Investor Presentaiton
CAJA RURAL
DE NAVARRA
Royal Decree-Law 24/2021
Key Takeaways
•
5/7 COVERED BOND PROGRAMME
Common principles
It harmonises the different
criteria and conditions of
issuance of Covered Bonds by
credit institutions.
Specifies the rules applicable
in case of insolvency or
resolution, in which the cover
pool will be segregated from
the company balance sheet
to repay bondholders.
•
•
Obligations
Establishing a cover pool
consisting of assets subject
to strict eligibility criteria is
mandatory. The total value
of the liabilities must be
covered by the value of the
credit rights on the assets
integrating the pool.
Having a liquidity buffer of
assets of high liquidity to
cover the net outflows from
the Covered Bond program in
the following 180 days.
•
Valuation
Every asset has to go through
a validation procedure ahead
of being added to the pool
and the value should be
updated periodically.
•
Issuers
Supervision
have to appoint
either an external or internal
cover pool monitor for each
cover pool, dependant on
administrative authorisation
and registration by Bank of
Spain.
The programs and the cover
pool monitors are also under
public supervision by Bank of
Spain.
A specific Sanctions Regime
is created to provide the
supervisor the capacity to react
to possible infringements of
the regulatory provisions.
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