Covered Bonds in Europa - Rechtsvergleich und Besonderheiten

Transcrição

Gliederung
1. Marktanteile der einzelnen Covered Bond-Systeme
2. Transparenz der Rechtsstrukturen von Covered Bonds?
3. Covered Bond - Modelle in Europa
4. Pfandbriefgesetz
5. Round Table Covered Bond Legislation
6. Challenges to legal structure of Covered Bond issuers
7. Zusammenfassung
2. LBS-Round Table, DekaBank, Frankfurt, 12.12.2012
2
1. Marktanteile der einzelnen
Covered Bond-Systeme
Die Marktanteile der einzelnen Covered Bond-Länder in Europa
am EU-Covered-Bond-Markt (Stand Ende 2011): 2.622 Mrd. €
Portugal
33,68
1,28%
Niederlande
54,24
2,07%
Luxemburg
26,7
1,02%
Griechenland
19,75
0,75%
Finnland
18,76
0,72%
Tschechien
8,55
0,33%
Zypern
5,20
0,20%
Ungarn
5,18
0,20%
Österreich
39,77
1,52%
Slowakei
3,77
0,144%
Irland
61,77
2,36%
Polen
0,64
0,0244%
Italien
63,77
2,43%
Lettland
0,04
0,001%
Schweiz
71,88
2,74%
Deutschland
585,99
22,35%
Norwegen
95,61
3,65%
Großbritannien
198,44
7,57%
Spanien
401,86
15,33%
Zum Vergleich:
Canada: 38,61 Mrd.
USA:
9,54 Mrd.
Schweden
208,89
7,97%
Dänemark
351,53
13,41%
Frankreich
366,00
13,96%
(Quelle: ECBC – 23.8.2012)
3
Öffentliche Covered Bonds in der EU im Vergleich zu
Hypotheken-Covered Bonds (Ende 2011, in Mrd. EUR)
100%
90%
80%
70%
LV 0,037
PL 0,53
SK 3,77
HU 5,18
CY 5,20
CZ 8,55
AUT 12,55
FIN 18,76
GR 19,75
IRL 30,01
P 32,28
IT 50,77
NL 54,24
CH 71,88
NOR 91,85
F
198,40
S
208,89
50%
D
223,68
20%
UK
3,66
IT
UK
194,78
30%
0,11
1,40
NOR 3,76
60%
40%
PL
P
DK
345,53
13,00
LUX 26,70
AUT 27,22
IRL 31,76
ES 32,66
F
77,84
D
355,67
ES
369,21
10%
0%
Hypotheken-Covered Bonds (1.945,83 Mrd.)
Öffentliche Covered Bonds (573,77 Mrd.)
(Quelle: EHV – 23.8.2012)
4
Ausgewählte Covered Bond - Swap Spreads
600
500
400
300
200
100
0
Mortgage Pfandbrief
Public Pfandbrief
Spain Covered Single
Sweden Covered
France Covered Legal
Norway Covered
Aug. 12
Mai. 12
Feb. 12
Nov. 11
Aug. 11
Mai. 11
Feb. 11
Nov. 10
Aug. 10
Mai. 10
Feb. 10
Nov. 09
Aug. 09
Mai. 09
Feb. 09
Nov. 08
Aug. 08
-100
UK Covered
•
u
Quelle: iBoxx; LBBW
Pfandbrief behauptet die Benchmark Position im Covered Bond Markt
5
Pfandbrief Umlauf 1990 – 2011 (Mrd €)
1200
1000
800
859
600
827
706
760
586
721
563
579
537
400
200
412
356
329
400
295
250
164
195
247
261
250
228
227
228
230
234
130
227
119
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2011*)
2012e)
0
Hypothekenpfandbriefe
Öffentliche Pfandbriefe
Quelle: Deutsche Bundesbank, *) vorläufiger Ansatz, e) vdp-Prognose
u
•
Konsolidierung am Pfandbriefmarkt spiegelt Absatztrend
 Stabiler Hypothekenpfandbrief
 Öffentlicher Pfandbrief nimmt ab
6
2. Transparenz der Rechtsstrukturen von
Covered Bonds?
Transparency
Who is the
issuer?


