

The proposed amendments introduce a new requirement on a minimum level of overcollateralisation (a level of collateral exceeding the coverage requirements). This level is set at 2 and 5%, depending on the assets in the cover pool, based on a nominal calculation method.

Documents

Votes

A8-0384/2018 - Bernd Lucke - Am 2 18/04/2019 12:24:47.000

2019/04/18 Outcome: +: 426, -: 103, 0: 39
DE PL FR RO GB ES IT BE BG AT NL CZ PT FI SK HU HR SE LV MT LU IE LT SI EE DK EL CY
Total
77
44
67
22
50
48
42
21
13
16
23
15
17
11
9
13
9
16
7
5
6
6
6
4
5
11
4
1
icon: PPE PPE
163

United Kingdom PPE

2

Italy PPE

1

Belgium PPE

Against (1)

4

Luxembourg PPE

3

Ireland PPE

3

Lithuania PPE

2

Slovenia PPE

3

Estonia PPE

For (1)

1

Denmark PPE

For (1)

1
icon: S&D S&D
139

Netherlands S&D

3

Czechia S&D

For (1)

1

Slovakia S&D

2

Hungary S&D

For (1)

1

Croatia S&D

For (1)

1

Latvia S&D

1

Malta S&D

2

Luxembourg S&D

For (1)

1

Estonia S&D

For (1)

1
icon: ALDE ALDE
58

Romania ALDE

For (1)

1

Italy ALDE

For (1)

1

Bulgaria ALDE

3

Austria ALDE

For (1)

1

Portugal ALDE

1

Croatia ALDE

2

Sweden ALDE

2

Latvia ALDE

1

Luxembourg ALDE

For (1)

1

Ireland ALDE

For (1)

1

Lithuania ALDE

1

Slovenia ALDE

For (1)

1

Estonia ALDE

2

Denmark ALDE

2
icon: ECR ECR
61

Romania ECR

2
2

Bulgaria ECR

1

Netherlands ECR

2

Czechia ECR

2

Finland ECR

1

Slovakia ECR

2

Croatia ECR

For (1)

1

Sweden ECR

2

Greece ECR

For (1)

1
icon: NI NI
10

Germany NI

For (1)

1

Poland NI

Against (1)

2

France NI

2

Hungary NI

Abstain (1)

3
2
icon: ENF ENF
29

Germany ENF

For (1)

1

Poland ENF

2

Belgium ENF

Abstain (1)

1

Netherlands ENF

4
icon: EFDD EFDD
28

Germany EFDD

Abstain (1)

1

Czechia EFDD

Against (1)

1
icon: GUE/NGL GUE/NGL
34

United Kingdom GUE/NGL

Against (1)

1

Italy GUE/NGL

3

Netherlands GUE/NGL

Against (1)

1

Czechia GUE/NGL

Against (1)

1

Portugal GUE/NGL

3

Sweden GUE/NGL

Against (1)

1

Ireland GUE/NGL

For (1)

Against (1)

2

Denmark GUE/NGL

For (1)

1

Greece GUE/NGL

Abstain (1)

1

Cyprus GUE/NGL

Against (1)

1
icon: Verts/ALE Verts/ALE
46

United Kingdom Verts/ALE

4

Italy Verts/ALE

Against (1)

1

Belgium Verts/ALE

2

Austria Verts/ALE

Against (2)

2

Netherlands Verts/ALE

Against (1)

1

Finland Verts/ALE

Against (1)

1

Hungary Verts/ALE

2

Croatia Verts/ALE

Against (1)

1

Sweden Verts/ALE

3

Latvia Verts/ALE

Against (1)

1

Luxembourg Verts/ALE

Against (1)

1

Lithuania Verts/ALE

Against (1)

1

Estonia Verts/ALE

Against (1)

1

Denmark Verts/ALE

Against (1)

1

A8-0384/2018 - Bernd Lucke - Am 2

2019/04/18 Outcome: +: 426, -: 103, 0: 39
DE PL FR RO GB ES IT BE BG AT NL CZ PT FI SK HU SE HR LV MT LU IE LT SI EE DK ?? EL CY
Total
77
44
67
22
49
46
42
21
13
16
23
15
17
11
9
13
15
9
7
5
6
6
6
4
5
11
1
4
1
icon: PPE PPE
163

