2011
activities
EMF ANNUAL REPORT
EUROPEAN MORTGAGE FEDERATION ANNUAL REPORT ACTIVITIES 2011
Established in 1967, the European Mortgage Federation (EMF) is an international non-profit institution under Belgian Law (AISBL), representing the interests of mortgage lenders and covered bond issuers at European level. The EMF represents a growing industry worth ₏6.4 trillion as at the end of 2010, which is approximately 52.4% of the EU’s GDP. In 2004, the Federation established the European Covered Bond Council (ECBC), which promotes covereds bonds and represents stakeholders from Europe and around the world. The Secretariat, a team of 12 people based in Brussels, coordinates the activities of the Federation and maintains contact with the European Institutions.
European Mortgage Federation Avenue de Cortenbergh 71 B-1000 Brussels Belgium
The entire contents of this publication are protected by copyright. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any other form or by any means: electronic, mechanical, photocopying, recording or otherwise without the prior permission of the European Mortgage Federation.
Contents
FOREWORD ............................................................................................................................................................................. 4 2011 IN STATISTICS ...................................................................................................................................................... 5 STRATEGY & POLICY ISSUES ............................................................................................................................... 7 Credit Agreements Relating to Residential Property .......................................................................... 8 Capital Requirements Directive ..........................................................................................................................10 Property Valuation in the EU ..................................................................................................................................12 EUROPEAN COVERED BOND COUNCIL (ECBC) ................................................................................13 STATISTICS & DATA ....................................................................................................................................................16 New Publications in 2011 .......................................................................................................................................17 Other Publications ..........................................................................................................................................................19 EXTERNAL RELATIONS ............................................................................................................................................20 Ongoing Dialogues .........................................................................................................................................................21 Adding Value for Members .....................................................................................................................................22 EMF Members ....................................................................................................................................................................23 ECBC Members .................................................................................................................................................................26 Committee Members and Staff............................................................................................................................27 Secretariat .............................................................................................................................................................................32
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Foreword
Peter Engberg Jensen President European Mortgage Federation Group Chief Executive Nykredit
2011 has been characterised by a slowdown in recovery, shrouding European mortgage markets in an air of uncertainty which continues to hamper our ability to predict how, and at what speed this trend will reverse. However, 2011 has also seen an acceleration in the adoption procedures for the Proposals for a Directive for Credit Agreements Relating to Residential Property (CARRP) and CRD IV. As an Industry, we are keen to contribute to making sure that the ongoing regulatory changes meet their objectives, whilst at the same time striking the right balance between strengthening the stability of the financial sector and allowing it to continue delivering its much-needed services; both being aspects which are expected to drive forward the recovery of the European economy. Looking at the performances of individual mortgage markets from Member States during 2011 reveals a mixed picture, as has already been observed in recent years. On one hand, a group of markets recorded positive developments both in new mortgage lending and in house prices: this can be said for Sweden, France, Belgium and Austria. A second group, however, where mortgage and housing markets have not yet recovered from the crisis can also be identified. Ireland, the Baltic countries, Greece, Hungary and Spain (although to a lesser extent) – saw their housing markets severely affected by the harsh correction from the peaks of the last housing cycle (in some cases evidenced by a peak-to-trough fall of more than 15% - 20% in house prices in nominal terms). Although expansionary monetary policies (which played a key role in supporting markets’ recovery during 2009 and 2010) should provide support to mortgage demand in the forthcoming quarters, the outlook for mortgage markets remains uncertain as the peaks and troughs of recent years are unprecedented. After a positive performance up to and including Q3 2010, Q4 saw mortgage markets slowing down in most Member States, resulting in an eased recovery in the above-mentioned first group of countries and in continued mortgage and housing recession in the latter. In addition, monetary tightening in the EU (despite reversing sharply in the second half of 2011), and the deepening sovereign debt crisis further impacted on confidence, therefore dampening consumers’ demand and increasing lenders’ caution. What we see therefore for 2012 remains a mixed and uncertain picture. A lack of visibility makes any future trends very difficult to foresee, however, it would come as a surprise if the high growth rates that were recorded before the crisis make a comeback anytime soon. The Covered Bond Industry, however, continued its strong and stable performance in 2011, helping maintain the EU economy as well as a certain level of market confidence. The launch of the ECB’s second Covered Bond Purchase Programme in October sent a strong signal as to the confidence placed in the asset class’ ability to perform consistently well in the current economic climate. The growing worldwide appetite for covered bond legislation includes Australia, Brazil, Canada, Japan, Mexico, South Korea and
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the US – and with Australia, Canada and the US steadily advancing in the legislative process – both regulators and supervisors are becoming increasingly aware of the advantages of covered bonds in terms of quality, security and therefore resilience, as evidenced in the EU. To further enhance the performance of the asset class, the covered bond community is committed to developing a quality label for covered bonds. Indeed, this initiative is intended to result in multiple benefits with an enhancement of the overall recognition of and trust in the asset class. The ECBC Label Initiative is intended to facilitate access to relevant and comprehensive information for investors, regulators and other market participants. This demonstrates the determination of the covered bond community to tackle the challenges arising from the crisis and its active engagement in the maintenance of the high quality of the collateral assets, the improvement of transparency, and eventually, the promotion of liquidity, and the strengthening of secondary market activity. Within this context, it is essential that the regulation which we are now facing takes into account these diverse performances of the credit, house prices and covered bond markets, and the relative growth that they have seen in challenging times. Against this background, the two Proposals published in 2011 were met with a mixed reaction by the Industry. Whilst the initial Proposal for CRD IV brought about huge causes of concern, the subsequent discussions with regulators have reassured the Industry and we have been encouraged by their affirmation that European market specificities will be given due consideration. Some of our concerns, however, do still remain on issues which have been consistently flagged by the Industry as potential obstacles to growth, most importantly the risk-weightings for mortgage credit, the liquidity ratio especially in relation to the rules governing the eligibility of covered bonds, and the calibration of the leverage ratio. With the final limits yet to be set, we look forward to continuing our constructive work with the European Commission, Parliament, Council and of course, the European Banking Authority, to ensure that the new proposals are adequately adjusted to European mortgage markets, taking into account their diversity and helping to retain European competitiveness at a global level. On the retail side, the publication of the CARRP Proposal also provided us with cause for concern, which was not alleviated by the significant widening of its scope as proposed by the European Parliament’s ECON Rapporteur. Amongst the most sensitive issues under debate are : (i) the introduction of a duty to deny credit in the event of a negative creditworthiness assessment, a duty to provide the consumer with the reasons for rejection and a “suitability” assessment, (ii) the definition of the APRC, (iii) proposals in respect of early repayment and (iv) the use of delegated acts. As with CRD IV, our over-arching concern in respect of the Commission’s Proposal is that it would result in a significant increase in the cost of credit, and therefore restrict lenders’ ability to lend, with the consumer facing increased costs and a limited range of offers. With all of this having
Foreword
been said, however, we remain optimistic that the current passage of the Proposal through the European Parliament and the European Council will result in these concerns being taken into account.
ness of this potential obstacle has been recognised at regulatory level, this does not seem to have led the authorities to reassess the opportunity to move forward with the current regulations.
Nonetheless, the prospect we are facing with both the CRD IV and CARRP Proposals is – to a greater or lesser extent – restricted, more expensive credit to fewer borrowers.
Even throughout the recent economic turmoil, the mortgage Industry has remained a key driver of the European economy, and whilst we recognise the benefits of increased harmonisation to promote competition and remove borders, it should not be impeded in this role by the swift introduction of restrictive legislation which does not appropriately consider the different characteristics of EU mortgage markets.
