New EU covered bonds framework – what is in it for Croatia?

  • 20 Nov 2018
  • Zagreb, Croatia
  • EBRD, CNB

The European Bank for Reconstruction and Development (EBRD) together with the Croatian National Bank (CNB) are pleased to invite you to attend the one-day event “New EU Covered Bonds Framework – what is in it for Croatia?”.

The event will be held on 20 November 2018 from 9:30 until 15:00 (Local time) in CNB's Libertina Hall and will be attended by authorities, regulators and market participants.

The European Commission has published in March 2018 its proposal on the new EU Covered Bonds Framework. The proposal has sparked great interest and the developments in the field are rapid. With its adoption pending, there is a big question to be answered: Are the Member States ready for its implementation?

The event will be opened by CNB's Boris Vujčić, Governor, EBRD's Pierre Heilbronn, Vice President, Policy. With the aim to examine the topic holisticallly, panelists and speakers representing a broad range of market participants will participate in the event, including from Credit Agricole Corporate and Investment Bank Deutschland: Florian Eichert, Head of Covered Bond & SSA Research; Moody's:  Alexander Zeidler, Vice President – Senior Credit Officer and Tomas Rodriguez-Vigil, Assistant Vice President; Richard Kemmish, Founder, Consulting Limited; PKO Bank Hipoteczny (PKO BH): Jakub Niesłuchowski, Vice President, [TBC]; Slovenská sporiteľňa (SLSP) Richard Košecký, Head of Balance Sheet Management Division; and EBRD: Andreea Moraru, Associate Director-Senior Banker, Jacek Kubas, Principal, Debt Capital Markets and Ivana Milicic, Principal Banker, EBRD Zagreb.

The topics to be covered in the event include the following:

  • Introduction on covered bonds covering the fundamentals of this financial instrument;
  • EBRD’s experience in the covered bonds market from policy and investment perspective;
  • Regional and International success stories in covered bonds with a focus on the CEE region;
  • Practical presentation on how one of the biggest rating agencies rates covered bonds;
  • Covered bonds and EU, examining both the harmonisation of the European covered bond framework and the regulatory challenges related to transposition; and
  • Covered bonds and Croatia, with the focus being on opportunities for investors and issuers.

We look forward to seeing you there!


Date: 20 November 2018, 9:30 – 15:00

Venue: Croatian National Bank, Libertina Hall, Jurišićeva 17, Zagreb, Croatia      

General information: Delegates are responsible for booking their own travel and accommodation. Please note photos may be taken during the event.

For further information, please contact Mirjana Spajic. 

 

 

Agenda

09:00 – 09:30   REGISTRATION & COFFEE

09:30 – 10:00   WELCOMING REMARKS

                        Boris Vujčić, Governor, Croatian National Bank

                        Pierre  Heilbronn, Vice President, Policy and Partnerships, EBRD  

                        Ante Matijević, Assistant Minister, Ministry of Finance

10:00 – 10:30    INTRODUCTION TO COVERED BONDS

                        Richard Kemmish, Founder, Consulting Limited

10:30 - 11:00    EBRD AND COVERED BONDS: POLICY AND INVESTMENTS

                        Andreea Moraru, Associate Director, FI Insurance & Financial Services/Turkey, EBRD

                        Jacek Kubas, Principal, Debt Capital Markets, EBRD

11:00 – 11:40   PANEL: REGIONAL AND INTERNATIONAL SUCCESS STORIES – COVERED BONDS IN THE CEE REGION

  • The 3 years that changed the landscape of the CEE covered bonds
  • EBRD at the front row of legal and regulatory changes and investment
  • What is next for the Region?

                        Moderator: Jacek Kubas, Principal, Debt Capital Markets, EBRD

                        Panelists:

                        Andreea Moraru, Associate Director, FI Insurance & Financial Services/Turkey, EBRD

                        Tomas Rodriguez-Vigil, Assistant Vice President, Moody's Investors Service Ltd. Covered Bonds

                        Jakub Niesłuchowski, Vice President, PKO Bank Hipoteczny (PKO BH) [TBC]

                        Richard Košecký, Head of Balance Sheet Management Division, Slovenská sporiteľňa (SLSP)

                        Florian Eichert, Head of Covered Bond & SSA Research, Credit Agricole Corporate and Investment Bank Deutschland

11:40 – 12:00    COFFEE BREAK

12:00 – 12:20    PRESENTATION: HOW MOODY’S RATE COVERED BONDS?

                        Alexander Zeidler, Vice President – Senior Credit Officer, Moody's Investors Service Ltd. Covered Bonds

 

12:20 – 13:20    CONVERSATION PANELS: COVERED BONDS REGULATORY FRAMEWORK

                        Topic 1: Harmonisation of European covered bond framework – 'European label?' (cca. 25 minutes)

  • European Commission’s proposal for the Directive
  • What are the objectives of the proposed EU framework?
  • Which are the concerns of the covered bonds community?
  • When can we expect the framework to be adopted?

                        Panelists:

                        Richard Kemmish, Founder, Consulting Limited

                        Florian Eichert, Head of Covered Bond & SSA Research, Credit Agricole Corporate and Investment Bank Deutschland

                        Topic 2: Regulatory challenges in relation to Covered Bonds directive transposition (cca. 35 minutes)

  • How can member-states be best prepared and equipped prior to the adoption?
  • How will the adoption of the framework affect natonal legislations?
  • What are the main challenges going forward in Croatia?

                        Moderator: Velimir Šonje, Economist; Arhivanalitika

                        Panelists:

                        Bojan Fras, Vice Governor, Croatian National Bank (CNB)

                        Tomislav Ridzak, Member of the Management Board, Croatian Financial Services Supervisory Agency (HANFA)

                        Edin Karakas, Attorney at Law, Zuric & Partners

13:20 – 14:00    PANEL: COVERED BONDS IN CROATIA – AN OPPORTUNITY FOR ISSUERS AND INVESTORS?

  • Do banks in Croatia have long-term funding sources? If not, do they need them?
  • Can covered bonds serve as a long term funding instrument for banks with cost efficient performance?
  • Can covered bonds provide diversification in banks’ wholesale funding?
  • Which are the opportunities for investors in capital markets with the development of covered bonds?

                        Moderator: Ivana Milicic, Principal Banker, EBRD Zagreb

                        Panelists:

                        Zoran Košćak, Board Member, Raiffeisenbank Austria d.d.

                        Petar Vlaić, President of the Board, Erste Plavi pension fund

                        Zdenko Adrović, Director, Croatian Banking Association (HUB)

14:00 – 14:15    DISCUSSION AND Q&A

14:15 – 15:00    NETWORKING AND LIGHT LUNCH

 

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