United Kingdom PPE

2

Italy PPE

1

Belgium PPE

Against (1)

4

Luxembourg PPE

3

Ireland PPE

3

Lithuania PPE

2

Slovenia PPE

3

Estonia PPE

For (1)

1

Denmark PPE

For (1)

1
icon: S&D S&D
139

Netherlands S&D

3

Czechia S&D

For (1)

1

Slovakia S&D

2

Hungary S&D

For (1)

1

Croatia S&D

For (1)

1

Latvia S&D

1

Malta S&D

2

Luxembourg S&D

For (1)

1

Estonia S&D

For (1)

1

S&D

For (1)

1
icon: ALDE ALDE
57

Romania ALDE

For (1)

1

Italy ALDE

For (1)

1

Bulgaria ALDE

3

Austria ALDE

For (1)

1

Portugal ALDE

1

Sweden ALDE

2

Croatia ALDE

2

Latvia ALDE

1

Luxembourg ALDE

For (1)

1

Ireland ALDE

For (1)

1

Lithuania ALDE

1

Slovenia ALDE

For (1)

1

Estonia ALDE

2

Denmark ALDE

2
icon: ECR ECR
61

Romania ECR

2
2

Bulgaria ECR

1

Netherlands ECR

2

Czechia ECR

2

Finland ECR

1

Slovakia ECR

2

Sweden ECR

2

Croatia ECR

For (1)

1

Greece ECR

For (1)

1
icon: NI NI
10

Germany NI

For (1)

1

Poland NI

Against (1)

2

France NI

2

Hungary NI

Abstain (1)

3
2
icon: ENF ENF
29

Germany ENF

For (1)

1

Poland ENF

2

Belgium ENF

Abstain (1)

1

Netherlands ENF

4
icon: EFDD EFDD
28

Germany EFDD

Abstain (1)

1

Czechia EFDD

Against (1)

1
icon: GUE/NGL GUE/NGL
34

United Kingdom GUE/NGL

Against (1)

1

Italy GUE/NGL

3

Netherlands GUE/NGL

Against (1)

1

Czechia GUE/NGL

Against (1)

1

Portugal GUE/NGL

3

Sweden GUE/NGL

Against (1)

1

Ireland GUE/NGL

For (1)

Against (1)

2

Denmark GUE/NGL

For (1)

1

Greece GUE/NGL

Abstain (1)

1

Cyprus GUE/NGL

Against (1)

1
icon: Verts/ALE Verts/ALE
44

United Kingdom Verts/ALE

4

Italy Verts/ALE

Against (1)

1

Belgium Verts/ALE

2

Austria Verts/ALE

Against (2)

2

Netherlands Verts/ALE

Against (1)

1

Finland Verts/ALE

Against (1)

1

Hungary Verts/ALE

2

Sweden Verts/ALE

2

Croatia Verts/ALE

Against (1)

1

Latvia Verts/ALE

Against (1)

1

Luxembourg Verts/ALE

Against (1)

1

Lithuania Verts/ALE

Against (1)

1

Estonia Verts/ALE

Against (1)

1

Denmark Verts/ALE

Against (1)

1
AmendmentsDossier
24 2018/0042(COD)
2018/09/26 ECON 24 amendments...
source: 627.924

History

(these mark the time of scraping, not the official date of the change)

activities
  • date
    2018-03-12T00:00:00
    docs
    • url
      http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2018/0093/COM_COM(2018)0093_EN.pdf
      text
      • PURPOSE: to amend the requirements for the prudential treatment of covered bonds in order to promote the development of covered bond markets.

        PROPOSED ACT: Regulation of the European Parliament and of the Council.

        ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

        BACKGROUND: this proposal for a Regulation amending Regulation (EU) No 575/2013 (Captial Requirements Regulation – CRR) is part of a package of measures to deepen the Capital Markets Union (CMU), together with the Communication "Completing Capital Markets Union by 2019 – time to accelerate delivery".

