Research groups

Covered bonds (CBs) have played a crucial role in European banking management for years, representing the link between banks' financing strategies and the ability to create high quality mortgages, which in turn makes it possible to provide economically efficient financing to the real economy. Following the Action Plan of the Capital Markets Union (CMU), in March 2018 the European Commission presented a proposal for a directive concerning the CBs. So far, the regulation of CBs has been left at national level, with consequent different national approaches. The Commission proposes to harmonize national rules, providing common definitions, characteristics and rules for the use of a European trade mark. The research group intends to highlight which countries could be the most penalized by compliance with the new directive. In addition to this preliminary analysis, the group aims to explore the different use of these financial instruments by banks and the possibility for investors and banks to take advantage of the new regulation.