Covered Bond
markets
Legal structure
of Covered
Bonds
Legal nature of
cover pool
Insolvency
segregation of
cover assets
Cover pools
Insolvency
“remoteness” of
Covered Bonds
Timely payment
in issuer’s
insolvency
All clearly and in detail answered by parliamentary legislation?
Contractual structures publicly disclosed? Legal opinions / legal memoranda published?
7
Covered Bonds?
cover pool
asset quality
Covered Bond
issuer
central bank counterparty eligibility =
1.Credit institution (banking license)
2.Solvent (no insolvency procedure)
3.Ability to act (staff, equipment) in the
moment of relevant insolvency (issuer /
parent bank)
cover asset segregation
 not part of insolvency estate ?
 insolvency law not applicable ?
 Insolvency administrator or separate
CB administrator ?
insolvency
remoteness of
Covered Bonds
Bail-in
bank resolution
Acceleration
excluded ?
timely payment in issuer’s
insolvency
- Maturity mismatches?
- Liquidity buffer?
- Soft bullet CBs?
- central bank counterparty
eligibility?
8
Covered Bonds?
9
Covered Bonds?
10
Covered Bonds?
11
Geographische Übersicht zur Gesetzgebung über Covered Bonds in Europa
(Stand: Juni 2012)
2008
Gesetzgebung in EU/EWRLändern
2000/
2010
2006
2003
28
2004
1998
1851/2007
2002/
2007
2008

2008
2012
33
2003
1900/2005
Gesetzgebung
in sonstigen
Staaten
1998
 1997
2006
1995
1996
1999/2010
1931
2005
2006
5
2005
2006
1997
2006
2008 2010
1981/2007
2000
2007
2007

2010
12
Covered Bond issuer is a completely specialised funding institute:
Model 1
France, Ireland, Norway
parent
bank
transfer of
eligible
assets
 Origination and servicing of eligible assets and
management of Covered Bond issuing institute
by parent bank or other parent institution
 Funding institute has no other function than
holding (or mainly holds) eligible assets
acquisition of
eligible assets
Covered
Bond
Issuer
 Issuer has the legal status of a credit
institution
 Issuance governed by special legal framework
payment of
principle and
interest
 Issuer has no or almost no staff
investor
purchase
of Covered
Bonds
 Decisive = insolvency segregation of
CB issuer from parent bank
 CB issuer capable of acting in spite of insolvency
of parent bank?
28.6.2011
13
Covered Bond issuer is specialized credit institution by law:
Model 2
Denmark, Hungary, Luxemburg, Poland
Covered Bond issuer
borrowers
payment of
principal and
interest
grants loans
non-eligible assets
payment of
principal and
interest
investors
eligible assets
purchase of
Covered
Bonds

