3.20THENETHERLANDS
ByJoostBeaumont,ABNAMROBank,RubenvanLeeuwen,RabobankandMaureenSchuller,INGBank
I.FRAMEWORK
TheDutchregulatoryframeworkfortheissuanceofcoveredbondsinitiallycameintoforceon1July2008.Inordertostrengthenthesupervisoryregimewithrespecttocoveredbonds,theFinancialSupervisionActwasamendedin2014,raisingthelegalframeworkforcoveredbondstotheleveloflaw.TheissuanceofDutchcoveredbondsisregulatedsincevia:
TheAmendmentActFinancialMarketsof19November2014,publishedon5December2014;1
TheAmendmentDecreeFinancialMarkets2015of28November2014,publishedon19December2014;2
TheMinisterialRegulationamendingtheRegulationImplementingtheFinancialSupervisionActonReg-isteredCoveredBondsof9December2014,publishedon17December2014.3
The newregulatoryregimecame into forceon1January2015perDecree534of11December2014.Dutchregisteredcoveredbondissuershavetocomplywithallrequirementssince1January2016.
II.STRUCTUREOFTHEISSUER
Dutchregistered covered bondscanbe issued bylicensed banksthatarelocatedintheNetherlands. Theis-suing bankhas toapply for registrationwiththe DutchCentral Bank, whichinturn decides toincludea) theissuingentityandb)thecategoryofcoveredbonds(tobe)issuedinapublicregister.
Figure1:StructuralOverview
1Wijzigingswetfinanciëlemarkten 2015, nr472.
2Wijzigingsbesluitfinanciëlemarkten 2015, nr524.
3WijzigingvandeUitvoeringsregelingWftterzakegeregistreerdegedekteobligaties,FM2014/1900M.
Toberegistered,thebankneedstoprovethat,inthecaseofadefaultoftheissuer,thecoveredbondholdershaveapriorityclaimovertheeligibleassetssecuringcouponandredemptionpaymentsdueontheregisteredcoveredbonds.Inpracticethismeansthattheissuerhastoprovideevidencethatthecoverassetsaresecuredinfavourofthecoveredbondholdersviathetransfertoaseparatelegalentity,theCoveredBondCompany(CBC).Theissuer hasto deliver tothe supervisoranindependent legalopinion confirmingthis.
TheCoveredBondCompanyisestablishedexclusivelytoisolatethecoverassetsfromtheotherassetsofthebankandtoperformthenecessaryactivitiesfortheregisteredcoveredbonds.Itcan,butisnotobligedto,givearightoflienoverthecoverassetstoanotherseparatelegalentity(theSecurityTrustee),thatrepresentstheinterestsofthecoveredbondholders.Inpractice,DutchcoveredbondprogrammesdoprovideforsuchapledgeofthetransferredassetstoaSecurityTrustee.
TheCoveredBondCompanycanalsoenterintoagreementsfortheadministrationandmanagementofthecoverassets,aswellasforliquidityandriskmanagementpurposes.Theseinclude derivative contracts,ser-viceragreements,assetmonitoragreementsandmanagementagreements.TheCoveredBondCompanyisnotpermittedtotakeactionsresultinginpaymentobligationsrankingequalorseniortothecoveredbondholders,unlessthesearerelatedtothemanagement,riskmanagement,paymentandadministrationoftheregisteredcoveredbondsandthecoverassets.
III.SEGREGATIONOFCOVERASSETSANDBANKRUPTCYREMOTENESSOFCOVEREDBONDS
Inordertosecurethecoverassetsinfavourofthecoveredbondholders,theassetsaretransferredtoaseparatelegalentity, the CoveredBond Company,bymeans ofa guarantee support agreement.Under this agreement,themortgageoriginator passeson eligible receivablesto the CoveredBond Company viaan undisclosedorsi-lentassignment.ThelegalownershipofthemortgageloansistransferredtotheCoveredBondCompanyviaadeedofassignment,oradeedofsaleandassignmentwiththetaxauthorities,withoutnotifyingtheborrowers.
TheCoveredBondCompanyguaranteesinreturntopayinterestandprincipalonthecoveredbondstotheinvestorsiftheissuerdefaults(coveredbondguarantee).TheobligationsoftheCoveredBondCompanyareunsubordinatedandunguaranteedobligations,securedindirectlythroughaparalleldebt,byapledgeofthetransferredassetsbytheCoveredBondCompanytotheSecurityTrustee.
