Investor Presentaiton
CAJA RURAL
DE NAVARRA
Royal Decree-Law 24/2021
European Directive Transposition'
•
Transposition of Directive (EU) 2019/2162 of the European Parliament
and of the Council of 27 November 2019 ("the Covered Bond
Directive") on the issuance and public supervision of covered bonds
via the Spanish Royal Decree-Law 24/2021 (RDL 24/2021), that came
into force on July 8, 2022.
The Bank of Spain authorised the creation of a Programme of
Mortgage Covered Bond issues for the purpose of adapting pre-
existing issues of such bonds to comply with the regulations envisaged
in RDL 24/2021. The procedure for determining which assets should
be included in the cover pool is set out in the Programme and seeks
to ensure that the cover pool achieves a minimum threshold of
creditworthiness, sufficient granularity and a level of geographical
diversification similar to the geographical footprint of the Issuing
Bank's business operations. It was also decided to establish a
liquidity buffer to help match the average maturities of loans with
the maturity of the securities in issue.
The Bank of Spain authorised and registered Beka Finance, S.V.,
S.A. as external cover pool monitor, as required by Article 31 of RDL
24/2021, in accordance with the decision of the Bank's Governing
Board taken at its meeting of 25 March 2022.
Source:
1www.boe.es/diario_boe/txt.php?id=BOE-A-2021-17910
5/7 COVERED BOND PROGRAMME
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