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The position of Polish experts in European Commission consultations on covered bonds
Andrzej Dżuryk
Abstract
At the turn of the year 2015/16 the European Commission carried out consultations on EU regulations regarding covered bonds. The Commission pointed out differences among legal frameworks in Member States which might lead to negative market fragmentation, and in consequence introduced propositions on market integration. Polish covered bonds may materially benefit from the EC
propositions, whose aims include convergence of core and peripheral markets and simplification of the investment in covered bonds among Member States and from third party countries, which should lead to spread convergence. The propositions will result in increased demand and further decrease in the cost of funding for Polish issuers, and as a consequence will facilitate a more dynamic growth of the Polish covered bond market.
The EC consultation paper propositions were appraised by representatives ofdifferent groups of stakeholders of the Polish covered bond market, including in particular: issuers, investors, regulators and independent experts. This article presents the common position of Polish experts as regards to the EC proposed regulations on a new integrated EU covered bond market.
Keywords:
covered bonds, mortgage banks, covered bonds’ legal framework, covered bonds’ market fragmentation, covered bonds's market liquidity, covered bonds’ market developmentMost read articles by the same author(s)
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