The Pfandbrief & Covered Bond Forum Austria is an interest group for Austrian Covered Bond issuers.
Founded in 2010 by the Austrian Covered Bond issuers, it was converted to an association in 2018.
Welcome to the Pfandbrief & Covered Bond Forum Austria!
Mission
Profound information for stakeholders
The Forum serves to jointly promote Austrian covered bond issuances. It provides information on the Austrian market, the legal framework and the participants in a centralised manner via its website and is available for enquiries from stakeholders – contact.
The Forum acts as a catalyst for the ongoing development of the Austrian Covered Bond market. It compares the international legal framework for Covered Bonds and offers the opportunity to discuss possible needs for amendments in Austria.
Since 2014, the Forum represents Austrian Covered Bond issuers as a Steering Committee member of the European Covered Bond Council .
The Austrian Covered Bond
One uniform legal basis
Sice July 8 th 2022, Austrian Covered Bonds are issued based on a single uniform law:
- Pfandbrief Act (PfandBG) since 2022
Legislative text (German only)
The three previously existing laws (HypBG, PfandbriefG, FBSchVG) therefore expired as of July 7 th , 2022.
The harmonised Pfandbrief Act (PfandBG) meets the high standards of the EU Covered Bonds Directive (Directive (EU) 2019/2162) for Covered Bonds:
- Issuers hold separate cover pools as collateral for Covered Bonds.
- Eligible primary cover assets are risk positions vis-à-vis public-sector entities as well as mortgage or commercial debt – substitute assets must meet strict criteria and there amount is limited (Definition of eligible cover assets based on Article 129 (1) of the CRR regulation (Regulation (EU) No 575/2013))
- In the case of insolvency, the cover pool is administered separately from the remaining assets of the issuer and primarily serves to service the claims of the Covered Bond creditors.
- For claims beyond the cover pool, the issuer is additionally held liable with its other assets (ranking pari passu with unsecured creditors).
- A legally standardized minimum over-collateralization of the cover pool must be maintained (2%).
- Regular review of the cover pool by an internal or external monitor in addition to supervision by the Financial Markets Supervision (FMA)
- Obligatory maintenance of a liquidity buffer in order to cover the program’s net liquidity outflows for the next 180 calendar days.
- Uniform structure for the issuance of Covered Bonds with a singular maturity extension (soft bullet) of up to twelve months
Members and Reports
BKS Bank AG
Further information:
Bank
Oberbank AG
Further information:
Bank
Raiffeisen-Landesbank Tirol AG
Further information:
Bank
HYPO-BANK BURGENLAND AG
Further information:
Bank
KA Finanz AG
Further information:
Bank
Imprint and legal notice
Provider according to § 5 E-Commerce Law:
Pfandbrief & Covered Bond Forum Austria
Registered office and address for service:
1030 Wien Am Stadtpark 9
ZVR number:
1242923828
Legal form:
Als behördlich registrierter Verein unterliegt das Pfandbrief & Covered Bond Forum Austria der vereinsbehördlichen Aufsicht durch die Bundespolizeidirektion Wien und den Vorschriften des Vereinsgesetzes.
Association organs:
Chairman:
Katarzyna KAPELLER, BA
Email: katarzyna.kapeller@rbinternational.com
Deputy chairman:
Mag. Benedikt HEJDA
Cashier:
Mag. Emir TRNACEVIC
Basic content direction of www.pfandbriefforum.at:
Allgemeine Informationen zum Thema Pfandbriefe und Covered Bonds.
Technical implementation
Graphic design
Legal notice:
- All content made available on the website www.pfandbriefforum.at is intended solely for general information on Pfandbriefe and Covered Bonds.
- The information available on this website does not constitute an offer to purchase certain financial instruments (such as Pfandbriefe, Covered Bonds, etc.) or an invitation to purchase such financial instruments.
- The Pfandbrief & Covered Bond Forum Austria reserves the right to change, supplement or remove the information provided on this website at any time without prior notice.
- The operator(s) of the linked websites is/are solely responsible for the content of the links to other websites provided on www.pfandbriefforum.at . With the exception of the cases regulated in § 17 of the Austrian E-Commerce Act, the Pfandbrief & Covered Bond Forum Austria accepts no liability whatsoever for the content of the websites or URLs of other operators linked to this website.