The Pfandbrief 2011 | 2012

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Regulation of rating agencies: Time for new priorities? Sascha Kullig | Association of German Pfandbrief Banks Horst Bertram | BayernLB 74
It is time for new priorities in the regulation of rating agencies in the European Union. Clear rules for rating agencies’ communications with market participants and greater transparency on the part of agencies with respect to the models they use are needed in particular. Currently, the significance of external ratings for regulatory purposes is also being scrutinized. According to the authors, if satisfactory answers to these questions cannot be found, the approach adopted by the regulators of not interfering in the methodologies used by the agencies would have to be brought into question. Purpose and Objectives of Regulation The crisis in the financial markets was a key factor in the decision also to introduce mandatory licensing and supervision of rating agencies in Europe. This was accomplished by Regulation (EC) No. 1060/2009 governing the regulation of rating agencies, which entered into force in September 2009. It has been noted that rating agencies were partially responsible for the onset of the crisis in the financial markets, charging that they had issued inappropriately high ratings for structured financial products. The main reason for this, it is alleged, is that the agencies have a conflict of interest, in that they receive payments from the very companies they analyse. As a result, the agencies would have a vested interest in issuing the best possible credit ratings. 75 Avoiding Conflicts of Interest The fact that the Regulation has only been in existence for a short time explains why politicians and supervisory authorities targeted only a few goals in regulating rating agencies. Their priorities included improving the quality of the ratings by avoiding conflicts of interest or at least in disclosing these, if they were unavoidable. Hence, most of the regulatory requirements in the Regulation are related to the business model and the way the rating agencies are organised. In addition, the agencies’ registration requirements have become very comprehensive. Greater Transparency and Greater Competition Another goal in adopting the Regulation was to increase the transparency of rating agencies. Among other things, rating companies are required to make their methods, models and assumptions more transparent and publish extensive historical default rates, for example. Ultimately, European regulators had intended for Regulation to improve competition. In fact, the three major agencies, Fitch, Moody’s and Standard & Poor’s (S&P), continue to form an oligopoly with no real competition. Originally, the first revision of the Regulation governing rating agencies also focused on promoting competition. The EU Commission’s draft version stipulated that issuers or originators of securitisations should be required to upload all of the information they have provided to a rating agency commissioned by them onto a password-
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The Pfandbrief 2011 | 2012 Facts an
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The Association of German Pfandbrie
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Member Institutions of vdp 84 Aarea
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Jan Bettink | president framework i
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Pfandbriefe are covered interest-be
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the special supervision of Pfandbri
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Claims against Public-Sector Entiti
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are not eligible as cover. These re
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and to meet liquidity management co
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Ring-Fencing of the Cover Pools The
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all. Instead, they are part of the
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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: Residential Properties The German r
Page 79 and 80: explain the new assumptions and the
Page 81 and 82: tion in the industry outlook in one
Page 83 and 84: Reduce the Significance of External
Page 85 and 86: 84 Aareal Bank | Wiesbaden 86 Bayer
Page 87 and 88: Aareal Bank AG Paulinenstrasse 15 6
Page 89 and 90: BayernLB Brienner Strasse 18 80333
Page 91 and 92: Berlin-Hannoversche Hypothekenbank
Page 93 and 94: Bremer Landesbank Kreditanstalt Old
Page 95 and 96: COREALCREDIT BANK AG Corealcredit H
Page 97 and 98: DekaBank Deutsche Girozentrale Main
Page 99 and 100: Deutsche Apotheker- und Ärztebank
Page 101 and 102: Deutsche Genossenschafts-Hypotheken
Page 103 and 104: Deutsche Hypothekenbank (Actien-Ges
Page 105 and 106: Deutsche Kreditbank AG Taubenstrass
Page 107 and 108: Deutsche Pfandbriefbank AG Freising
Page 109 and 110: Deutsche Postbank AG Friedrich-Eber
Page 111 and 112: Deutsche Schiffsbank AG Domshof 17,
Page 113 and 114: Dexia Kommunalbank Deutschland AG C
Page 115 and 116: Düsseldorfer Hypothekenbank AG Ber
Page 117 and 118: DVB Bank SE Platz der Republik 6 60
Page 119 and 120: Eurohypo Aktiengesellschaft Helfman
Page 121 and 122: Hamburger Sparkasse AG Adolphsplatz
Page 123 and 124: HSH Nordbank AG Gerhart-Hauptmann-P
Page 125 and 126: 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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Head Office Brussels Office Liaison
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