Harmonization of covered Bonds: Update

Wolfgang Kälberer

For three years now, the European Commission has been grappling with the matter of creating a common legal framework for covered bonds in Europe. First thoughts were outlined in the European Commission’s Green Paper on the long-term financing of the European economy in the spring of 2013, and one year later confirmed by a Commission Communication. This was
followed, in September 2015, by a detailed consultation involving all market participants on different “policy options” for the European covered bond market.