Covered Bonds - DG Hyp
Covered Bonds - DG Hyp
Covered Bonds - DG Hyp
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<strong>DG</strong> HYP COVERED BONDS – PFANDBRIEFE – QUALITY THE PATH OUT OF THE CRISIS SPECIAL MAY 2009<br />
Key changes (list incomplete)<br />
Introduction of a new pfandbrief category - „aircraft pfandbriefe“<br />
Abolition of nominal cover calculations and introduction of a duty to maintain a 180-days liquidity cushion<br />
Simplification of syndicated financing (by addressing conflicts between cover register and funding register)<br />
Abolition of trustee dual control<br />
Extending powers of collateral manager/receiver<br />
Explicit assignment of additional collateral to the cover pool<br />
Option of subregisters within the cover register<br />
Use of the funding register to procure liquidity<br />
Extension the maximum term of ship mortgage loans from 15 to 20 years<br />
Mandatory insurance cover on ships reduced from 120% to 110% of outstanding loan<br />
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