a priority claim on the principal and any accrued interest from assets included in the cover pool; Member States shall ensure investor protection by providing for a sufficient level of There is considerable debate in homogeneity of the assets in the A lack of clarity on the degree of securitisation over similar 3 Article 10 Moderate tbc cover pool so that they shall be of homogeneity of assets requirements in the STS a similar nature in terms of requirements structural features, lifetime of assets or risk profile. A cover pool monitor shall be Under segregated structures the separate and independent from SPV auditors and issuers auditors It will be more costly to have Delete from that credit ‘and 4 Article 13 the credit institution may be different but not clear if different firms performing two Low institutions auditor’ issuing covered bonds and from the SPV auditor can also be Cover roles that credit institution's auditor. Pool monitor Source: UKRBC
a priority claim on the principal and any accrued interest from assets included in the cover pool; 3 Article 10 Member States shall ensure investor protection by providing for a sufficient level of homogeneity of the assets in the cover pool so that they shall be of a similar nature in terms of structural features, lifetime of assets or risk profile. A lack of clarity on the degree of homogeneity of assets There is considerable debate in securitisation over similar requirements in the STS requirements Moderate tbc 4 Article 13 A cover pool monitor shall be separate and independent from the credit institution issuing covered bonds and from that credit institution's auditor. Under segregated structures the SPV auditors and issuers auditors may be different but not clear if the SPV auditor can also be Cover Pool monitor It will be more costly to have different firms performing two roles Low Delete ‘and from that credit institutions auditor’ Source: UKRBC