Furthermore, in addressing the different areas of regulation, we are risking a cumulative impact which cannot be measured as of yet. Although aware-
2011 IN STATISTICS Gross Residential Mortgage Lending, Q1 to Q3 2011 compared to Q1 to Q3 quarters 2010, %
Nominal House Prices, year-on-year growth rates, Q3 2011, %
20
France
10
Belgium Germany
0
Sweden
-10
Portugal
-20
Hungary
-30
Netherlands
UK
Greece
-40
Spain Denmark
-50
Ireland Spain
Portugal
Denmark
Italy
Hungary
Sweden
UK
France
Belgium
Germany
-60
-20
-15
-10
-5
0
5
10
Source: EMF
Source: EMF Note: these figures were calculated on values expressed in national currencies
Total Outstanding Residential Lending, year-on-year growth rates, Q3 2011, % 30 25 20 15 10 5 0 -5
Ireland
Greece
Spain
UK
Portugal
Denmark
Germany
Netherlands
Sweden
Hungary
Belgium
France
Romania
Poland
-10
Source: EMF Note: these figures were calculated on values expressed in national currencies
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STRATEGY & POLICY ISSUES
Strategy & Policy Issues CREDIT AGREEMENTS RELATING TO RESIDENTIAL PROPERTY
At long last... 2011 was the year when EU legislative action finally got underway in the field of mortgage credit, and it did so with a vengeance. After nearly 10 years of focus on EU mortgage markets, the Commission published a Proposal for a Directive on Credit Agreements relating to Residential Property (CARRP) on the 31st of March 2011. The contents of the Proposal came as no great surprise to the Industry, with one exception being the last-minute addition of a provision on early repayment due to political pressure from Cabinet level in the Commission. This issue had, right up until the publication of the Proposal, been considered “off limit” for the Commission in light of the very complex and sensitive nature of the issue. The Industry had long been sceptical about the existence of a business case for this kind of Proposal at this particular time and therefore eagerly awaited the publication of the Impact Assessment to see if its assertions had been correct. The scepticism was well founded - the Impact Assessment was light and did not make a strong case for legislative intervention. Something which the Industry had not anticipated was the overuse - and indeed misuse - of delegated acts in the Proposal, which renders the Proposal akin to a framework Directive and, in doing so, seriously undermines business certainty. Consistent lobbying by the Industry in this area has convinced the Council and, to some extent, the European Parliament of the risks of delegated acts, but their removal remains a key point on our agenda. On the 5th of May 2011, the EMF wrote to the European Parliament’s ECON Rapporteur for the file, Antolin Sánchez Presedo (S&D, ES), outlining its views on the Commission’s Proposal with a view to informing Mr Presedo’s draft Report for the Committee. In addition to the Industry’s concerns mentioned above, the position highlighted other key issues including: (i) the introduction of a duty to deny and a “suitability” assessment, which would result in increased lender liability, a greater risk of litigation and ultimately in consumer ex8|
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clusion, (ii) the introduction of a duty to inform the consumer of the reasons for rejection, which could lead some consumers to “game the system”, (iii) the use of the wide total cost of credit definition instead of a narrow APRC, which prevents comparability of offers; and (iv) the provisions on early repayment, which, depending on Member States’ interpretation, could completely undermine longestablished and well-functioning mortgage systems.
Key events 26 January 2011 European Parliament Workshop on Responsible Lending and Borrowing 31 March 2011 Commission publishes its Proposal for a Directive on Credit Agreements Relating to Residential Property (CARRP) 5 May 2011 EMF publishes its Position Paper on the CARRP, endorsed by the European Banking Industry Committee (EBIC) 18 July 2011 EP’s ECON Rapporteur Antolín Sánchez Presedo publishes his draft Report 29 September 2011 EP’s IMCO Shadow Rapporteur Kurt Lechner publishes his draft Report
Strategy & Policy Issues
Early 2011 in the European Parliament With his appointment as Rapporteur by the Parliament’s ECON Committee in November 2010, Mr Antolín Sánchez Presedo wasted no time and arranged a Workshop on Responsible Lending as early as January 2011. It was clear that he wanted to get going on the file and was not prepared to wait for the Commission to publish its Proposal. He invited a diverse range of stakeholders from Industry, Consumers and Regulators alike to present at the Workshop, including two of the EMF’s experts, Mr Alain Gourio and Mr Enrico Granata. What emerged from the event and the preparatory documentation circulated beforehand was that the EP was likely to “cast its net” much wider than the Commission and that it had a number of detailed questions – which only increased after the Workshop.
Mid-2011 – ECON in the spotlight It took until mid-July for the EP’s ECON and IMCO Committees to determine their respective areas of competence for the file, with some exclusive and some shared, during which time the EMF set to work on preparing a set of amendments to the Proposal itself. Eventually, on the 18th of July 2011, Mr Sanchez Presedo published his draft Report, comprising 200 amendments to the Commission’s Proposal. As the Industry had anticipated, the Rapporteur had “cast his net wide” in his draft Report, but what it couldn’t have anticipated was exactly how wide. The Rapporteur’s draft Report did not just amend the Commission’s Proposal, but completely overhauled it: (i) Existing provisions in the Commission Proposal were substantially amended, most notably through a move away from the principles-based approach to a prescriptive approach, e.g. in relation to creditworthiness assessment and early repayment; (ii) A number of new provisions focusing on flexibility for consumers in the operation of their mortgages was inserted; (iii) The Proposal was extended into areas purposely left aside by the Commission, i.e. arrears and foreclosure and property valuation; and (iv) The objective of the Proposal was extended to financial stability and, as such, included new prudential requirements. With the publication of the draft ECON Report, the Industry sprung back into action, preparing an extensive position paper for ECON and IMCO MEPs, which was subsequently endorsed by the EBIC Working Group on Mortgage Credit, and finalising its proposals for amendments to the Commission’s Proposal.
Industry amendments strike a chord The EMF provided its comprehensive proposals for amendments to MEPs of the ECON Committee in advance of the MEP tabling deadline of the 30th of September 2011. To everyone’s satisfaction, the EMF’s amendments featured prominently in the resulting set of some 600 amendments tabled by ECON MEPs. In parallel to this, the EMF was holding regular meetings with the relevant members of the IMCO Committee and, under the guidance of the Rapporteur, Mr Kurt Lechner (EPP, DE), who published his draft Opinion for IMCO at the end of September 2011, the signs were there that IMCO MEPs understood and, to a large extent, were in agreement with the Industry position in a number of areas. By the end of 2011, consensus in the EP was starting to emerge amongst a number of Political Groups and preferences along Member States’ lines were also discernible. Despite one or two anomalies,
as one year ended and a new one began the Industry’s position remained, and continues to remain, strong in the European Parliament. This was reflected in the outcome of the vote in IMCO which took place, as planned, on the 25th of January 2012. With some exceptions relating to the provision on early repayment, the introduction of a withdrawal right and the rules on consumer disclosure, the Rapporteur achieved a very sensible result with MEPs voting down not only the duty to deny, the duty to inform the consumer of the reasons for rejection and the “suitability test”, but also a majority of delegated acts. This is, of course, only half the story, with ECON still seeking agreement on compromise amendments ahead of a vote in the Committee scheduled for the 24th/25th of April 2012. Exactly how the ECON vote will shape up is, at the time of writing, very difficult to say, with marked divergences in views between Committee Members. What is reassuring for the Industry is that the ECON Shadow Rapporteurs are extremely engaged in the file and a number of meetings are planned between the Rapporteur and the Shadows in the coming weeks to reach a consensus.
Progress in the European Council The Hungarian Presidency had the privilege of having the first crack at the CARRP file and certain progress was made; however, July 2011 and the hand-over to the Polish Presidency arrived quickly. While initially all of the indications were that the Polish would not prioritise this file, events over the summer saw that attitude change and resulted in no less than 10 compromise texts being published by the Presidency between July and December. By the end of 2011, this feverish activity had produced a text which remains aligned to a large extent with the Commission’s Proposal, but in doing so treads a different path from what is likely to emerge from the Parliament, at least from the ECON Committee. In January 2012, when the Danes took over the Presidency of the EU, the Polish Presidency handed over the file with “an agreement reached, or at least a significant convergence of views on most parts of the text”. There were a number of positive signs for the Industry, not least of which being the Council’s disapproval of the use of delegated acts and its more cautious approach to the duty to deny credit. However, disappointingly for the Industry, the Council favours the introduction of a prescribed set of competence requirements for lenders and provides for a discretionary duty to advise. The Danish Presidency is currently working on the file and, with the exception of a small number of issues which still need to be ironed out, the Council will apparently soon have its position ready to go.
Moving forward The divergence of views emerging between the Council and the European Parliament on issues such as competence requirements, the duty to deny credit, advice and early repayment for example, means that the Trilogue negotiations between the Commission, the EP and the Council will be key to this Directive. Whether or not these will be concluded during 2012 and how they turn out remain anybody’s guess, but one thing is sure, the coming months will be interesting ones!
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Strategy & Policy Issues
CAPITAL REQUIREMENTS DIRECTIVE As a result of the crisis, one of the global level policy responses was the Basel III Framework, published by the Basel Committee in December 2010. Covering key issues such as capital requirements, liquidity standards, and the leverage ratio, the Basel Proposals lie at the core of the mortgage business.
