The Pfandbrief 2011 | 2012

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The Legal Framework for Issuing Pfandbriefe A number of alternatives are available to the cover pool administrator to ensure that the Pfandbrief creditors’ claims are satisfied in a timely fashion: 18 He can take the payment flows of the cover pools and service the outstanding liabilities in accordance with the terms of issue. In particular, he may sell individual assets in order to procure liquidity and use a funding register for this purpose. This form of settlement would be continued until all the Pfandbriefe were repaid. Any surplus would be passed to the insolvency administrator. As a result of the 2009 amendment, § 30 par. 2 sent. 5, 2nd half-sentence Pfandbrief Act explicitly states that he may take up a refinancing loan in order to procure liquidity. In the explanatory memorandum to the 2010 amendment (Bundesrat printed paper 155/10 of March 26, 2010, p. 77) clearly states that the general clause-like description of the cover pool administrator’s powers and competences also include the issuance of bonds. In the absence of provisions governing rank, such bonds would rank equal with Pfandbriefe issued prior to the nomination of the cover pool administrator, meaning they would constitute covered bonds of Pfandbrief quality. Thus, the new provision set forth in § 2 par. 4 Pfandbrief Act provides the basis on which the cover pool administrator could issue such bonds under the name “Pfandbrief”. Following the 2009 amendment, § 31 par. 8 Pfandbrief Act explicitly states that the cover pool administrator is entitled to make use of the Pfandbrief Bank’s staff and materials, and that he must refund to the insolvent estate only the costs actually incurred in this respect. The cover pool administrator has access to all payments that are made in respect of the cover assets; the insolvency administrator must ensure such access by cooperating with the cover pool administrator (see also § 31 par. 7 Pfandbrief Act). This also applies to amounts or partial amounts which pertain to parts of loans included in cover which are not eligible as cover for Pfandbriefe. The cover pool administrator must hand over such amounts to the insolvency administrator when called upon to do so (§ 30 par. 3 sent. 3 Pfandbrief Act). He may transfer all or parts of the cover assets in one cover pool and liabilities under the Pfandbriefe, together, to another Pfandbrief Bank, subject to approval by the supervisory authority (BaFin). In this context, he may agree with another Pfandbrief Bank that he will hold the cover pools on a fiduciary basis for that Pfandbrief Bank. Transferring the cover pools in this way rules out the need for complex and time-consuming individual transfers. Rating agencies often raise the question of the “insolvency remoteness of the voluntary overcollateralization”. A frequent consequence of the stress tests they apply for the timely servicing of Pfandbriefe is that a Pfandbrief Bank must maintain overcollateralization exceeding the legally required 2 %. In this connection, to question the insolvency remoteness of this “excess cover” is to ignore the fact that, within the scope of these stress tests, such excess cover would automatically be part of the legally required cover. If a rating agency does not believe that the cover assets are absolutely sound and therefore calculates what overcollateralization is required, then logically these assets that constitute overcollateralization are not (from the rating agency’s viewpoint) “voluntary overcollateralization” at
all. Instead, they are part of the (normal) cover, since they are needed (in the rating agency’s view) to ensure the Pfandbriefe are serviced on time. They cannot therefore fall within the scope of application of § 30 par. 4 Pfandbrief Act. The German Federal Government rightly points this out in its reply to a small interpellation (see Bundestag printed paper 16/13823 of July 21, 2009, no. 6). Insolvency or Overindebtedness Where there is a reason for insolvency with regard to the cover pools, separate insolvency proceedings can be instituted in respect of them at the supervisory authority’s request. If the Pfandbrief creditors are not fully satisfied under this procedure, they can assert their remaining claims within the scope of the insolvency proceedings over the Pfandbrief Bank’s other assets. Under the 2010 amendment of the Pfandbrief Act, § 30 par. 6 Pfandbrief Act was supplemented accordingly, enabling the cover pool administrator to take the requisite action. 19
Page 1 and 2: The Pfandbrief 2011 | 2012 Facts an
Page 3 and 4: The Association of German Pfandbrie
Page 5 and 6: Member Institutions of vdp 84 Aarea
Page 7 and 8: Jan Bettink | president framework i
Page 9 and 10: Pfandbriefe are covered interest-be
Page 11 and 12: the special supervision of Pfandbri
Page 13 and 14: Claims against Public-Sector Entiti
Page 15 and 16: are not eligible as cover. These re
Page 17 and 18: and to meet liquidity management co
Page 19: Ring-Fencing of the Cover Pools The
Page 23 and 24: In changeable times, investors look
Page 25 and 26: Monthly sales of new issues in 2010
Page 27 and 28: Pfandbrief-Bund-Spreads in % 200 18
Page 29 and 30: vdp Initiative for the Improvement
Page 31 and 32: As a reaction to the problems and r
Page 33 and 34: The The significance of common equi