Ifthe issuer defaultsonhisobligations, the SecurityTrusteemay serve anissuer acceleration noticetothe is-suerandanoticetopaytotheCoveredBondCompanyinlinewiththeguarantee.Assuchthecoveredbondsdonotaccelerateiftheissuerdefaults,whilethebondholdershavefullrecoursetotheassetsoftheCoveredBondCompany.IftheCoveredBondCompanydefaultsonitspaymentobligationsthecoveredbondsmayaccelerate(hardandsoftbulletcoveredbonds)ormaybecomepass-throughconditionalonpoolsalesbeingunsuccessfulorabreachoftheamortisationtest(conditionalpass-throughcoveredbonds).
To ensurethebankruptcyremoteness of theCoveredBondCompany,theissuingbankor othergroupentitiesarenotallowedtoholdsharesin,orhavecontrolover,thislegalentity.Furthermore,toassurecontinuityofthemanagementofthecoverassetsbytheCoveredBondCompanypostissuerdefault,thebankhastosubmittothesupervisor,uponregistration,aplanforthemanagementofthecoverassetsintheeventofanissuerdefault(PostIssuerDefaultPlan).Thisplandescribestheoperationalproceduresandinternalcontrolsrelatedtotheprogrammeiftheissuercannolongermanagetheassets,includingthecircumstancesleadingtoatransferofthemanagementtaskstotheCoveredBond Company.Thisplanissetupbytheissueranddiscussedwiththesupervisor,butitwillnotbepublished.
IV.REGISTRATIONREQUIREMENTSANDCOVERASSETS
AtthetimeofregistrationofacoveredbondprogrammeattheDutchCentralBank,theissuingentityhastoindicate thespecific featuresofthe coveredbondprogramme. Thisincludesa widerangeof conditions,suchasthemaximumsizeoftheprogramme,therightsandobligationsoftheCoveredBondCompany,therights
andobligationsoftheholdersofthecoveredbonds,thetypeofcoverassets,aswellasvariousriskmanage-mentprocedures.Inanycase,theissuingentityneedstoprovideinformationaboutthefollowingfeatures:
Theredemptionprofileofthecoveredbonds,i.e.whetherthecoveredbondshaveahardbullet,softbul-let,or(conditional)pass-throughstructure.TheDutchlawallowsissuancefromasingleprogrammeofcoveredbondswithahardbulletstructureaswellasthosewithasoftbulletstructurewithanextensionperiodupto24months.Incontrast, conditionalpass-through coveredbonds needtobe issued fromaseparateprogramme.
ThecoveredbondprogrammesofABNAMROBankandINGBankcontainmainlysoft-bulletissues.Somecoveredbondsthathavebeenprivatelyplaced(includingsomedenominatedinforeigncurrencies)stillhavehardbulletstructures.Meanwhile,RabobankanddeVolksbank(formerlyknownasSNSBank)onlyhassoftbulletcoveredbondsoutstanding,whilethecoveredbondsissuedbyNIBCBank,VanLanschot,andAegonbank,allhaveconditionalpass-throughstructures.
Thespecificnatureofthecoverpoolassets.Publicloans,residentialmortgages,commercialmortgages,andshippingloans,allqualifyascoverassets.Onlyresidentialmortgagesandcommercialmortgagescanbecombinedinasingleprogramme. Currently,allDutchcoveredbondprogrammesarebackedbyDutchresidentialmortgagesonly.
Thecountry exposureof the coverassetsas well as thelawbywhich they areregulated.Currently, allcoverassetsfallunderDutchlaw.
TheDutchcoveredbondlawfurtherstipulatesthateachissuerwillmakesuretheabove-mentionedfeatureswillbesatisfiedduringtheentirelifetimeofthecoveredbondtransaction,sothatallcoveredbondissuedfromthesameprogrammehavethesamefeatures.Thisisbothtoprotectinvestorsaswellastoenhancetransparency.
Primarycoverassets
ThecoverassetsshouldmeettheCRRArticle129requirements,implyingthatthefollowingsassetsareeligible:
Exposurestoorguaranteedbycentralgovernments,centralbanks,publicsectorentities,regionalgov-ernments,localauthorities,multilateraldevelopmentbanks,internationalorganisationsasreferredtoinarticle129CRR,paragraph1(a)and(b);
Residentialmortgagesuptoan80%LTVratio;
Commercialmortgagesuptoa60%LTVratio;
Shiploansuptoa60%LTVratio;
OtherassetsthatcanbemadeeligibleunderaMinisterialRegulation.
