The European Covered Bond Council (
ECBC) has published an update of the ECBC Global Concept Note on Third Country Equivalence for Covered Bonds.
The EU's Covered Bond Directive which was implemented across the EEA as of July 2022, promotes the harmonisation and alignment of market best practices through a principle-based approach. It also serves as a point of reference for other developed economies and emerging countries in terms of how to ensure long-term access to capital markets and optimise private capital in the interest of housing markets.
Developed by the ECBC Global Issues Working Group, this Note seeks to provide a roadmap aimed at helping regulators and national supervisory authorities outside of the European Economic Area (EEA), and stakeholders in covered bond markets more generally, to better prepare for the potential requirements to fulfill in order to align policy and market best practices to achieve equivalence with the Covered Bond Directive.
The publication highlights commentary on a number of key aspects:
- Policy and market developments;
- The current state of play and outlook for covered bonds beyond the European Economic Area (includes Australia and New Zealand);
- Harmonisation and global best practices (including risk weightings for Australia and New Zealand;
- The equivalence assessment procedure of the European Commission.
View the ECBC press release and download the 2024 ECBC Global Concept Note on Third Country Equivalence for Covered Bonds >