European covered bonds framework

Published 06.02.2020

State of play: on 18 December 2019, the Regulation and the Directive defining a European covered bonds framework we published in the Official Journal (L 328/1, L 328/29)

Level 1



  • 28 November 2018, the Council adopts its position and negotiation mandate with the European Parliament.
  • 8 November 2019, the Council formally adopted the proposals of Regulation and Directive.


  • 17 May 2018, the Parliamentary Research Service published an analysis of the Commission’s impact assessment accompanying the legislative proposal.
  • 21 August 2018, the ECON Committee published a draft report on covered bonds.
  • 26 September 2018, the ECON Committee published two sets of amendments on covered bonds: link 1 and link 2.
  • 20 November 2018, the ECON Committee adopted the reports on the covered bonds Regulation and Directive.
  • 4 April 2019, the JURI Committee published an opinion on the proposal.
  • 18 April 2019, the Parliament adopted the trilogue agreement in plenary.

Trilogue negotiations

  • 20 November 2018, the ECON Committee approved the negotiations mandate.
  • 27 February 2019, the Council and the Parliament reached a political agreement on the covered bonds proposals.
  • 20 March 2019, the Council confirmed the trilogue agreement.
  • 1 April 2019, the ECON Committee approved the agreed text.

Level 2

  • 18 February 2015, the Commission published a Green Paper on the harmonisation of legal frameworks and market behaviours.
  • 6 January 2016, the Commission published the responses received to the public consultation on covered bonds.
  • 21 November 2019, the EBA launched a public consultation on specific supervisory reporting requirements for market risk, which are the first elements of the Fundamental Review of the Trading Book (FRTB) introduced by the revised Capital Requirements Regulation (CRR2) in the prudential framework of the EU.

Level 3

  • 22 August 2018, the ECB adopted an opinion on the proposals on covered bonds.
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