Issuer originates, services and funds eligible and non-eligible business

Loan origination restricted by law to mortgages and public-sector loans

Issuer has the legal status of a credit institution

Issuance governed by special legal framework

Decisive = insolvency segregation of cover assets from insolvency estate
14
Covered Bond issuer is universal credit institution
Model 3
-
with qualified Covered Bond license:
Austria, Belgium, Cyprus, Finland, Germany, Greece, Iceland, Latvia, Russia, Slovenia, Sweden
-
without qualified license:
Bulgaria, Czech Republic, Lithuania, Portugal, Romania, Spain, Slovakia
Covered Bond issuer
payment of
principal and
interest
non-eligible assets
payment of
principal
and interest
eligible assets
borrowers
grants
loans
purchase
of
Covered
Bonds
investors
 Issuer originates, services and funds eligible and non-eligible business
 Strict eligibility criteria apply to eligible cover assets
 Issuance governed by special legal framework
12.10.2012
 Decisive = insolvency segregation of cover assets from insolvency estate
15
Covered Bond issuer is using SPV to achieve
insolvency segregation of cover assets:
Italy, Netherlands, UK
transfer of
assets
Covered Bond
issuer
purchase
of assets
Model 4
legally separated
company
• Covered Bond issuer (credit institution) originates,
services and funds eligible & non-eligible loans
• Transfer of assets onto legally separated
entity (SPV without the legal status of a
credit institution)
payment of principal
and interest
purchase of
Covered Bonds
investors
• Legally separated entity guarantees payment
of principal and interest
• If insolvency segregation not governed by special
legal framework but based on general law:
 Special public supervision covering legal
structure ?
 Legal structure disclosed in detail to public?
16
Covered Bond - Pooling Models: Austria, France (CRH), Switzerland
mortgage
borrowers
Model 5
member banks /
originators
payment of
principal
and interest
Covered Bond
Issuer
loans to member banks
eligible loans to clients
investors
purchase
of
Covered
Bonds
2 parts of cover
assets
28.9.2011
17
4. Pfandbriefgesetz
u
•
•
•
•
Pfandbrief ist Bankschuldverschreibung, Deckungswerte bleiben auf der Bilanz
Hohe Qualitätsstandards für Deckungswerte
Permanente Kontrolle der hohen Qualität durch Treuhänder und Aufsicht
Besondere Aufsicht über Pfandbriefbanken durch BaFin:
 Laufende Aufsicht
 Deckungsprüfung
18
4. Pfandbriefgesetz
Detaillierte Insolvenzregeln: Strenges Trennungsprinzip zugunsten der Investoren
Insolvenzverwalter
Insolvenz
des Emittenten
Pfandbriefbank
Sonstige Assets
Sonstige Assets
u
Gläubiger
Sonstige
Gläubiger
Sachwalter
Hypothekendarlehen
Hypothekendarlehen
Hypothekenpfandbriefe
Forderungen
gegen öffentl.
Schuldner
Forderungen gegen
öffentliche
Schuldner
Öffentliche
Pfandbriefe
Schiffsdarlehen
Schiffsdarlehen
Schiffspfandbriefe
Flugzeugdarlehen
Flugzeugdarlehen
Flugzeugpfandbriefe
•
•
•
•
jeweils
Pfandbriefbank
mit beschränkter
Geschäftstätigkeit
keine vorzeitige Fälligkeit von Pfandbriefen
Pfandbriefe und Deckungsmassen werden nicht Teil der Insolvenzmasse
Bankerlaubnis bleibt erhalten für jeweilige Pfandbriefbank mit
beschränkter Geschäftstätigkeit
Sachwalter
19
Round Table on
Covered Bond Legislation
5. Round Table Covered Bond Legislation
Working Guidelines for Round Table on Covered Bond Legislation
•
Round Table (RT) = independent think tank and provider of
information
•
RT provides internal quality measures via country reports and sound
and reliable working procedure
•
transparency via publication of charts and country reports
•
regular updates
20
Round Table on Covered Bond Legislation
20
Round Table on
Countries covered in comparative analysis
Country
Austria
Denmark
Existing types of Covered Bonds