IntheNetherlands,onlyonetypeofprimarycoverassetscanbeusedascollateralforaspecificcoveredbondprogramme,exceptforresidentialmortgagesandcommercialmortgages.Residentialandcommercial mort-gagescanbeusedascollateralinasingleprogramme,butonlyinapredefinedmix(thatisnotallowedtochangeduringthelifeofthetransaction).Securitisationnotesarenoteligibleascollateral.Toavoidconfusion,Dutchmortgageloanscarryingaguaranteefromthegovernment-sponsoredNationaleHypotheekGarantie(NHG) scheme,aretreatedasnormalresidentialmortgagesin allcurrent Dutchcovered bondprogrammes,subjecttoan80%LTV cut-offforassetcoveragerequirementpurposes.
Substitutecoverassets
TheDutchcoveredbondlawalsoallowsforsubstitutionassetstobeincludedascoverassets. However,theinclusionofthesetypeofassetsisrestrictedtoamaximumof20%oftheoutstandingcoveredbonds.EligibleassubstitutionassetsarepublicsectorexposuresandexposurestoinstitutionsasreferredtointheCRRArti-
cle129(1a,b,c).Furthermore,exposuresthatareexplicitlypermittedbytheDutchCentralBankasreferredtoinCRRArticle129(paragraph1,thirdsub-paragraph)willalsobeallowed.
Countryexposureofcoverasset
ThelawnotesthatthedebtorofthecoverassetaswellasthecollateralrelatedtothecoverassetsarelocatedintheEU,theEuropeanEconomicArea,or,asassessedbytheEuropean Commission,inacountrywithpru-dentialsupervisoryaswellasregulatoryrequirementsthatareatleastequivalenttothoseintheEU.Currently,coverassetsbackingDutchcoveredbondprogrammesexclusivelyconsistofDutchresidentialmortgages.
Assetsthatarenotallowed
Certaintypesofassetsarenotallowedascoverassets,suchasimpairedloansreferredtoinCRRArticle178,assetstowhichaspecificlegalclaimisattachedthatsupersedestheownershipentitlementoftheowneroftheassets,orexposuresofownersofthecoverassetstotheissuingbankorentitiesofthesamegroup(suchasdeposits).
V.VALUATIONANDLTVCRITERIA
Loansbackedbyimmovableproperty,suchasresidentialandcommercialmortgages,shouldmeetthe(valu-ation)requirementssetoutinCRRArticle208and229(1),whichinclude,amongothers,legalenforceabilityaswell assoundunderwritingcriteria. TheseCRR articlesalsostatethatthevalue ofthe property shouldbevaluedbyanindependentvaluationagentonanannualbasisforcommercialproperties,andeverythreeyearsforresidentialproperties.TheDutchcoveredbondlawisabitmorestrictandprescribesthatthevaluationhastobeupdatedeveryyear.Thesupervisorcanevenrequestamorefrequentvaluationifitseesaneedtodoso,forexampleduringtimesofsharphousepricedeclines.
ThevalueofDutchpropertyisbasedonthemarketvalue.Mostcoveredbondissuerstakeaprudentapproachwhenadjustingthevalueofthepropertiesthatareincludedinthecoverpools. For example:allissuerstakefullyintoaccountanyhousepricedecreases,whilemostissuersadjustforhousepriceincreasesonlypartially.IndexationtakesplaceonamonthlybasisbymeansofthehousepriceaverageintheNetherlandsaccordingtotheKadasterhousepriceindexorotherrecognisedmethods.
In orderto complywiththe CRRrequirements, residential mortgages withanLTV higherthan80% willonlyberecogniseduptoan80%LTV(60% LTVforcommercialmortgages).Inasituation wheremortgageswithanLTVof higherthan 80%areincludedin the cover pool,this mortgageloanwill onlycount fora maximumof80%intheassetcovertest.Thedifferencebetweentheactual(higher)LTVandthe80%maximumwillserveasanextracreditenhancement.
AlargepartoftheDutchmortgagestendtoexceedthe80%LTVlevel,althoughtheLTVcriteriafornewlyoriginatedmortgageshavebecomemoreprudentinrecentyears.In2017,themaximumstatutoryLTVlimitis101%,whichwillbereduced to 100%in2018. Thehigh-LTVratiosinthe Netherlandsare mainly aresultofthe fiscaltreatment of homeownership (tax deductibility of interest payments).
