Covid curveball complicates Cédulas reform

Spanish Flag Pixabay 230x150
By Bill Thornhill
12 Aug 2020

Spanish Cédulas reform has been widely anticipated for years. However, whether Spain is ready to execute the sweeping reforms necessary to bring the regime into line with the European Union’s covered bond directive remains to be seen, as the impact of the coronavirus risks diverting attention.

Spain has until January 8, 2021 to transpose the covered bond directive into national law and must implement the rules by July 8, 2022. A decision on implementation deadlines is expected to be taken by the industry in September under the auspices of the European covered bond council.

Even ...

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