At the same time, they may also impose considerable costs on the broader economy and restrict consumers’ access to mortgages. According to ECB research, in the euro area, a 5% decline in credit growth leads to a 0.4% decline in GDP in the short-run, rising to a 1.6% decline in the medium-term.
In July 2011, the European Commission published the CRD IV Proposal, which seeks to transpose the Basel III Framework into EU legislation and to strengthen and stabilise the wider banking system. CRD IV consists of a Regulation (CRR) establishing the prudential requirements for individual institutions and a Directive (CRD) governing access to deposit taking activities.
Additionally, the EMF fears that the combined impact of the Commission’s proposals will have a destabilising procyclical impact on mortgage markets, nullifying some of the stability goals introduced by CRD IV such as the counter-cyclical buffer.
The Commission has framed its Proposal with a view to allowing a degree of flexibility in the transposition of the Basel III Agreement, which has been welcomed by the mortgage credit industry as it fully supports the goal of CRD IV to reinforce the resilience of the banking sector. However, while the Basel rules are sound in principle, they are not always suitably tailored to European models nor do they take into account the specific nature of the European mortgage market and a number of the measures advocated by the Basel rules could have serious implications for the mortgage industry in the EU – severely constraining the ability of some lenders to lend.
Credit Rating Agencies In autumn 2011, the EMF started to investigate the issues of overreliance on ratings and the change in credit rating agencies’ (CRAs) role since the crisis. The outcome of this investigation was that in the short-term it would be difficult to replace external ratings, with no obvious alternatives being identifiable. There is, however, some scope for improvements within the existing CRA landscape, particularly in terms of improving CRA transparency, rating models and methodologies. Increased competition and improved communication policies would also be beneficial. It was also noted that problems continue to stem from the ongoing regulatory reliance on ratings, for example, via cliff effects, where a small rating change can trigger a substantially different regulatory treatment, which can negatively impact on financial stability and create considerable market disruption way beyond the level of change that would be expected from a minor change in a rating. The results of this investigation have also been used to guide EMF views on the Commission’s Proposal for regulating the CRAs (known as CRA III). CRA III proposes the introduction of mandatory rotation for CRAs, similar to the approach used in the audit industry. However, the two sectors are very different and rotation is likely to lead to an increase in costs for issuers, increased rating volatility without necessarily helping the goals of reducing CRA conflicts of interest and increasing competition amongst the CRAs to be met. The EMF has also prepared a Position Paper on CRA III and held detailed technical discussions with the Commission, ESMA and the rating agencies.
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Therefore, the EMF is working to put forward constructive improvements to the Commission’s CRD IV Proposal concerning the treatment of mortgages, the leverage ratio and liquidity. In its November 2011 Position Paper, the EMF recommended measures which would help to ensure all lenders retain the ability to lend: n The combined impact of changes to the treatment of mortgages (revision of mortgage risk weights based on loss data, the LGD floor for residential mortgages and changes to the definition of default) will have a procyclical effect and reduce the availability of lending, with negative consequences for both consumers and real growth. n T he current leverage ratio does not take into account the specificities of the European mortgage credit industry, which is typically based on low-risk and long-maturity activities. As such, it is likely to encourage a shift towards riskier and more expensive mortgage lending as well as jeopardise the existence of some long-standing business models, without any obvious benefits in terms of stability or resilience; therefore, the EMF calls for a full review of the potential impact of the leverage ratio on mortgage lending and strongly recommends that any eventual leverage ratio be implemented as a supervisory measure. n The liquidity proposals as they currently stand do not address the specificities of European covered bonds, which play an essential role in the funding of mortgages across Europe. The final quarter of 2011 saw the first debates on CRD IV in the European Parliament and Council, discussions that will continue to dominate the agenda in 2012. In December 2011, the European Parliament’s (EP) Economic and Monetary Affairs Committee’s (ECON) Rapporteur, Mr Othmar Karas MEP, published his draft Report on CRD IV. Mr Karas is committed to the Single Rule Book and the principle of “maximum harmonisation”, therefore being opposed to gold-plating, front running or the implementation of divergent rules at Member State level. The EMF submitted a Position Paper to the EP providing constructive proposals to ensure that CRD IV reinforces the resilience of the banking sector, an objective that forms an essential component of the mortgage credit industry’s ability to continue to fulfil its essential role in sustaining the economic recovery and providing wider access to housing in Europe. This work is currently being followed up and evidence is being gathered to support this. Discussions on CRD IV are progressing at Council level. On the 6th of January 2012, the Danish Presidency published a first Presidency
Strategy & Policy Issues
Compromise Text with the aim of stimulating progress and reaching a final Compromise Position later in the spring. The mortgage credit industry will closely follow key political debates on issues such as the level of harmonisation, early Member State implementation of Basel III rules and how closely the final rules follow the Single Rule Book approach. In parallel to the EU Institutions' work on CRD IV, the Basel Committee is also actively reviewing elements of the Basel III Framework, including the definition of liquid assets eligible for use in the LCR and the LCR’s technical parameters. There are also a series of other EU legislative proposals that will directly impact European mortgage lenders activities such as the forthcoming Crisis Management Framework, the Financial Transaction Tax, the Deposit Guarantee Scheme and further regulation of credit rating agencies (CRA III). The EMF is actively following these files though it is difficult at this stage to analyse their possible combined impact on the changing regulatory landscape for the mortgage industry. The earliest date for CRD IV to be formally adopted is the summer of 2012, though given the complexity of the dossier, there is always scope for delay. Starting in 2012 and continuing over several years, the European Banking Authority (EBA) has been tasked with defining many of the technical parameters and calibrations for the practical implementation of CRD IV. The EMF has started investigations regarding several issues such as mortgage losses, the LCR and the leverage ratio in order to better understand the impact on mortgage lenders and to provide detailed evidence to contribute towards the final calibrations.
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According to ECB research, in the euro area, a 5% decline in credit growth leads to a 0.4% decline in GDP in the short-run, rising to a 1.6% decline in the medium-term.”
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Strategy & Policy Issues
PROPERTY VALUATION IN THE EU “Secure mortgage lending starts with confident property valuation” Confidence in the value of the property is a fundamental pre-condition to mortgage lending. The lender needs to know that in the event of default, the sale of the property will cover repayment of the loan and costs. Accurate and transparent property valuations can go a long way to delivering the certainty required and reducing the additional risks associated with cross-border mortgage lending, leading to greater security on European mortgage markets. With this in mind, developments at EU level which have an impact on property valuation – either directly or indirectly – command the undivided attention of the Industry. Current initiatives at EU level which are on the EMF’s agenda include the following:
The ‘Mortgage Credit’ Directive That the European Parliament’s ECON Rapporteur would ‘cast his net wide’ in his draft Report was anticipated; that he would include in his ‘net’ a very detailed Article on property valuation came not necessarily as a surprise, but definitely as an unwelcome departure from the Commission’s original Proposal for a Directive on Credit Agreements Relating to Residential Property (CARRP) published in March 2011. In fact, after several years of investigation, the Commission had, for its part, concluded that the technical nature of property valuation and the divergences between markets in terms of the way the profession is organised and practiced, meant that it was inappropriate to legislate in this area at EU level. We were quick to make our concerns known, and in the September 2011 EMF Position Paper on the draft ECON Report, we outlined the Industry’s opposition in detail. Overlaps with the property valuationrelated provisions in the CRD, ambiguities with regard to valuer independence and the role of internal valuers in the process, and the introduction of a requirement that Member States establish a register of professional valuers, left the Industry unable to recommend anything other than the deletion of this new Article in its entirety, particularly in the absence of an impact assessment. Whether or not the Article on property valuation will ultimately stay in the draft ECON Report remains, at the time of writing, to be seen. What is even less clear is how this inclusion will fare in ‘Trilogue’ discussions between the EP, Commission and Council. What, however, is sure is that the EMF will continue to monitor developments in this area and will remain in close contact with relevant stakeholders in the EP for as long as is necessary.
Property valuation in the CRD IV Property valuation plays a key role in the context of banks’ capital adequacy and, therefore, there are property valuation-related provisions aplenty in the Capital Requirements Directive. The focus of the EMF’s Valuation Committee in this area has, since the adoption of the CRD III, been on the way in which national regulators have interpreted
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and implemented the property valuation-related provisions. Since the publication of CRD IV, the Committee’s focus has shifted to this new text, although, to all intents and purposes, the relevant provisions remain largely unchanged.