Page 35 and 36: waiving exemption from retroactive
Page 37 and 38: For banks specialising in public se
Page 39 and 40: Solvency II is intended to reform t
Page 41 and 42: Spread and counterparty risk The eq
Page 43 and 44: Counterparty default risk Mortgage
Page 45 and 46: liabilities and which plan to optim
Page 47 and 48: “Benchmarks” are reference or c
Page 49 and 50: account of its macro strategy, has
Page 51 and 52: iBoxx COVERED BOND INDICES (JUNE 20
Page 53 and 54: EuroMTS Index The EuroMTS Covered B
Page 55 and 56: eb.rexx INDEX FAMILY eb.rexx Overal
Page 57 and 58: The question of the ETF’s replica
Page 59 and 60: Cover Ausgehend assets von from ein
Page 61 and 62: Michael Schulz, NordLB; Bodo Winkle
Page 63 and 64: BW: The German mortgage lending val
Page 65 and 66: What, in your opinion, will investo
Page 67 and 68: The fallout of the financial and ec
Page 69 and 70: cue fund, first and second economic
Page 71 and 72:
Latest Developments on the Rental M
Page 73 and 74:
Driven by such healthy fundamentals
Page 75 and 76:
Residential Properties The German r
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It is time for new priorities in th
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explain the new assumptions and the
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tion in the industry outlook in one
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Reduce the Significance of External
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84 Aareal Bank | Wiesbaden 86 Bayer
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Aareal Bank AG Paulinenstrasse 15 6
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BayernLB Brienner Strasse 18 80333
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Berlin-Hannoversche Hypothekenbank
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Bremer Landesbank Kreditanstalt Old
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COREALCREDIT BANK AG Corealcredit H
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DekaBank Deutsche Girozentrale Main
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Deutsche Apotheker- und Ärztebank
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Deutsche Genossenschafts-Hypotheken
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Deutsche Hypothekenbank (Actien-Ges
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Deutsche Kreditbank AG Taubenstrass
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Deutsche Pfandbriefbank AG Freising
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Deutsche Postbank AG Friedrich-Eber
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Deutsche Schiffsbank AG Domshof 17,
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Dexia Kommunalbank Deutschland AG C
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Düsseldorfer Hypothekenbank AG Ber
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DVB Bank SE Platz der Republik 6 60
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Eurohypo Aktiengesellschaft Helfman
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Hamburger Sparkasse AG Adolphsplatz
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HSH Nordbank AG Gerhart-Hauptmann-P
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ING-DiBa AG Theodor-Heuss-Allee 106
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Kreissparkasse Köln Neumarkt 18 -
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Landesbank Baden-Württemberg Am Ha
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Landesbank Berlin AG Alexanderplatz
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Landesbank Hessen-Thüringen (Helab
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M.M.Warburg & CO Hypothekenbank AG
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Münchener Hypothekenbank eG Karl-S
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Nord/LB Norddeutsche Landesbank Gir
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SaarLB Landesbank Saar Ursulinenstr
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SEB AG Ulmenstrasse 30 60325 Frankf
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Sparkasse KölnBonn Hahnenstrasse 5
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UniCredit Bank AG (former Bayerisch
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VALOVIS BANK AG Theodor-Althoff-Str
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Westdeutsche ImmobilienBank AG Gros
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WestLB AG Herzogstrasse15 40217 Dü
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WL BANK AG Westfälische Landschaft
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Wüstenrot Bank AG Pfandbriefbank H
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IKB Deutsche Industriebank AG Wilhe
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Other Pfandbrief Issuers 2010 As at
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Moody’s rating for a covered bond
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Topics covered in 1996 - 2010 1996
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2006 — The Pfandbrief Market 2005
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167
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Head Office Brussels Office Liaison
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