European Covered Bonds Framework: Legislative Proposal

Published 21.08.2019

Level 1

State-of-play: Legislative Phase



  • Report on a EU-harmonised market for covered bonds on 20 December 2016.


  • On 9 April 2018, the ECB published an opinion on the proposal for a European covered bonds framework.


  • On 18 May 2018, the Council’s Working Group starts its works on the Commission proposals.
  • On 28 November 2018 the Council adopts its position and negotiation mandate with the European Parliament.

European Parliament:

  • In ECON the report has been given to the ECR political group with Bernd Lucke as rapporteur.
  • On 17 May 2018, the Parliamentary Research Service published an analysis of the Commission’s impact assessment accompanying the legislative proposal.
  • On 21 August 2018, the ECON Committee published a draft report on covered bonds.
  • On 26 September 2018 ECON Committee published amendments on covered bonds
  • On 20 November the ECON committee adopts the two covered bonds reports. The negotiation mandate is expected to be confirmed in the 10-13 December plenary session.
  • On 26 November 2018 ECON Committee published the reports on the regulation and directive on covered bonds.
  • On 4 April 2019, JURI Committee published an opinion on the proposal.

Trilogue negotiations:

  • On the 27th of February the European Commission announced a political agreement in inter-institutional negotiations on the covered bonds proposal.
  • On 20 March the Council confirmed the trilogue agreement.



  • The trilogue agreement has to be adopted bz the Council and published in the Official Journal.


Level 3

  • On 23 October 2018, the Official Journal published the ECB’s opinion on the proposal for a directive on covered bonds.


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