        Covered bonds are financial instruments that are generally issued by banks to fund the economy. They facilitate the financing of mortgage and public sector loans, thereby supporting lending more broadly. Covered bonds fared well during the financial crisis and proved to be a reliable and stable funding source at a time as other funding channels dried up.

        However, diverse rules across Member States affect the credit strength of those instruments. In addition, covered bonds markets are unevenly developed across the Single Market. While they are very important in some Member States, they are less developed in others.

        While they benefit from preferential prudential and regulatory treatment in various respects in the light of the lower risks (e.g. banks investing in them do not have to set aside as much regulatory capital as when they invest in other assets), Union law does not comprehensively address what actually constitutes a covered bond.

        The Commission considers that a Union legislative framework on covered bonds should:

        • expand the capacity of credit institutions to provide financing to the real economy and contribute to the development of covered bonds across the Union, particularly in Member States where no market for them currently exists;
        • increase cross-border flows of capital and investment which would provide investors with a wider and safer range of investment opportunities, contribute to financial stability and help finance the real economy.

        The framework consists of a Directive on definitions and standards for covered bonds and a Regulation amending the Capital Requirements Regulation (CRR) – the two instruments should be seen as a single package.

        IMPACT ASSESSMENT: of the four options considered, the option chosen is that of minimum harmonisation based on national regimes. It is based on the recommendations made in the 2016 European Banking Authority (EBA) report, with the exception of a few deviations.

        It is likely to be the most effective in achieving the objectives, while at the same time being efficient and minimising disruption and transition costs. It is also one of the more ambitious options in regulatory terms, while enjoying the most support from stakeholders.

        CONTENT: this proposed Regulation will mainly amend Article 129 of Regulation (EU) No 575/2013 (Capital Requirements Regulation (CRR)) with the aim of strengthening the conditions for granting preferential capital treatment by adding further requirements.

        The amendments build on the current prudential treatment but add requirements on minimum overcollateralisation and substitution assets.

        Article 129 of Regulation (EU) No 575/2013 allows covered bonds to be collateralised by senior units issued by French Fonds Communs de Titrisation or equivalent entities governed by the laws of a Member State that securitise residential or commercial property exposures under certain conditions, including the provision that such units do not exceed 10 % of the nominal amount of the outstanding issue. This possibility is repealed, as only a few national covered bond frameworks allow the inclusion of residential or commercial mortgage-backed securities.

        The proposed amendments introduce a new requirement on a minimum level of overcollateralisation (a level of collateral exceeding the coverage requirements). This level is set at 2 and 5%, depending on the assets in the cover pool, based on a nominal calculation method.

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New
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  • 3.45.01 Company law
New
2.50.03
Securities and financial markets, stock exchange, CIUTS, investments
3.45.01
Company law
procedure/summary
  • Amending Regulation (EU) No 575/2013
activities/0/docs/0/text
  • PURPOSE: to amend the requirements for the prudential treatment of covered bonds in order to promote the development of covered bond markets.

    PROPOSED ACT: Regulation of the European Parliament and of the Council.

    ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

    BACKGROUND: this proposal for a Regulation amending Regulation (EU) No 575/2013 (Captial Requirements Regulation – CRR) is part of a package of measures to deepen the Capital Markets Union (CMU), together with the Communication "Completing Capital Markets Union by 2019 – time to accelerate delivery".

    Covered bonds are financial instruments that are generally issued by banks to fund the economy. They facilitate the financing of mortgage and public sector loans, thereby supporting lending more broadly. Covered bonds fared well during the financial crisis and proved to be a reliable and stable funding source at a time as other funding channels dried up.

    However, diverse rules across Member States affect the credit strength of those instruments. In addition, covered bonds markets are unevenly developed across the Single Market. While they are very important in some Member States, they are less developed in others.

    While they benefit from preferential prudential and regulatory treatment in various respects in the light of the lower risks (e.g. banks investing in them do not have to set aside as much regulatory capital as when they invest in other assets), Union law does not comprehensively address what actually constitutes a covered bond.