Pfandbrief – HypBG
Pfandbrief – PfandBG
Fundierte Bankschuldverschreibung – FBSchVG
Pfandbriefstelle - Pfandbriefe
RO
SDRO
specialised bank
SDO
specialised / non-specialised bank
Types of Covered Bonds included in slides
Pfandbrief
Pfandbrief
only chapter VII.c. ?
SDO + specialised bank
obligations foncières
obligations de financement de l’habitat
CRH
obligations foncières
France
Germany
Hypothekenpfandbrief
Öffentlicher Pfandbrief
Schiffspfandbrief
Flugzeugpfandbrief
Hypothekenpfandbrief
Öffentlicher Pfandbrief
Hungary
jelzaloglevel
jelzaloglevel
Luxembourg
lettre de gage publique
lettre de gage hypothécaire
lettre de gage mobilière
lettre de gage publique
lettre de gage hypothécaire
Poland
hipoteczny list zastawny
publiczny list zastawny
hipoteczny list zastawny
publiczny list zastawny
Romania
obligatiuni ipotecare
obligatiuni ipotecare
Russia
облигация с ипотечным покрытием
жилищная облигация с ипотечным покрытием
облигация с ипотечным покрытием
(„банковская ипотечная облигация“)
Spain
cédulas hipotecarias
cédulas territoriales
bonos hipotecarios
cédulas hipotecarias
cédulas territoriales
Switzerland
Pfandbrief
Pfandbrief
only chapter VII.c.
21
25.9.2012
21
Round Table on
Contents
amount of questions / slides
1.
Covered Bond Legislation Overview
1
2.
Covered Bond Models
12
3.a
Cover assets for Mortgage Covered Bonds
10
3.b
Cover assets for Public Sector Covered Bonds
13
3.c
Cover assets for Covered Bonds with a mixed pool
11
4.
Valuation of the Mortgage Cover Pool & LTV Criteria
22
5.
Covered Bonds as securities
9
6.
Asset-Liability Guidelines
31
7.
Transparency
3
8.
Cover Pool Banking Supervision and Monitor
16
9.
Segregation of Cover Assets and Bankruptcy Remoteness
24
9.a
Specific questions regarding Covered Bond model 1
3
9.b
3
9.c
13
10.
Risk Weighting and Compliance with European Regulation
3
11.
Commitment of Covered Bond Issuers
5
Total amount
22
179
13.11.2012
22
6. Challenges to legal structure of
Covered Bond issuers
Exclude
bail-in
insolvency
remoteness of
Covered Bonds
Exclude acceleration !
- Complex legal provisions needed
- SPV
 mortgage transfer ?
- vehicle bank
cover asset segregation
 not part of insolvency
estate ?
 insolvency law not
applicable ?
Covered Bond
issuer
timely payment in
issuer’s insolvency
soft bullet CBs ?
liquidity buffer
central bank counterparty eligibility
- credit institutions
- solvent
- ability to act in the moment of
relevant insolvency
(issuer/parent bank)
derivatives with mother bank
allowed ?
- collateral / exit clauses
Worldwide legal political conflict: deposits/senior unsecured vs. Covered Bonds
 Should CB issuer not be allowed to collect deposits from consumers ?
 Should there be a limit of CB volume or volume of encumbered assets in
relation to balance sheet ? (sanctions?)
23
7. Zusammenfassung
1. Die Rechtsstrukturen der Covered Bonds in Europa sind sehr facettenreich.
2. Die Gesetze über Covered Bonds sind extrem unterschiedlich ausgeprägt –
sowohl im Hinblick auf deren Inhalt als auch deren Regelungsdichte.
3. Bisher gibt es keine Veröffentlichungen, in denen die Rechtsunterschiede
der Covered Bond-Systeme in Europa zufriedenstellend detailliert,
transparent und leicht verständlich aufgezeigt werden.
4. Will man die insolvenzrechtliche Abschottung der Deckungswerte und den
Schutz der Inhaber von Covered Bonds im Fall der Insolvenz eines
Emittenten analysieren, muss man die jeweiligen Grundstrukturen der
Covered Bond-Modelle beachten.
24
Association of German
Pfandbrief banks (vdp)
Fon +49 30 20915-210
Fax +49 30 20915-119
Dr. Otmar Stöcker
@: stö[email protected]
Homepage
www.pfandbrief.de
25
26

Covered Bonds in Europa - Rechtsvergleich und Besonderheiten

Transcrição

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