Mortgage and Public Credit Bond Bill .

Covered bonds in the Eurosystem collateral framework

Traditional covered bank bonds Debt instruments issued by corporate and other issuers ( 3 )

( f ) to introduce new eligibility criteria for the own use of nonUCITS covered bonds ( structured covered bonds ) with resi dential real estate loans as underlying assets

The decision to purchase covered bonds outright was taken in order to support the covered bond market , which is a very important financial market in Europe and a primary source of financing for banks .

ECB Opinion on the Cypriot legislative framework enabling credit institutions to issue covered bonds

The covered bond purchases fostered primary issuance and reduced the particularly elevated spreads in this market .

( b ) covered bank bonds issued in accordance with the criteria set out in Article 22 ( 4 ) of the UCITS Directive

( b ) covered bank bonds issued in accordance with the criteria set out in Article 22 ( 4 ) of the UCITS Directive

( b ) covered bank bonds issued in accordance with the criteria set out in Article 22 ( 4 ) of the UCITS Directive

Zero coupon bonds include all issues without coupon payment .

In addition , it decides in principle that the Eurosystem will purchase euro denominated covered bonds issued in the euro area .

However , all asset backed securities are included in category V , regardless of the classification of the issuer , and jumbo covered bank bonds are included in category II , while traditional covered bank bonds and other debt instruments issued by credit institutions are included in categories III and IV .'

However , all asset backed securities are included in category V , regardless of the classification of the issuer , and jumbo covered bank bonds are included in category II , while traditional covered bank bonds and other debt instruments issued by credit institutions are included in categories III and IV .

Agency debt instruments 4 ) Supranational debt instruments 1 ) In general , the issuer classification determines the liquidity category . However , all asset backed securities are included in category V , regardless of the classification of the issuer , and Jumbo covered bank bonds are included in category II , while traditional covered bank bonds and other debt instruments issued by credit institutions are included in categories III and IV .

It includes issues of bills , bonds , notes , debentures , and similar instruments normally traded in the financial markets .

These financial assets generally entitle the holders to a share in the profits of the corporations or quasi corporations and to a share in their net assets in the event of liquidation .

Settlement media , also referred to as means of payment means assets or claims on assets , which are used for payments .

The Eurosystem assesses the eligibility of assetbacked securities other than covered bank bonds against the following criteria .

It has bought securities backed by cash flows from private sector mortgages, so called covered bonds, and it has floated the idea of buying corporate bonds and multilateral securities issued by the European Investment Bank.

Hence , with all the measures taken , including the covered bond purchases , monetary policy will provide ongoing support for households and corporations .

Covered bonds issued before 1 January 2008 will continue to be assessed against the previously applied criteria until their maturity .

On 4 June 2009 the Governing Council decided upon the technical modalities of the purchase programme of euro denominated covered bonds which it had approved in principle at its 7 May 2009 meeting .

1.3 THE COVERED BOND PURCHASE PROGRAMME The Governing Council decided in May 2009 to establish a programme of outright purchases of covered bonds for monetary policy purposes .

Debt instruments other than covered bank bonds that are issued by credit institutions are only eligible if they are admitted to trading on a regulated market as defined above .

Such emissions would reduce demand for US Treasury bonds and other liquid assets of preferred currencies.

29 The high credit standards for covered bank bonds issued from 1 January 2008 are assessed on the basis of the above listed set of criteria .

Local and regional government debt instruments Jumbo covered bank bonds ( 3 ) Agency debt instruments ( 4 ) Supranational debt instruments

Local and regional government debt instruments Jumbo covered bank bonds ( 2 ) Agency debt instruments ( 3 ) Supranational debt instruments

Securities lending in the covered bonds purchase programme ( CBPP ) On 4 March 2010 the Governing Council decided that the Eurosystem would be making available , for lending , its portfolio of covered bonds bought under the CBPP .

As at 31 December 2008 this item consisted mainly of a claim of Euros 460.0 million on the Magyar Nemzeti Bank in connection with an agreement established with the ECB on ECB Annual Report 2009

This decision aimed to support the covered bond market , which is a very important segment of the financial market in the euro area and a primary source of financing for banks .

fixed rate issues , i. e bonds whose nominal coupon payment does not change during the life of the issue , variable rate issues , i. e bonds where the coupon rate or underlying principal are linked to an interest rate or some other index resulting in a variable nominal coupon payment over the life of the issue , zero coupon issues , i. e instruments that do not pay any periodic coupon payments .

There has been a slight shift towards ( mainly short term ) market funding , while banks have become increasingly reliant on instruments such as mortgage bonds and securitisation .

In addition , the Governing Council of the ECB decides upon the technical modalities related to the purchase of euro denominated covered bonds issued in the euro area decided on 7 May 2009 .

Covered bank bonds issued prior to 1 January 2008 are deemed to fulfil high credit standards if they comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive .'

Covered bank bonds issued prior to 1 January 2008 are deemed to fulfil high credit standards if they comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive .

( a ) Outstanding issues at end of reporting period ( b ) Outstanding issues at end of reporting period Outstanding issues at end of previous reporting period Outstanding issues at end of previous reporting period Gross issues during reporting period Net issues during reporting period Redemptions during reporting period

Gross during period issues reporting

Securities issues ( quoted shares ) gross and net issues monthly data from January 1999

Securities issues ( debt securities ) gross and net issues monthly data from January 1990

Maturity of issues

DOMESTIC RESIDENT ISSUERS IN OTHER CURRENCIES BLOCK C REPORT FORM FOR NCBs Outstanding amounts C1 ( Gross ) issues C2 Redemptions C3 Net issues C4

Outstanding issues at end of reporting period Outstanding issues at end of reporting period

2 ) ( gross ) issues