Wider valuation issues Beyond policy initiatives at EU level, the EMF’s Valuation Committee also focuses on the exchange of information and best practice, the importance of which has been cemented since the onset of the crisis in 2008. In their May and October 2011 meetings, the EMF’s valuation experts examined key issues such as accuracy and transparency in property valuation and the impact of energy performance of buildings on property valuation. Cooperation has also been ongoing with representatives from TEGoVA, the European Group of Valuers’ Associations, and RICS, the Royal Institution of Chartered Surveyors, as well as with other national valuation organisations. Such exchanges are vital to ensuring transparency and understanding on a cross-border basis and to presenting a united front at EU level in relation to the profession, from both a user (lender) and provider (valuer) perspective, and will therefore continue to be an EMF priority into the future.
Looking into 2012 Looking ahead into 2012, the EMF will continue to follow closely property valuation-related developments in the Commission’s CARRP Proposal and also in the context of the review of the CRD, where appropriate. The use of valuation technology e.g. AVMs will once again feature on the agenda, building on work carried out by the Committee before the crisis. 2012 will also see a revision of the Study on the Valuation of Property for Lending Purposes.
EUROPEAN COVERED BOND COUNCIL
European Covered Bond Council (ECBC)
THE KEY COVERED BOND NETWORKING PLATFORM IN 2011 T wo Plenary meetings took place, gathering more than 200 participants each including key decision makers from the covered bond industry, issuers, investors, government & regulatory officials at both national and EU level, rating agencies and journalists from over 32 covered bond jurisdictions. See the video of the September 2011 Plenary by visiting www.ecbc.hypo.org! R egular meetings were held with national, European and worldwide authorities such as the European Commission, European Parliament, European Banking Authority, European Securities and Markets Authority, European Central Bank, International Monetary Fund and World Bank.
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ECBC AS THE INDUSTRY THINK TANK 10 Working Group meetings were organised in 2011 with over 120 experts addressing key issues for covered bond markets: European Legislation Working Group Technical Issues Working Group Statistics and Data Working Group Market Related Issues Working Group Covered Bond Fact Book Working Group Rating Agency Approaches Working Group
The ECBC Label Initiative demonstrates the determination of the covered bond community to tackle the challenges arising from the crisis and its active engagement in the maintenance of the high quality of the collateral assets, the improvement of transparency, and eventually, the promotion of liquidity, and strengthening of secondary market activity.
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Antonio Torío, ECBC Chairman 2010-2011; Director, Capital markets Funding, Banco Santander
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European Covered Bond Council (ECBC)
COVERED BOND TRANSPARENCY THROUGH ECBC PUBLICATIONS F act Book 2011: 15 in-depth articles on the asset class, 33 country descriptions, 80 authors involved and a unique source of covered bond statistics with a complete set of figures from 26 covered bond jurisdictions.
2012 ECBC MANDATES M r Paul O’Connor has been confirmed as the ECBC Chairman for the 2012-13 mandate M r Carsten Tirsbæk Madsen has been appointed as the Deputy ECBC Chairman for the 2012-13 mandate
E CBC Database: a new interactive database presenting 39 different covered bond frameworks (www.ecbc.eu).
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M ortgage Info: monthly articles on the latest topics affecting the covered bond market.
KEY ECBC LOBBYING ACTIONS The ECBC represents and promotes the interests of covered bond market participants at international level in the following files: E uropean implementation of Basel III and CRD IV – CB risk weighting, transformation of MBS waiver into a general rule, inclusion of CB in Level I for LCR (Liquidity Coverage Ratio), proper treatment of CB in NSFR (Net Stable Funding Rules), etc.
The key to covered bonds’ success lies in their simplicity: a classic plain vanilla instrument mostly backed by mortgages and/or public sector assets. Strong supervision and the underlying regulatory and legislative framework which is designed to properly assign collateral in case of resolution is also an important feature.”
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Paul O’Connor, ECBC Chairman 2012-2013; Director, Capital Markets & Risk, Irish Banking Federation.
Solvency II, Omnibus II and implementing measures Resolution regimes at EU and national levels EMIR – OTC Derivatives MiFID – Pre- and post- trade price transparency
Bank Issuance 2007-2011
CRA III – Rotation principle, rating triggers, etc.
1,400
Rating Agency Methodologies – Fitch Ratings, Standard and Poor’s, Moody’s and DBRS
1,200
ECBC Covered Bond Label – Public launch Transparency Initiatives - Act as catalyst in order to develop National Transparency Templates ECBC worldwide covered bond advisory role – Australia, Brazil, Morocco, South Korea and United States.
1,050 1,000 EUR bn equivalent
iBoxx – Amendment of its index criteria
1,328
943
892 778
800 600 400 200 0
2007 GGB
2008 Senior
2009 Sub
2010
2011
Securisation
Source: Dealogic, RBS
ECBC COVERED BOND LABEL INITIATIVE On the 7th of October 2011 the ECBC announced its Label Initiative, which is intended to highlight to investors the value and quality of covered bonds and further enhances the recognition of, and trust in the covered bond asset class.
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STATISTICS & DATA
Statistics & Data NEW PUBLICATIONS IN 2011 HYPOSTAT 2010
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A well-established, invaluable asset to understanding today’s market developments.
Hypostat is a unique, powerful information tool, providing data on housing and mortgage markets across the EU and beyond, combined with in-depth country-focused analyses and macroeconomic information. For the third consecutive year, the publication contains a country report and statistical data on the United States, a key mortgage market but also the scene of the subprime loan crisis which triggered the global credit crisis in the second half of 2008, plus two articles containing detailed analysis on developments in housing markets in the EU’s two largest mortgage markets, i.e. the UK and Germany.
2010 - key findings n Moderate growth in mortgage lending but signs of a levelling off in the second half of 2010: the size of the EU27 mortgage market, as measured by the outstanding volume of residential mortgages, grew by 4.9% to EUR 6.4 trillion in 2010, following on from a 0.9% expansion in 2009. All EU markets recorded positive increases in outstanding lending values in 2010, with the exception of the three Baltic countries, Greece and Ireland. New lending markets recorded increases compared to 2009 but did not return to pre-crisis levels. Countries such as Belgium, France, Germany, Italy, Portugal and Sweden, recorded growth in new lending, whilst there was a moderate decline in new lending in Denmark, Estonia, Spain and the UK and a more pronounced decrease in Ireland, Hungary and Malta. n Decline in construction moderates: across the EU, the decline in residential construction activity moderated in 2010, but the volumes of activity remained well below pre-1998 levels. Despite four consecutive years of falls in residential construction activity, there is still excess supply in some EU housing markets which suggests that the correction is likely to continue.
“
Annual 2010 statistics reveal that (...) the recovery of the EU aggregate mortgage market in 2010 gained ground and reached a year-on-year increase of 4.9%, following on from a 0.9% expansion in 2009.
”
n Varied picture for house prices: three broad trends can be identified: vigorous recovery in house prices in Austria, Sweden, France and the UK (albeit with a clear levelling off in quarterly growth rates in Q3 and Q4 2010; lower growth rates in Belgium, Germany, Italy, Luxembourg and Malta; continued house price recession in Cyprus, Ireland, Hungary, Spain (albeit at lower rates in the latter). n A continued low interest rate environment: the extremely supportive monetary policy stance of the ECB and other Central Banks since the onset of the financial crisis in Q3 2008 played an important role in stimulating mortgage demand in 2010, as the cuts in policy rates were passed on to mortgage interest rates. Despite some moderate rises which were observed in some markets in Q3 and Q4 2010, interest rates remained very supportive of mortgage demand and low in historical terms, i.e. well below the levels observed in 2007 and 2008 before the onset of the crisis.
