Outdated browser

You are using an outdated browser. DNB.nl works best with:

06 February 2015 Supervision Supervision label Q&A

Question:

How does DNB decide on a bank’s application to have a category of bonds issued or to be issued by that bank, and the bank itself, entered in a public register?

Answer:

The issuing bank has to demonstrate that the bonds qualify as covered bonds, that is to say that they satisfy (subsections a through f of) the definition of covered bonds set down in Article 1 of the Besluit prudentiële regels Wft [Decree on Prudential Rules for Financial Undertakings]. According to the provisions of Article 20a of the Regeling tot aanpassing van de Uitvoeringsregeling Wft [Regulation of 19 June 2008 amending the Regulation Implementing the Financial Supervision Act] (Staatscourant of 26 June 2008, no. 121), the issuing bank can demonstrate this by furnishing the following documentation to DNB:

  1. A legal opinion by a legal counsellor enabling DNB to conclude that item c of the definition of covered bonds in Article 1 of the Decree on Prudential Rules for Financial Undertakings pursuant to the Wft. DNB is able to do so if the legal opinion (including a ‘reliance statement’) of the said legal counsellor is addressed to De Nederlandsche Bank, with reasons given and corroborated by the documents the legal opinion is based on, and including references to the passages in these documents;
  2. A written statement by the natural persons that define the issuing bank’s policies, setting out that the bonds comply with the definition of covered bonds in Article 1 of the the Besluit prudentiële regels Wft [Decree on Prudential Rules for Financial Undertakings] and that the issuing bank complies with the provisions of Article 124c of the Decree on Prudential Rules for Financial Undertakings. DNB is able to do so if the written statement is addressed to De Nederlandsche Bank, with reasons given and corroborated by the documents the legal opinion is based on, and including references to the passages in these documents;
  3. The information and documentation meant in Article 20a(2) of the aforementioned Regeling tot aanpassing van de Uitvoeringsregeling Wft.

Relevant to:

  • Banks