NoLoan-to-Income(LTI)thresholdsareapplicableintheDutchcoveredbondregulationsorprogrammes,butsince2013,allnewDutchmortgageshavebeensubjecttostrictstatutoryLTI maximumsatorigination.
VI.ASSET–LIABILITYMANAGEMENT
Asset coverage requirements
TheDutchcoveredbondlawprovidesfortwodistinctassetcoveragerequirements:
Thetotalvalueofthecoverassets(usingtheactualoutstandingloanamount)alwayshastobeequaltoatleast105%ofthenominalvalueoftheoutstandingregisteredcoveredbonds.
Thetotalvalueofthecoverassets(usingtheCRRLTVcut-offpercentages)alwayshastobeequaltoatleast100%ofthenominalvalueoftheoutstandingregisteredcoveredbonds.
Forthepurposeofthecalculationoftheseovercollateralisationteststheprimarycoverassetsarerecognisedattheirnominalvalueandsubstitutecoverassetsattheirmarketvalue.Bankstypicallycommitcontractuallytohigherovercollateralizationlevelsundertheassetcovertestfor,amongstothers,ratingagencypurposes.
Liquiditycoveragerequirements
IssuersfurthermoreneedtoensurethattheCoveredBondCompanyalwaysmaintainssufficientliquidassetsorgeneratessufficientliquidityviathecoverassetstofulfilthecouponandredemptionobligationsonthecov-eredbondsoveraperiodofsixmonths,includingotherobligationsrankingseniortothecoveredbondholders(legalliquiditycoveragerequirements).Theliquiditybufferrequirementwithrespecttoredemptionpaymentsisnotapplicableforcoveredbondswithmaturityextensionperiodsofmorethansixmonths(soft-bulletorconditionalpass-through).Cashflowsfromderivativescontractsrelatedtothecoveredbondliabilitiesarealsotakenintoconsideration.
Thelegalliquidity coveragerequirements differfromthe contractualliquiditycoverage requirements.Anex-ampleofthisis the contractualpre-maturitytestappliedby Dutchissuerswithregardtotheredemptionsofhardbulletcoveredbonds.Thispre-maturitytestissubjecttoissuerratingtriggersandatestperiodoftwelvemonths.Dutchissuersfurthermorecontractuallycommittocoveratleastthreemonthsofinterestexpensesonthecoveredbondsbymeansofareservefundorareserveaccounts.Inpracticethelegalliquiditycoveragerequirementsoverlapwiththecontractualliquiditycoveragerequirements.
Risk management procedures
Theissuingbankhastoemployreliableandeffectiveriskmanagementprocedurestoassurethatsufficienteligibleprimarycoverassetsandsubstituteassetsareavailableatalltimesduringthelifeoftheregisteredcoveredbondtomeet,amongstotherthings,allover-collateralisationandliquidityrequirements.
TheCoveredBondCompanycanonlyenterintoderivativecontracts(suchascurrencyswaps,interestrateswapsandtotalreturnswaps)orotherriskmitigatingcontracts,ifthesesupporttheriskmanagementoftheprogrammeinfavouroftheregisteredcoveredbondholders.Thecounterpartytotheseagreementsshouldnothavetherighttoterminatethecontractortosuspenditsobligationsunderthecontractifthecreditworthi-nessoftheissuingbankdeteriorates.Ifthecounterpartyitselfnolongermeetstheminimumcreditworthinessrequirements,itshould provide for sufficient collateral, asuitable third partyguarantee, or replaceitself.
Asaresultofchangesinespeciallytheregulatorylandscapetheuseofderivativecontractstomitigate(in-terestrate)risksassociatedwiththeregisteredcoveredbondshasdiminishedinimportanceinrecentyears.Instead,severalissuersdecidedtointroduceinterestreserverequirements,minimummortgageinterestraterequirementsand/ortopledgeadditionalcollateral.