www.hypo.org | EMF ANNUAL REPORT Activities 2011 |
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Statistics & Data
OVERVIEW OF EU RESIDENTIAL MORTGAGE MARKETS IN 2010 Austria Belgium Bulgaria Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden UK EU 27 Iceland Norway Russia Turkey Ukraine USA
Outstanding residential mortgage debt, EUR million 80,000 163,369 4,453 12,033 18,557 237,313 5,971 76,244 796,600 1,152,195 80,507 24,853 135,806 352,012 6,498 5,988 18,591 2,684 629,153 67,669 114,553 6,769 10,863 4,837 680,208 283,666 1,442,685 6,414,079 n/a 219,382 29,952 30,560 8,778 8,383,789
Annual growth rate in mortgage debt, % 8.9 7.7 3.8 14.7 4.5 2.6 -2.4 6.8 8.0 0.5 -0.2 12.8 -8.2 20.9 -4.6 -0.7 8.9 8.6 4.6 24.5 3.5 19.3 14.6 23.2 0.2 7.1 0.4 4.9 n/a 7.7 12.6 35.4 -11.4 -2.7
Residential debt to GDP ratio, %
Per capita mortgage debt, EUR thousand
28.0 46.3 12.4 68.9 12.8 101.4 41.7 42.3 41.2 46.5 35.0 25.2 87.1 22.7 36.2 21.8 44.7 43.5 107.1 19.1 66.3 5.6 16.5 13.7 64.0 81.8 85.0 52.4 n/a 70.3 2.7 5.5 8.5 76.5
9.55 15.07 0.59 14.98 1.77 42.88 4.46 14.25 12.31 14.09 7.12 2.48 30.40 5.83 2.89 1.80 37.03 6.50 38.01 1.77 10.77 0.32 2.00 2.36 14.79 30.37 23.27 12.9 n/a 45.16 0.21 0.42 0.19 27.04
Source: EMF, Eurostat, ECB, National Central Banks, Federal Reserve, Bureau of Economic Analysis
EUROPEAN COVERED BOND FACT BOOK 2011
“
A leading resource on the different national Covered Bond markets
”
in Europe and their legal frameworks.
The Fact Book:
n Provides a comprehensive source of information, data and overview of the asset class. n Includes articles on the key themes of the year, including a review of the current European regulatory changes, namely the Commission’s CRD IV and Solvency II proposals, an investigation of the work being undertaken by the Basel Committee to address the capital and liquidity provisions in the Basel III framework, the role of ratings for covered bonds, and an overview of secondary market liquidity and covered bonds from the investor’s perspective. n rovides detailed information about covered bonds and their main features including ar-
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EMF ANNUAL REPORT Activities 2011 | www.hypo.org
ticles comparing covered bonds with RMBS as well as how the Capital Requirements Directive relates to covered bonds, the macroeconomic dimension of the asset class and covered bond repos. n Includes 33 country chapters providing detailed explanations on the legislation and markets in all covered bond jurisdictions. n Presents the rating agencies' covered bond methodologies. n Provides a complete set of covered bond statistics and a description of trends in the covered bond market. Available for download from ecbc.hypo.org. Paper copies are available on request.
Statistics & Data
OTHER PUBLICATIONS MORTGAGE INFO
STUDIES
Our monthly newsletter draws on the latest insights and professional opinions in a range of articles discussing key legislative developments in European mortgage and covered bond markets. Accompanied by a News in Brief section and a monthly Agenda, our readers are kept regularly updated with news and events across EU mortgage markets.
Produced in response to market trends as they happen, our technical Committees produce a series of studies on current hot topics to support our key political messages and provide essential data to all stakeholders. Existing studies include: n Study on Non-Performing Loans (2011) n Methodological Note and Survey on Non-Performing Loans (2010)
QUARTERLY REVIEW OF EUROPEAN MORTGAGE MARKETS
n Study on the Cost of Housing in Europe (2010)
Every quarter we deliver short-term developments in housing and mortgage market datasets using the following indicators: total residential lending outstanding, gross and net mortgage lending, nominal house prices, representative mortgage rates and a breakdown of mortgage markets by interest rate type. Each edition also includes an in-depth spot analysis on an individual country – with 2011 featuring Germany, Poland, Hungary and Belgium.
n Notes on Data Definitions (2008)
n Study on the Valuation of Property for Lending Purposes (2009)
n Survey on Out of Court Settlements in the European Union (2008) n Study on the Protection of the Mortgage Borrower in the European Union (2007) n Study on the Efficiency of Mortgage Collateral in the European Union (2007)
COUNTRY FACT SHEETS Our members help us compile specific country fact sheets, detailing trends in mortgage and housing markets in individual countries. Expert data is provided on the following indicators: owner occupation rates, number of transactions, total dwelling stock and house price percentage changes.
www.hypo.org | EMF ANNUAL REPORT Activities 2011 |
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EXTERNAL RELATIONS
External Relations ONGOING DIALOGUES EUROPEAN CENTRAL BANK The EMF and the ECBC maintain an increasingly active and regular dialogue with the ECB via annual and ad hoc meetings, to exchange information and discuss topical issues relating to European housing and mortgage markets, including covered bonds. The meetings are well attended by staff from a number of divisions at the ECB, among which: Financial Stability and Supervision, Market Operations, Economics, Statistics and Legal Services. The last three years have seen increased co-operation between the ECBC and the ECB, due to the resilience of covered bonds during the crisis, the role of the asset class as a key long-term funding tool and the importance of covered bonds from a financial stability perspective. The ninth ECB-EMF annual meeting will be held in April 2012.
EUROPEAN BANKING INDUSTRY COMMITTEE The EMF is also a member of the Euroeapn Banking Industry Committee (EBIC), a platform bringing together the European banking Industry associations with a view to discussing questions related to financial services. Significantly, the EMF holds the Secretariat of the EBIC Working Group on Mortgage Credit, which closely monitors and where appropriate responds to initiatives at EU level with relevance for mortgage credit. 2011 as such, was a very busy year for the Working Group on Mortgage Credit. The EMF led the Group throughout the key events, coordinating responses to the Commission’s Proposal for a Directive on Credit Agreements Relating to Residential Property,
and to MEP Sánchez Presedo’s draft Report on the Proposal. The end of the year saw a position paper submitted by the EMF being endorsed by the EBIC Working Group, representing a strong Industry position on the Proposal. Looking forward into 2012, the EBIC Working Group on Mortgage Credit will be closely monitoring the votes on the CARRP Proposal in both the ECON and IMCO Committess in the European Parliament. As a matter of top priority, we will continue to ensure that Industry interests are represented through the Working Group’s collaboration, and our dialogue with the Institutions.
EUROPEAN PARLIAMENTARY FINANCIAL SERVICES FORUM The EMF is pleased to be a keen participant in the European Parliamentary Financial Services Forum (EPFSF). The EPFSF organises events on topics touching the financial services industry, with the active participation of MEPs from the European Parliament committess in charge of the relevant issues. High-calibre industry representatives participate as speakers, with their main objective being to brief the MEPs on the industry position on the topic under discussion.
2011 has seen the following topics of relevance to the mortgage industry debated: n M easures taken by the Industry as a response to the financial crisis n Responsible Lending and Borrowing n Capital Requirements Directive (CRD IV) n Review of the Markets in Financial Instruments Directive (MiFID) A list of topics on the Forum’s Agenda in 2012 can be found on the EPFSF website at www.epfsf.org.
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External Relations
ADDING VALUE FOR MEMBERS
With the publication of proposals for CRD IV and Credit Agreements Relating to Residential Property, 2011 represented a vital year in which to make our voice heard, not only vis-à-vis the Institutions but also amongst the European press, whilst at the same time ensuring that our members were provided with the latest developments as soon as they happened. Once the Commission’s Proposal had been launched in March, media activity flourished. In addition to publishing our own comments in a press release immediately following the Proposal’s publication, we responded to requests for comments from European and national press – making 2011 our busiest year yet in terms of media appearances. Throughout the year we maintained a regular media presence, and our Secretary General, Annik Lambert, represented the Federation through television and radio appearances at European and national levels. Later on in the year saw Annik Lambert appearing at the House of Lords in the UK, providing the EU perspective on the upcoming CARRP regulation emanating from the European Institutions, in response to an invitation from the House itself. The question-andanswer session focused primarily on the potential impact of the European regulation on the UK market, with Members using the recently published draft Report from ECON Rapporteur Sánchez Presedo as a basis for their questions in what was a highly informative and useful exchange of information. Once again, our Annual Conference which took place in November provided members and stakeholders from across the mortgage industry with a useful exchange of views and debates surrounding the key issues for European mortgage markets. In a change of scene, this year’s Conference took place in the Theatre Hall of Le Plaza Hotel in the centre of Brussels, providing a highly
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EMF ANNUAL REPORT Activities 2011 | www.hypo.org
successful stage for the subsequent discussions. We were delighted to welcome amongst our speakers Mr Peter Praet and Mr Michel Stubbe from the ECB, Mr Sánchez Presedo MEP from the European Parliament, Mr Peter Praet and Mr Michel Stubbe from the European Central Bank, Mr Jean-Yves Muylle from the European Commission and Mr Adam Farkas from the European Banking Authority alongside key EMF members and industry stakeholders. Attracting almost 200 participants, the event once more represented a valuable opportunity for networking and discussion of the latest developments across European and international mortgage markets. As usual, the EMF Secretariat continued to organise regular meetings of our technical Committees for legal affairs, economic affairs, valuation and statistics, to keep our members up-to-date with the latest happenings at EU level. Due to the high volume of activity being carried out by the Institutions on key files, additional ad hoc technical committee meetings were organised in 2011, in response to progress from the Commission and Parliament. These meetings are a very useful supplement for members to the regularly communicated updates, and constitute platforms for discussion of the most recent developments as well as strategic planning moving forward. 2011 saw our busiest year to date regarding activity in the European Parliament. The Legal Affairs, Economic Affairs and ECBC departments have been meeting with MEPs with increased frequency and putting forward our agreed position’s on our files undergoing the legislative procedure in the European Parliament. In addition to this, we attended meetings and seminars on a regular basis, increasing the visibility of the EMF. The fruits of our labour have definitely started to pay off and we hope to see this continue in 2012.
