Australian Covered Bonds - Australia
| 1 | Who is the issuer? | ||
| 2 | Does the bondholder have recourse to the issuer (in case of special issuer: recourse to the sponsor bank)? | ||
| 3 | Who owns the cover assets? | ||
| 4 | Is the issuer the originator of the cover assets? |
| 1 | What type of assets may be included in the cover pool? | ||
| 2 | What is the geographical scope of assets? | ||
| 3 | Is there a maximum level for substitute assets in the statutory national framework? | ||
| 4 | Are there any reporting requirements for covered bond issuers to investors? | ||
| 5 | What is the frequency of reporting to investors? | ||
| 1 | What is the basis for property valuation | ||
| 2 | Is a regular update of the property value required? | ||
| 3 | What are the LTV limits (single asset based)? Please specify in %/n.a. | ||
| 4 | Are loans in excess of LTV limits eligible for inclusion in the cover pool? |
IV.1 Derivative contracts in the cover pool
| 1 | Are derivative contracts eligible for the inclusion in the cover pool? | ||
| 2 | Are there requirements for derivative contracts (e.g. eligibility criteria for hedging counterparties)? | ||
| 3 | Will derivative contracts remain in case of insolvency of the issuer? | ||
| 4 | If derivatives are permitted in the cover pool, what is their ranking? |
IV.2 Exposure to market risk
| 1 | What is the primary method for the mitigation of market risk? | ||
| 2 | Are there mitigating provisions for interest rate risk? | ||
| 3 | Are there mitigating provisions for foreign exchange risk? | ||
| 4 | Are there mitigating provisions for maturity mismatch risk? | ||
| 5 | What type of coverage test is applied? | ||
| 6 | Are there stress scenarios applied? |
IV.3 Liquidity risk
| 1 | Is exposure to liquidity risk mitigated? | ||
| 2 | What liquidity risk mitigation requirements are in place (principal)? | ||
| 3 | What liquidity risk mitigation requirements are in place (interest)? | ||
| 4 | What is the consequence of not fixing a breach of liquidity risk mitigants? | ||
| 5 | If 180 days liquidity provisions are in place, what types of liquid assets are eligible | ||
| 6 | If 180 days liquidity provisions are in place, the calculation of principal is based on: |
IV.4. Maturity extension
| 1 | Is maturity extension allowed by national law? | ||
| 2 | Is it possible to issue… | ||
| 3 | Which trigger plays a role for maturity extension according to law - independent or alone or in combination? | ||
| 4 | Does any competent authority need to give its okay (or non-opposition)? |
IV.5 Overcollateralisation
| 1 | Is mandatory overcollateralisation required in the law ? |
V.1 Cover pool monitor (CPM)
| 1 | Is there a cover pool monitor in addition to national competent authorities in the statutory law? | ||
| 2 | Is the CPM separate from the issuing credit institution? | ||
| 3 | Is the appointment, dismissal, eligibility criteria and the role of the CPM regulated by the national statutory law? |
V.2 Banking supervision
| 1 | Which are the national competent authorities designated to carry out covered bonds public supervision in the law? | ||
| 2 | Is a special permission required for a covered bond programme according to national law? | ||
| 3 | Is there a covered bond issuance limit in law or regulation? If yes, please specify | ||
| 4 | Does the national statutory law provide for the appointment of a dedicated cover pool administrator in case of insolvency/resolution (transfer included acc. to BRRD [Bank Recovery and Resolution Directive])? | ||
| 5 | Which is the typical frequency in the national statutory law of reporting from the covered bond issuers to the designated competent authorities? |
| 1 | Does the national statutory law meet the requirements laid down in the EU Covered Bond Directive? | ||
| 2 | Does the statutory law meet the requirements of Article 129 of CRR [Capital Requirement Regulation]? In this case, please specify the collateral types meeting the Art. 129 CRR. | ||
| 3 | Does the statutory law allow covered bonds out of the scope of Art 129 of CRR? In this case, please specify the collateral | ||
| 4 | Are listed covered bonds eligible in repo transactions with the national central bank? |
Fact Book
| Any further comments/information? |