About the ECBC
The European Covered Bound Council (ECBC) is the platform that brings together covered bond market participants including covered bond issuers, analysts, investment bankers, rating agencies and a wide range of interested stakeholders. The ECBC was created by the European Mortgage Federation (EMF) in 2004 and now has over 100 members. The purpose of the ECBC is to represent and promote the interests of covered bond market participants at the international level.
More information is available on the ECBC website : http://www.hypo.org/ecbc/about-us/
or by contacting the Secretariat at :
EMF-ECBC, Rue de la Science 14 A 2nd floor, B-1040 Brussels , Belgium.
Tel +32 2 285 40 30
The ECBC Steering Committee, headed by the ECBC Chairman, and composed of representatives from the major covered bond issuing jurisdictions and industry experts, is responsible for the day-to-day activities of the ECBC. It comes together once every quarter and addresses strategy related questions. Furthermore it coordinates the agenda of the various working groups and task forces which operate to promote covered bond developments across a range of issues.
The ECBC working groups convene to tackle specific technical issues. Participation in the working groups depends on expertise required and is open to both named ECBC delegates and other specialists from ECBC member institutions in the required area. Currently, the ECBC has established seven Working Groups.
The Plenary meeting is a bi-annual discussion forum where all ECBC members gather around the table to discuss issues and establish strong network links.
The ECBC European Covered Bond Fact Book is an annual publication providing extensive details of covered bond jurisdictions across the globe. As such it is the benchmark and the most comprehensive souce of information on the asset class.
Link to ECBC factbook: www.hypo.org/ecbc/publications/fact-book/
The Fact Book includes a chapter on UK Covered Bonds, which can be found on the attached link:
There are currently four market initiatives being co-ordinated by the EMF/ECBC
1. Covered Bond Label
The Covered Bond Label is a market led initiative to improve and standardise investor reporting for covered bonds. It was created in 2012 by the EMF/ECBC. It is a quality label which responds to a market-wide request for common qualitative and quantitative standards and for an enhanced level of transparency and comparability in the covered bond market. It is complemented by the Harmonised Transparency Template (HTT). UK Issuers who subscribe to the Covered Bond Label and publish data using the HTT are flagged on the member details pages.
Link to the Covered bond label: www.coveredbondlabel.com
2. Energy Efficient Mortgages Initiative
EMF-ECBC’s Energy Efficient Mortgages Initiative consists of two parallel projects, the Energy efficient Mortgages Action Plan (EeMAP) and the Energy efficient Data Portal & Protocol (EeDaPP), which aims to develop a standardised mortgage financing mechanism, according to which citizens are incentivised to improve the energy efficiency of their buildings or acquire an already energy efficient property by way of preferential financial conditions linked to the mortgage. This mortgage financing mechanism will be supported by a data protocol and portal to collect and access large-scale empirical evidence relating to Energy Efficient Mortgage assets allowing a comprehensive analysis of de-risking energy efficient features.
3. Mortgage Consumer Guide
4. European Secured Note
UK RCBC participation
The UK RCBC is a member of the ECBC in order to ensure members are up to date with the full range of covered bond market developments and also to help promote the interests of UK issuers in the international context. The UK RCBC is a member of the ECBC Steering Committee as well as the Global Issues Working Group and the Covered Bond Label Committee.
The UK RCBC is also a participant in the Energy Efficient Mortgages project and many of the members publish reports s part of the Covered Bond Label initiative.