Die Umsetzung des EU-Rahmenwerks für gedeckte Bankschuldverschreibungen in Österreich und Deutschland

Abstract

Covered Bonds have proved to be a reliable, stable and cost-efficient funding source for European credit institutions during several financial crises, providing market participants with a range of safe investment opportunities. The harmonisation of related frameworks at EU level aims at enhancing supervision and financial stability, encompassing two components: a Directive “on the issue of covered bonds and covered bond public supervision“ providing for sound structures and quality of this financial instrument; a Regulation “as regards exposures in the form of covered bonds“ amending the current CRR framework with direct force of law in Member Countries, harmonising the supervisory requirements in respect of covered bonds held in portfolios of credit institutions and insurance companies. Having come into force on 7 January 2020, implementation into national legislation is mandatory by 8^th July 2021, to be fully applicable from 8^th July 2022. The legislative process in a few Member Countries is lagging behind schedule. As at yearend 2021, Cyprus, Denmark, France, Ireland, Italy Germany, Hungary, Latvia, Luxembourg, Slovenia and Spain have communicated full, Czech Republic, Estonia, Lituania and Malta partial transposition. Hence, the Commission has launched related infringement procedures against 22 Member States. Nevertheless, due to the legislative package adopted on 19^th November 2021, timely enforcement in Austria is certain. Practitioners will welcome the possibility of pooling assets held by several credit institutions for single covered bond issues. Apart from that, the new Austrian Covered Bond Act provides good opportunities for credit institutions and investors.