Germany joins Spain, failing transparency standard

Three large, benchmark issuing German banks failed to publish cover pool data by April 30, contravening new transparency provisions stipulated in the Pfandbrief Act 2010. Although minor, the incident shows that even in core jurisdictions, banks have not fully adjusted to new guidelines. With investors, backed by the European Central Bank, likely to succeed in pushing for even greater transparency, banks will have to become more adept at dealing with change — or risk the consequences.