Assetencumbrancerestrictions
TheDutchcoveredbondlegislationprovidesfordiscretionarysoftassetencumbrancerestrictions.TheDutchCentralBankmakessure,onacase-by-casebasis,thatahealthyrelationshipismaintainedbetweenthenominalvalueoftheregisteredcoveredbondsoutstandingandtheconsolidatedbalancesheettotaloftheissuingbank(theso-calledhealthyratio).Thegoing-concerninterestsofthebank, intermsof stabilityandfunding sourceeffi ,aswellasthe post-bankruptcy interests,includingthoseofotherunsecuredcreditors,areassessed.Theissuanceceilingforcoveredbonds(themaximumamountofcoveredbondsthananissuersisallowedtohaveoutstanding)isdetermineduponregistrationandisreviewedannually.TheDutchCentralBankcanprohibitabankfromissuinganyfurtherregisteredcoveredbondsifitisoftheopinionthatthehealthyratiorequirementsarebreached.Thecentralbankcanalsodecidetorejectarequestforregistrationonthesegrounds.
Stresstesting
TheissuerhastopreparestresstestsonaregularbasisfortheDutchcentralbanktoshowthattherearesuf-fientprimarycoverassetsavailable(i.e.unencumbered)onitsbalancesheetforreplenishmentpurposes.Creditrisk,marketrisk,currencyriskandliquidityriskallhavetobeconsidered,includingthederivativecontractsmitigatingtheserisks.OtherrisksdeemedrelevantbytheDutchCentralBankhavetobeconsideredaswell.
VII.TRANSPARENCY
Beforeregistrationofitsprogrammethecoveredbondissueralreadyneedstoreportalotofdetailedinfor-mationtothesupervisoronthespecificfeaturesofthecoveredbondprogramme(seeparagraphIII).Afterregistration,theDutchcoveredbondlawstipulatesthattheissuingentityshowsatleasteveryquartertotheDutchCentralBankthattheprogrammestillfulfilsallrequirements,whileitshowsonatleastanannualbasisthatithasenoughunencumberedprimarycoverassetsavailableforreplenishmentpurposes(underdifferentstressscenarios).IssuersalsoprovidetheDutchCentralBankwithanannualreportoftheCoveredBondCompanywithinsixmonthsafterclosingofthereportingyear.Finally,issuersneedstonotifytheDutchCentralBankin advance of any (upcoming)significantchanges the covered bondprogramme.
TheDutchlawrequiresissuerstoprovideinvestorswiththefollowinginformationatleastonaquarterlybasis:
Informationonthecreditrisk,marketrisk,exchangeraterisk,interestraterisk,andliquidityriskrelatedtothecoverassetsandthecoveredbonds;
Thenominalvalueofthecoveredbondsoutstanding;
Thetotalvalueandcompositionofthecoverpool,includingthegeographicaldistribution;
Theratiobetweenthetotalvalueofthecoverassetsandthetotalnominalvalueofthecoveredbonds;
TheratiobetweenthetotalvalueofthecoverassetswhenapplyingtheCRRrequirementsandthenominalvalueofthecoveredbonds;
Theratiobetweenthetotalvalueofliquidassetsandtheupcominginterestpayments(andredemptionsifhardbulletstructure)andothermandatorypaymentswithinthenextsixmonths;
Thematuritystructureofthecoverassetsaswellasthecoveredbonds;
Thepercentageofcoverassetsinarrears(i.e.morethan90daysoverdue);and
InformationaboutthecounterpartiesoftheCoveredBondCompany.
AllDutchregisteredcoveredbondissuerscurrentlypublishinvestorreportsonamonthlybasis.Thesereportscanbefoundontheirwebsites,whilethereisalsoalinkonthewebsiteoftheDutchAssociationofCoveredBondIs-suers(DACB)tothesereports.TheDutchissuershavealsoimplementedtheHarmonisedTransparencyTemplate.
VIII.COVERPOOLMONITORANDBANKINGSUPERVISION
Theissuerhastoappointanassetmonitor(whichcouldbetheissuingbank’sownexternalaccountant)beforeitsfirstissuanceunderaregisteredcoveredbondprogramme.Atleastonceayear,theassetmonitorhastochecktheassetcoverage and liquidity coveragecalculations.Foras long asthe issuing bank is capableofmanagingthecoverassets,theassetmonitor,randomlychecksthefilesrelatingtothecoverassetsonanan-nualbasis,includingthevaluationandadministrationoftheassets,andreportsitsfindingstothe supervisor.Theserandomcheckscanalsobearrangedseparatelywithadifferent(nottheissuingbanksown)externalaccountant.Theassetmonitoragreementhastoassurehoweverthattheassetmonitorcontinuestoperformitsdutiesafteranissuereventofdefault.Tosafeguardthis,theCoveredBondCompanywillbecomeapartytotheassetmonitor agreement. Theagreementcanalsostipulateexplicitlythattheobligationsoftheassetmonitorwillremainunaffectedbythesituationoftheissuingbank.