External Relations
EMF members
FULL MEMBERS BELGIUM
GERMANY
n Union Professionnelle du Crédit (UPC)
nV erband der privaten Bausparkassen e.V.
nV erband deutscher Pfandbriefbanken e.V. (vdp)
CZECH REPUBLIC n Czech Banking Association
GREECE nH ellenic Bank Association (HBA)
DENMARK n Realkreditforeningen
n Realkreditrådet
HUNGARY n F HB - Mortgage Bank Plc.
FRANCE
n OTP Bank Ltd.
n Association Française des Etablissements de Crédit et des Entreprises d'Investissement (AFECEI)
IRELAND n I rish Mortgage Council nB NP Paribas Personal Finance
nC aisse de Refinancement de l’Habitat (CRH)
ITALY nA ssociazione Bancaria Italiana (ABI)
nC rédit Foncier de France
LATVIA n Crédit Immobilier de France
nA ssociation of Latvian Commercial Banks
www.hypo.org | EMF ANNUAL REPORT Activities 2011 |
23
External Relations
NETHERLANDS
ROMANIA
nN ederlandse Vereniging van Banken (NVB)
nR omanian Banking Association
SPAIN POLAND
nA sociacíon Hipotecaria Española (AHE)
nM ortgage Credit Foundation
SWEDEN PORTUGAL
nS wedish Council of Mortgage Lenders / Swedish Bankers' Association
n Banco Espírito Santo
n Banco Santander Totta
UNITED KINGDOM nB uilding Societies Association (BSA)
n Caixa Económica Montepio Geral nC ouncil of Mortgage Lenders (CML) n Caixa Geral de Depósitos S.A.
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EMF ANNUAL REPORT Activities 2011 | www.hypo.org
External Relations
EMF members
ASSOCIATE MEMBERS TURKEY nG aranti Bank
n T urkiye Is Bankasi A.S.
EMF members
OBSERVER MEMBERS FRANCE
UNITED KINGDOM
nC rĂŠdit Logement
nC layton Euro Risk
nG enworth Financial
RUSSIA nA gency for Housing Mortgage Lending (AHML)
www.hypo.org | EMF ANNUAL REPORT Activities 2011 |
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External Relations
ECBC MEMBERS ■ ABN AMRO
■D EPFA ACS BANK
■ NIBC BANK N.V.
■ AIAF
■D EUTSCHE BANK AG
■N OMURA INTERNATIONAL PLC.
■ AKTIA REAL ESTATE MORTGAGE BANK PLC
■D EUTSCHE HYPOTHEKENBANK AG
■N ORD/LB COVERED FINANCE BANK
■ DEUTSCHE PFANDBRIEFBANK AG
■ ALLEN & OVERY
■ DEXIA CAPITAL MARKETS
■N ORDDEUTSCHE LANDESBANK GIROZENTRALE
■ ALLIED IRISH BANKS – AIB INTERNATIONAL CENTER
■ DEXIA MUNICIPAL AGENCY
■ NORDEA
■ DLR KREDIT A/S
■N YKREDIT A/S
■ DNB NOR BOLIGKREDITT
■O P MORTGAGE BANK
■D UTCH ASSOCIATION OF COVERED BOND ISSUERS (DACB)
■ P FANDBRIEFBANK SCHWEIZERISCHER HYPOTHEKARINSTITUTE
■ DZ BANK
■ P FANDBRIEF & COVERED BOND FORUM AUSTRIA
■ ANGLO IRISH BANK CORPORATION PLC ■ ASOCIACÍON HIPOTECARIA ESPAÑOLA ■ ASSOCIATION OF HUNGARIAN MORTGAGE BANKS ■ ASSOCIATION OF SWEDISH COVERED BOND ISSUERS ■ ASSOCIAZIONE BANCARIA ITALIANA ITALIAN BANKING ASSOCIATION – ABI ■ BANCA POPOLARE DI MILANO ■ BANCO ESPÍRITO SANTO ■ BANK OF IRELAND MORTGAGES ■ BARCLAYS ■ BARCLAYS CAPITAL ■B AYERISCHE LANDESBANK - BAYERN LB ■ BGC PARTNERS ■ BLOOMBERG LP ■B NP PARIBAS ■B NP PARIBAS FORTIS
■ EBS BUILDING SOCIETY ■ EUREX BONDS ■ E UROHYPO - EUROPÄISCHE HYPOTHEKENBANK S.A. – EUROHYPOLUX ■ EUROHYPO AG ■ EUROMTS ■ FINANCE NORWAY - FNO ■ FITCH RATINGS LTD ■ GE MONEY BANK ■ GOH PORTUGAL ■ GOLDMAN SACHS ■G RUPO BBVA ■G RUPPO CARIGE
■R EALKREDIT DANMARK A/S ■ REALKREDITFORENINGEN ■R EALKREDITRÅDET - ASSOCIATION OF DANISH MORTGAGE BANKS ■R OYAL BANK OF CANADA - RBC ■R OYAL BANK OF SCOTLAND - RBS ■ S ANTANDER UK PLC ■ SEB ■ SNS BANK ■ S OCIÉTÉ GÉNÉRALE - CORPORATE & INVESTMENT BANKING ■ S OCIÉTÉ GÉNÉRALE SOCIÉTÉ DE CRÉDIT FONCIER (SG SCF)
■ HSBC BANK PLC
■ S TADSHYPOTEK - SVENSKA HANDELSBANKEN
■ ICAP
■ S TANDARD AND POOR’S
■ ING GROUP
■ TRADEWEB
■ I NTESA SAN PAOLO
■ TXS ■ UBS
■C AIXA ECONÓMICA MONTEPIO GERAL
■ IRISH BANKING FEDERATION ACS IRELAND
■C AIXA GERAL DE DEPÓSITOS S.A.
■ J P MORGAN
■ UNICREDIT GROUP
■C AJA MADRID
■ L ANDESBANK BADEN-WÜRTTEMBERG
■ CITIGROUP
■ LINKLATERS
■ VERBAND DEUTSCHER PFANDBRIEFBANKEN E.V. - VdP
■C LIFFORD CHANCE LLP
■ L LOYDS BANKING GROUP
■C M-CIC HOME LOAN SFH
■M ARFIN EGNATIA BANK EUROPE
■C OMMERZBANK SECURITIES
■M ARKETAXESS EUROPE
■C OUNCIL OF MORTGAGE LENDERS - CML
■ MERRILL LYNCH
■ CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK
■M ORGAN STANLEY BANK AG
■C RÉDIT AGRICOLE HOME LOAN SFH
■M ÜENCHENER HYPOTHEKENBANK EG
■ BPCE ■B RFKREDIT A/S ■C AISSE CENTRALE DU CRÉDIT IMMOBILIER DE FRANCE - 3CIF ■C AISSE DE REFINANCEMENT DE L’HABITAT - CRH
■ CRÉDIT FONCIER ■ CRÉDIT MUTUEL ARKÉA ■ CRÉDIT SUISSE ■ DANISH SHIP FINANCE ■ DANSKE BANK ■ DBRS
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■ EAA COVERED BOND BANK PLC.
