The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
Covered bonds are asset-backed securities (ABS) with the following specific features:
they are issued by banks or other mortgage lenders
they are secured on a pool of mortgages or public sector indebtedness (the asset pool)
the asset pool is dynamic rather than static, so that assets which have been repaid or have defaulted can be replaced by new assets
bondholders have recourse both to the issuer of the bonds and the pool of assets
the bonds are issued under a statutory and/or regulatory regime which is intended to ensure that:
the asset pool is segregated from the other assets of the issuer
the asset pool is sufficient to cover repayment of the covered bonds
bondholders have a priority claim over the asset pool which is unaffected by the default or insolvency of the issuer
Covered bond regimes exist in most European Union (EU) Member States.
The legal and regulatory regime for covered bonds in the UK is set out in:
the Regulated Covered Bonds Regulations 2008, SI 2008/346, as amended by:
the Regulated Covered Bonds (Amendment) Regulations 2008, SI 2008/1714
the Regulated Covered Bonds (Amendment) Regulations 2011, SI 2011/2859
the Regulated Covered Bonds (Amendment) Regulations 2012, SI 2012/2977, and
the Capital Requirements Regulations 2013, SI 2013/3115
the Capital Requirements (Amendment) (EU Exit) Regulations 2018, SI 2018/1401, and
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