Volume 2016 : 1
Introduction
The ECB's involvement in securitisation
Commendation, Caution and Concern – The Proposal for Common Rules on Securitization and a framework for Simple and Transparent Securitization
Commendation, caution and concern – Belgian law and policy making affecting the Belgian ABS market
Who Needs Securitisation and Covered Bonds?
Report of panel discussion: How to set up an active market in Belgium?
The Belgian Covered Bond market: an overview
Comment Solvabilité II renforce la résilience du secteur de l'assurance
How Solvency II brings about systemic risk?
Een korte bespreking van de nieuwe wet “Solvency II”
Het denkkader van de monetaire politiek
Is Opacity also a Risk Factor in the Euro Area?
Quelle est la qualité des ratings souverains non sollicités?
Analyse des prospectus d'émission de “green bonds”
The evolving trade finance landscape requires educational excellence
Introduction
The ECB's involvement in securitisation
Commendation, Caution and Concern – The Proposal for Common Rules on Securitization and a framework for Simple and Transparent Securitization
Commendation, caution and concern – Belgian law and policy making affecting the Belgian ABS market
Who Needs Securitisation and Covered Bonds?
Report of panel discussion: How to set up an active market in Belgium?
The Belgian Covered Bond market: an overview
Comment Solvabilité II renforce la résilience du secteur de l'assurance
How Solvency II brings about systemic risk?
Een korte bespreking van de nieuwe wet “Solvency II”
Het denkkader van de monetaire politiek
Is Opacity also a Risk Factor in the Euro Area?
Quelle est la qualité des ratings souverains non sollicités?
Analyse des prospectus d'émission de “green bonds”
The evolving trade finance landscape requires educational excellence
Year
2016
Volume
2016
Number
1
Page
37
Language
English
Court
Reference
C. DANSE en E. VAN STEEN, “The Belgian Covered Bond market: an overview”, BFW 2016, nr. 1, 37-47
Recapitulation
Until 2012, Belgium was one of the few Eurozone countries that had no dedicated legal framework. Over the course of 2012, a regulatory legal framework to allow covered bond issuance by Belgian institutions has been established. Similar to the German Pfandbriefe legislation, the Belgian covered bond legislation contemplates a full on balance sheet structure. The Belgian covered bond market has grown steadily since the introduction of its framework, and is dominated by 2 main players, Belfius and KBC. Belfius holds 54% of the total outstanding amount of Belgian covered bonds. It has developed 2 distinctive programs: a mortgage and a public program. Both of them contemplate a AAA rating and include issuer covenants that strengthen further the Belgian legal framework.
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