EMF ANNUAL REPORT Activities 2011 | www.hypo.org
■ MOODY’S ■M ORTGAGE CREDIT FOUNDATION ■ NATIONWIDE BUILDING SOCIETY ■ NATIXIS ■ NEDERLANDSE VERENIGING VAN BANKEN - NVB ■N ETHERLANDS SOCIAL HOUSING GUARANTEE FUND - WSW
■ UKRCBC
■ WESTFÄLISCHE LANDSCHAFT BODENKREDITBANK AG-WL ■ WEST-LB AG
External Relations
Committee Members and Staff
EXECUTIVE COMMITTEE n President: Mr Peter ENGBERG JENSEN NYKREDIT n Secretary General: Annik LAMBERT EUROPEAN MORTGAGE FEDERATION
HUNGARY
PORTUGAL
nD r András BOTOS ASSOCIATION OF HUNGARIAN MORTGAGE BANKS
nM r Luis BENTO DOS SANTOS SANTANDER TOTTA
nM r Laszló HARMATI FHB LAND CREDIT AND MORTGAGE BANK
nM . António TOMÁS CORREIA CAIXA ECONÓMICA MONTEPIO GERAL
ROMANIA
BELGIUM
IRELAND
n Mr Paul HEYMANS ALLIANZ BELGIUM
nM s Dara DEERING EBS BUILDING SOCIETY
n Mr Jozef T’JAMPENS UNION PROFESSIONNELLE DU CREDIT (U.P.C.)
nM rs Eimer O’ROURKE IRISH BANKING FEDERATION
nM r Stefan DINA ROMANIAN BANKING ASSOCIATION (RBA)
ITALY
SPAIN
nM r Andrea MENCARINI BANCO POPOLARE
nM r José Ramón ORMAZABAL ASOCIACION HIPOTECARIA ESPAÑOLA
nM r Raffaele RINALDI ASSOCIAZIONE BANCARIA ITALIANA
nM r Antonio José BEJAR GONZALEZ BBVA
nM r Angelo PEPPETTI ASSOCIAZIONE BANCARIA ITALIANA
nM s Lorena MULLOR ASOCIACION HIPOTECARIA ESPAÑOLA
CZECH REPUBLIC n Mr Vladimir VOJTISEK HYPOTEČNÍ BANKA A.S. n Ms Vera SVOBODOVA CZECH BANKING ASSOCIATION
DENMARK n Ms Ane ARNTH JENSEN ASSOCIATION OF DANISH MORTGAGE BANKS n Mr Lars BANK JØRGENSEN NORDEA KREDIT
FRANCE n Mr Claude SADOUN CRÉDIT IMMOBILIER DE FRANCE n Mr Philippe DUPIN CREDIT FONCIER DE France n Mr Alain GOURIO BNP PARIBAS
GERMANY nD r Bernhard SCHOLZ DEUTSCHE PFANDBRIEFBANK AG nM r Jens TOLCKMITT VERBAND DEUTSCHER PFANDBRIEFBANKEN e.V. nM r Andreas ZEHNDER VERBAND DER PRIVATEN BAUSPARKASSEN
GREECE nM r Christos GORTSOS HELLENIC BANK ASSOCIATION
LATVIA nM r Dzintars KALNINS ASSOCIATION OF LATVIAN COMMERCIAL BANKS nM r Rolands PANKO MORTGAGE AND LAND BANK OF LATVIA nM r Aivars GRAUDINS ASSOCIATION OF LATVIAN COMMERCIAL BANKS
nM r Sergiu OPRESCU ALPHA BANK ROMANIA
SWEDEN nM r Anders EKEDAHL SWEDBANK nM r Anders BORGCRANTZ LÄNSFÖRSÄKRINGAR BANK AB nM r Tomas TETZELL SWEDISH BANKERS’ ASSOCIATION
UNITED KINGDOM
NETHERLANDS
nM r David COWIE MANCHESTER BUILDING SOCIETY
nM r Wim MIJS NEDERLANDSE VERENIGING VAN BANKEN
nM r Adrian COLES BUILDING SOCIETIES ASSOCIATION
nM s Anneloes VAN ULDEN NEDERLANDSE VERENIGING VAN BANKEN
nM r Paul SMEE COUNCIL OF MORTGAGE LENDERS
POLAND n Mr Jacek OBLEKOWSKI PKO BANK POLSKI S.A. nM rs Agnieszka DREWICZTULODZIECKA MORTGAGE CREDIT FOUNDATION n Mr Robert PIKULA BANK ZACHODNI WBK S.A. www.hypo.org | EMF ANNUAL REPORT Activities 2011 |
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External Relations
Committee Members and Staff
ECONOMIC AFFAIRS COMMITTEE n Chairman : Mr Wolfgang KALBERER VERBAND DEUTSCHER PFANDBRIEFBANKEN e.V. (Association of German Pfandbrief Banks) n Rapporteur: Mr Peter TALKS EUROPEAN MORTGAGE FEDERATION
PORTUGAL
n Ms Helen BRELLA THE NATIONAL BANK OF GREECE S.A.
nM r Paulo DE SOUSA CAIXA GERAL DE DEPÓSITOS
HUNGARY nM r László HARMATI FHB LAND CREDIT AND MORTGAGE BANK
ROMANIA nM s Maria BOGODAI ROMANIAN BANKING ASSOCIATION (ALPHABANK)
n Senior Adviser: Mrs Katalin DOBRANSZKY-BARTUS EUROPEAN MORTGAGE FEDERATION
IRELAND
BELGIUM
n Ms Amy WALSH IRISH BANKING FEDERATION
nM r Jean-Louis DE VALCK CREDIT AGRICOLE – LANDBOUWKREDIET
nM s Lorena MULLOR ASOCIACION HIPOTECARIA ESPAÑOLA
ITALY
SWEDEN
nM r Angelo PEPPETTI ASSOCIAZIONE BANCARIA ITALIANA
nM r Johan HANSING SWEDISH BANKERS' ASSOCIATION
NETHERLANDS
TURKEY
nM r Pieter BROMMELCAMP ABN AMRO BANK N.V.
nM r A. Aykut DEMIRAY TURKIYE IS BANKASI A.S. (ISBANK)
n Mr Jeroen DEKKERS ING BANK N.V.
UNITED KINGDOM
POLAND
nM r Paul BROADHEAD THE BUILDING SOCIETIES ASSOCIATION
DENMARK nM r Klaus KRISTIANSEN REALKREDIT DANMARK nM s Mette SAABY PEDERSEN ASSOCIATION OF DANISH MORTGAGE BANKS
FRANCE nM r Alain CARRON CREDIT FONCIER DE FRANCE nM r Henry RAYMOND CAISSE DE REFINANCEMENT DE L’HABITAT
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GREECE
EMF ANNUAL REPORT Activities 2011 | www.hypo.org
nM r Paul O’CONNOR IRISH BANKING FEDERATION
nM r Lukasz MOLENDA BANK ZACHODNI WBK nM s Agnieszka NIERODKA MORTGAGE CREDIT FOUNDATION
SPAIN nM r Juan Carlos MAESO CHOLBI BBVA
External Relations
Committee Members and Staff
LEGAL AFFAIRS COMMITTEE n Chairman: Mr Alain GOURIO BNP PARIBAS n Rapporteur: Ms Sarah KIERAN EUROPEAN MORTGAGE FEDERATION n Senior Adviser: Mrs Jennifer JOHNSON EUROPEAN MORTGAGE FEDERATION
GREECE
PORTUGAL
nM r Konstantinos PANAGOPOULOS HELLENIC BANKS ASSOCIATION
nM r João DIAS GARCIA CAIXA GERAL DE DEPOSITOS
HUNGARY
ROMANIA
nD r András BOTOS ASSOCIATION OF HUNGARIAN MORTGAGE BANKS
nM s Emilia Mirona SPOREA BANCA COMERCIALA ROMANA
IRELAND nM s Louise O’MAHONY IRISH BANKING FEDERATION
SPAIN nM r José Manuel GARCIA CRESPO BBVA
BELGIUM
ITALY
nM r Ignacio Rodriguez NOVOA CAIXA GALICIA
nM r Jozef T’JAMPENS UNION PROFESSIONNELLE DU CREDIT
nM s Francesca Santilli ASSOCIAZIONE BANCARIA ITALIANA
nM r Gregorio ARRAZ PUMAR ASOCIACIÓN HIPOTECARIA ESPAÑOLA – AHE
CZECH REPUBLIC
nM s Federica Allegritti ASSOCIAZIONE BANCARIA ITALIANA
SWEDEN
nM s Radka OPLTOVA CZECH BANKING ASSOCIATION
DENMARK nM s Trineke BORCH JACOBSEN DANISH MORTGAGE BANKS’ FEDERATION nM r Jeppe TORP VESTENTOFT ASSOCIATION OF DANISH MORTGAGE BANKS
FRANCE
nM r Giancarlo POMPEI BANCA MONTE DEI PASCHI DI SIENA S.p.A.