DutchregisteredcoveredbondprogrammesarefurthermoresubjecttospecialsupervisionoftheDutchCentralBank.TheDutchcoveredbondlegislationgivessubstancetothespecialsupervisionviaasetofstrictrequire-mentsduringtheregistrationphaseandpostregistration.
Uponregistration, theissuingbankhastoprovidetheDutch CentralBankwithawrittenstatementbytheboardofdirectorsthatalltheregulatoryrequirementsaremetregardingtheassetsegregation,assetcoverage,liquiditycoverageandriskmanagementprocedures.Thebankfurthermorehastodemonstratethatitfulfilsalllegalrequirementsensuringthatthepaymentobligationsdueontheregisteredcoveredbondsareadequatelysecured.The bankhastospecifytheconditionsapplicabletothecoveredbonds,suchastheredemptionprofile,thetypeofprimarycoverassets,whethertheassetsareCRReligible,andthegeographicallocation oftheassets.ThebankfurthermorehastodemonstratethatitisabletomeetthereportingobligationstowardstheDutchCentralBankandthecoveredbondholders.
Afterregistration,theissuerhastomakesurethattheregisteredcoveredbondscontinuetomeettheregistrationrequirements.TheDutchCentralBankwillconfiintheregisterwhetheracategoryofregis-teredcoveredbondsmeetstheCRRArticle129requirements.TheCRRlistingremainsintactforaslongasthecoveredbondsmeettherequirements.Acategoryofregisteredcoveredbondscannotbederegistered,but theDutchCentralBankcandecide to deregistertheissuer, iftheissuerno longercomplieswiththeregulatoryrequirements.TheDutchCentralBankcanalsoimposeapenaltyorafiifanissuerfailstomeetitsobligations.Aderegisteredissuerisnotallowedtoissueanynewcoveredbonds.
IX.RISK-WEIGHTINGCOMPLIANCEWITHEUROPEANLEGISLATION
DutchregisteredcoveredbondsareUCITS52(4)compliant,whiletheyalsomeetallrequirementsoftheCRRArticle129.4So,theyshouldbeeligiblefora10%preferentialriskweighttreatmentundertheStandardizedApproach.ThebondsarealsoSolvencyIIandECBCLabelcompliant.Furthermore,thecurrentlyoutstandingEurobenchmarkcoveredbondsfallwithintheLevel1categoryoftheLCR.
X.ADDITIONALINFORMATION
ItisworthwhilenotingthattheupdateoftheDutchcoveredbondlaw,effectiveasof1January2015,hasseenaconvergenceintheDutchcoveredbondlegislationtowardsthebestpracticesasproposedbytheEuropeanBankingAuthority.Asaresult,transparencyaswellasinvestorprotectionhasincreased.
Finally,moreinformationonDutchcoveredbondscanbefoundonthewebsiteoftheDutchAssociationofCoveredBondIssuers(
TorepresenttheinterestsoftheDutchissuersindiscussionswithlegislativeandregulatoryauthorities;
ToprovideinvestorswithinformationabouttheDutchcoveredbondmarket;
ToparticipateonbehalfoftheDutchissuersininternationalcoveredbondorganisationsliketheECBC;
TocontinuouslyimprovethequalityoftheDutchcoveredbondproductoffering.
4PleaseclickonthefollowinglinkforfurtherinformationontheUCITSDirectiveandtheCapitalRequirementsRegulation(CRR):
Figure2:cOveredBOndSOutStanding,2007-2016,eurm
Source:EMF-ECBC
Figure3:cOveredBOndSiSSuance,2007-2016,eurm
Source:EMF-ECBC
Issuers:ABNAMROBank,AchmeaHypotheekbank,AegonBank,F.VanLanschotBankiers,INGBank,deVolksbankandNIBCBank.
ECBCCoveredBondComparativeDatabase:
:INGBank;ABNAMROCoverPool;deVolksbankCoverpool;NIBCConditionalPass-Through CoveredBondProgramme;F.vanLanschotBankiersNVCPTCBProgramme;AegonBankCoverPool;INGBankSoftBullet.