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10 | June 2011 | ifr surveys COVERED BONDS


14. The European Central Bank, in its recent paper “Recent Developments in Securitisation” (Feb 2011) asked whether there are significant risks in covered bond markets that are not yet fully understood. What do you think the ECB was referring to – i.e. where do you think risks might lie?


Response %


Innovative covered bond structures 29.0


(such as covered bonds using RMBS as collateral) Non-transparent cover pools Valuation difficulties Other


46.4 13.0 11.6


Response count 40


64 18 16


15. Is the emergence of non traditional cover pools (eg: aircraft leases) a positive development?


Response %


Yes No


Other


38.6 55.7 5.7


Response count 54 78 8


55.7%


Yes No


11.6% 13%


Innovative covered bond structures Non-transparent cover pools Valuation difficulties Other (please specify


46.4% 29%


ifre.com


38.6%


Yes No


16. Is there sufficient liquidity in the jumbo covered bond market? Response 61.2


% Other


32.4 6.5


Response count 85 45 9


32.4%


Yes No


61.2%


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