LATVIA
nM r Tomas TETZELL SWEDISH BANKERS' ASSOCIATION
UK nM rs Jackie BENNETT COUNCIL OF MORTGAGE LENDERS
nM s Aiga KRIEVA MORTGAGE AND LAND BANK OF LATVIA
POLAND
nM s Nicole CHAVRIER CRÉDIT FONCIER DE FRANCE
nM s Agnieszka DREWICZTULODZIECKA MORTGAGE CREDIT FOUNDATION
GERMANY
nM s Isabela MAKOWSKA BRE BANK HIPOTECZNY SA
nM r Otmar STÖCKER VERBAND DEUTSCHER PFANDBRIEFBANKEN nM r Christian KÖNIG VERBAND DER PRIVATEN BAUSPARKASSEN E.V.
www.hypo.org | EMF ANNUAL REPORT Activities 2011 |
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External Relations
Committee Members and Staff
STATISTICS COMMITTEE n President: Mr Christian NILSSON SWEDISH BANKERS' ASSOCIATION n Rapporteur: Mr Alessandro Sciamarelli EUROPEAN MORTGAGE FEDERATION
BELGIUM nM r Frans MEEL FEBELFIN
CZECH REPUBLIC nM r Juraj HOLEC HYPOTEČNÍ BANKA, A.S.
GERMANY
PORTUGAL
nM r Thomas HOFER VERBAND DEUTSCHER PFANDBRIEFBANKEN e.V.
nM rs Maria Lúcia BICA CAIXA ECONOMICA MONTEPIO GERAL
HUNGARY nM r Gyula NAGY FHB MORTGAGE BANK
IRELAND nM r Anthony O'BRIEN IRISH BANKING FEDERATION
ITALY
nM r João NEVES CAIXA ECONOMICA MONTEPIO GERAL
ROMANIA nM r Stefan DINA ROMANIAN BANKING ASSOCIATION
SPAIN
nM r Marco MARINO ASSOCIAZIONE BANCARIA ITALIANA
nM s Irene PEŇA CUENCA ASOCIACIÓN HIPOTECARIA ESPAÑOLA
nM r Kaare CHRISTENSEN ASSOCIATION OF DANISH MORTGAGE BANKS (REALKREDITRAADET)
NETHERLANDS
TURKEY
nM r Nico DE VRIES ING N.V.
nM r. A. Aykut DEMIRAY TURKIYE IS BANKASI A.S.
nM r Flemming Dengsø NIELSEN REALKREDITFORENINGEN
POLAND
DENMARK
France
nM s Agnieszka NIERODKA MORTGAGE CREDIT FOUNDATION
nM r Jean-Marie GAMBRELLE CRÉDIT IMMOBILIER DE FRANCE
nM r Jacek RYSZEWSKI BRE BANK HIPOTECZNY S.A.
UNITED KINGDOM nM s Caroline PURDEY COUNCIL OF MORTGAGE LENDERS
VALUATION COMMITTEE HUNGARY
PORTUGAL
nM r Ákos FISCHL OTP JELZALOGBANK
nM r Luis VARANDAS IMOCAIXA
CZECH REPUBLIC
ROMANIA
nM r Michal KREBS KOMERCENI BANKA, A.S.
nM s Yvonne VITIKAN ROMANIAN BANKING ASSOCIATION
ITALY
SPAIN
nM r Angelo PEPPETTI ASSOCIAZIONE BANCARIA ITALIANA
nM s Irene PEÑA CUENCA SPANISH MORTGAGE ASSOCIATION
nM r Ebbe RØJGAARD REALKREDIT DANMARK
POLAND
SWEDEN
GERMANY
n Ms Jadwiga OSTRZECHOWSKA RAIFFEISEN BANK POLSKA S.A.
nM r Jonny HEVING STADSHYPOTEK
THE NETHERLANDS
UNITED KINGDOM
nM r Chris DE RUITER FGH BANK N.V.
n Mr Paul TROTT BARNWOODS LTD
n Chairman: Mr José Ramón ORMAZABAL SANTANDER GROUP n Rapporteur: Ms Jennifer JOHNSON EUROPEAN MORTGAGE FEDERATION
DENMARK nM rs Marie LUND BENDTSEN ASSOCIATION OF DANISH MORTGAGE BANKS
nM r Wolfgang KÄLBERER VERBAND DEUTSCHER PFANDBRIEFBANKEN e.V. nM r Christoph KETTEL EUROHYPO AG 30 |
EMF ANNUAL REPORT Activities 2011 | www.hypo.org
External Relations
Committee Members and Staff
ECBC STEERING COMMITTEE n Chairman: Paul O’CONNOR ACS IRELAND/IRISH BANKING FEDERATION
ITALY
SWEDEN
nP aolo CANCELLARO INTESA-SANPAOLO/ABI
n Luca BERTALOT Deputy Secretary General, EMF; Head of ECBC
nS tefano PATRUNO INTESA-SANPAOLO/ABI
n F anny BORGSTRÖM ASCB – ASSOCIATION OF SWEDISH COVERED BOND ISSUERS
n Benjamin BURLAT Economic Adviser n Paloma REPULLO CONDE Economic Adviser
DENMARK n Karsten BELTOFT REALKREDITFORENINGEN n Carsten TIRSBÆK MADSEN REALKREDITRÅDET
FRANCE n Patrick AMAT CAISSE CENTRALE DU CRÉDIT IMMOBILIER DE FRANCE - 3CIF
LUXEMBOURG nR einolf DIBUS EUROHYPOLUX nM arkus THESEN NORD/LB COVERED FINANCE BANK
NETHERLANDS n J ac BESUIJEN DACB - DUTCH ASSOCIATION OF COVERED BOND ISSUERS nW ybe VAN DIJK NVB - NETHERLANDS BANKERS ASSOCIATION
PORTUGAL nA lda PEREIRA CAIXA GERAL DE DEPOSITÓS S.A.
n Sandrine GUÉRIN CRÉDIT FONCIER
n E duarda VICENTE CAIXA GERAL DE DEPOSITÓS S.A.
GERMANY
SPAIN
n Sascha KULLIG VERBAND DEUTSCHER PFANDBRIEFBANKEN E.V.
nA ntonio TORÍO ASOCIACIÓN HIPOTECARIA ESPAÑOLA - AHE
n Jens TOLCKMITT VERBAND DEUTSCHER PFANDBRIEFBANKEN E.V.
nA lex VALENCIA ASOCIACIÓN HIPOTECARIA ESPAÑOLA - AHE
nO la LITTORIN ASCB – ASSOCIATION OF SWEDISH COVERED BOND ISSUERS
UK n L uciano CHIARELLI UNICREDIT nS teffen DAHMER JP MORGAN nB oudewijn DIERICK BNP PARIBAS nR oger KUNTSCHE JP MORGAN nH eiko LANGER BNP PARIBAS nM auricio NOE DEUTSCHE BANK AG nB ernd VOLK DEUTSCHE BANK AG n Philipp WALDSTEIN UNICREDIT
www.hypo.org | EMF ANNUAL REPORT Activities 2011 |
31
External Relations
EMF Secretariat nA nnik LAMBERT Secretary General
n J ennifer JOHNSON Senior Legal Adviser
n J ean-Michel CORBISIER Head of Communications
nD aniel BRADLEY Assistant to the Secretary General
nP eter TALKS Head of Economic Affairs
n J ane GIMBER Senior Communications Officer
nS ophie BLAVE Administrative Assistant
nK atalin DOBRANSZKY-BARTUS Senior Economic Adviser
nS arah KIERAN Head of Legal Affairs
nA lessandro SCIAMARELLI Head of Statistics
ECBC Secretariat n L uca BERTALOT Deputy Secretary General, EMF; Head of ECBC nB enjamin BURLAT Economic Adviser nP aloma REPULLO CONDE Economic Adviser
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EMF ANNUAL REPORT Activities 2011 | www.hypo.org
2011
activities
EMF ANNUAL REPORT
EUROPEAN MORTGAGE FEDERATION ANNUAL REPORT ACTIVITIES 2011