    The Commission considers that a Union legislative framework on covered bonds should:

    • expand the capacity of credit institutions to provide financing to the real economy and contribute to the development of covered bonds across the Union, particularly in Member States where no market for them currently exists;
    • increase cross-border flows of capital and investment which would provide investors with a wider and safer range of investment opportunities, contribute to financial stability and help finance the real economy.

    The framework consists of a Directive on definitions and standards for covered bonds and a Regulation amending the Capital Requirements Regulation (CRR) – the two instruments should be seen as a single package.

    IMPACT ASSESSMENT: of the four options considered, the option chosen is that of minimum harmonisation based on national regimes. It is based on the recommendations made in the 2016 European Banking Authority (EBA) report, with the exception of a few deviations.

    It is likely to be the most effective in achieving the objectives, while at the same time being efficient and minimising disruption and transition costs. It is also one of the more ambitious options in regulatory terms, while enjoying the most support from stakeholders.

    CONTENT: this proposed Regulation will mainly amend Article 129 of Regulation (EU) No 575/2013 (Capital Requirements Regulation (CRR)) with the aim of strengthening the conditions for granting preferential capital treatment by adding further requirements.

    The amendments build on the current prudential treatment but add requirements on minimum overcollateralisation and substitution assets.

    Article 129 of Regulation (EU) No 575/2013 allows covered bonds to be collateralised by senior units issued by French Fonds Communs de Titrisation or equivalent entities governed by the laws of a Member State that securitise residential or commercial property exposures under certain conditions, including the provision that such units do not exceed 10 % of the nominal amount of the outstanding issue. This possibility is repealed, as only a few national covered bond frameworks allow the inclusion of residential or commercial mortgage-backed securities.

    The proposed amendments introduce a new requirement on a minimum level of overcollateralisation (a level of collateral exceeding the coverage requirements). This level is set at 2 and 5%, depending on the assets in the cover pool, based on a nominal calculation method.

activities/1
date
2018-04-16T00:00:00
body
EP
type
Committee referral announced in Parliament, 1st reading/single reading
committees
committees/0/date
2018-03-26T00:00:00
committees/0/rapporteur
  • group
    ECR
    name
    LUCKE Bernd
committees/0/shadows
  • group
    EPP
    name
    ROSATI Dariusz
  • group
    S&D
    name
    SANT Alfred
  • group
    ALDE
    name
    NAGTEGAAL Caroline
  • group
    GUE/NGL
    name
    MATIAS Marisa
  • group
    Verts/ALE
    name
    LAMBERTS Philippe
  • group
    ENF
    name
    KAPPEL Barbara
links/Research document
url
http://www.europarl.europa.eu/thinktank/en/document.html?reference=EPRS_BRI(2018)621904
title
Briefing
procedure/Mandatory consultation of other institutions
European Economic and Social Committee European Committee of the Regions
procedure/dossier_of_the_committee
ECON/8/12504
procedure/stage_reached
Old
Preparatory phase in Parliament
New
Awaiting committee decision
activities/0/commission/0
DG
Commissioner
DOMBROVSKIS Valdis
other/0
body
EC
dg
commissioner
DOMBROVSKIS Valdis
activities
  • date
    2018-03-12T00:00:00
    docs
    • url
      http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2018/0093/COM_COM(2018)0093_EN.pdf
      title
      COM(2018)0093
      type
      Legislative proposal published
      celexid
      CELEX:52018PC0093:EN
    body
    EC
    type
    Legislative proposal published
    commission
    committees
    • body
      EP
      responsible
      True
      committee_full
      Economic and Monetary Affairs
      committee
      ECON
    • body
      EP
      responsible
      False
      committee_full
      Legal Affairs
      committee
      JURI
    links
    other
      procedure
      reference
      2018/0042(COD)
      subtype
      Legislation
      legal_basis
      • Treaty on the Functioning of the EU TFEU 114
      stage_reached
      Preparatory phase in Parliament
      summary
      • Amending Regulation (EU) No 575/2013
      instrument
      Regulation
      title
      Exposures in the form of covered bonds
      type
      COD - Ordinary legislative procedure (ex-codecision procedure)
      subject