Press Release
IMA WELCOMES IMPROVED COVERED BOND REGIME
10 March 2008
Responding to the Treasury and Financial Services Authority's (FSA) UK Regulated Covered Bond Regime, which came in to effect on 6 March, the Investment Management Association (IMA) has broadly welcomed the regime, which takes investor concerns into account and offers a higher quality regime than previous proposals.
Jane Lowe, Director of Markets at IMA, said:
"Now that there is a formal UK regime for covered bonds there is more scope for activity in this market. It is likely the new regime will be used initially by bank issuers seeking to transfer existing unregulated covered bonds into the new regulated regime to benefit from improved capital weighting. But in the longer term, a regulated regime should promote investor confidence and bring more issuance activity."
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