Regulatory Alerts2025-07-31
Added · Updated
Circular CSSF 25/895: Information to be Transmitted for Covered Bond Issues under the Law of 8 December 2021
Luxembourg credit institutions issuing covered bonds must transmit specific information to the CSSF in accordance with the Law of 8 December 2021. Quarterly data for points 1, 4, 5, and 6 of Article 16 must be submitted using defined Excel templates, while annual reports for points 2, 3, and 7 must be submitted as free-form PDF documents. Submissions must adhere to strict file naming conventions and are due on dates aligned with COREP/FINREP reporting deadlines, requiring institutions to request secure transmission links from the CSSF.
Circular CSSF 25/895
Information to be transmitted in the context of the issuance of covered bonds under the Law of 8 December 2021
To credit institutions issuing covered bonds Luxembourg, 31 July 2025
Dear Sirs, Madams,
-
This circular aims to define the format, content, and transmission procedures for the information to be submitted to the CSSF by Luxembourg law credit institutions that have issued covered bonds (hereinafter "issuing credit institutions"), in application of the Law of 8 December 2021 on the issuance of covered bonds (hereinafter the "Law").
-
The terms and references used in the information tables, as well as the regulatory limits and ratios mentioned therein, are defined in the Law.
-
The information referred to in Article 16 of the Law must be transmitted separately according to the following procedures: i. quarterly and by means of the tables defined by the CSSF in the annex for the information referred to in points 1°, 4°, 5° and 6°; ii. annually in a free-form PDF report for the information referred to in points 2°, 3° and 7°.
-
For the transmission of the information referred to in points 1°, 4°, 5° and 6°, issuing credit institutions are requested to complete the table appearing in the annex, which is available in electronic format on our website at https://www.cssf.lu/en/Document/annexe-a-la-circulaire-cssf-25-895/. Issuing credit institutions are requested to respect the integrity of the file, i.e., not to modify the structure of the tables included therein. For issuing credit institutions with multiple issuance programs, the tabs to be completed with data at the level of each issuance program must be duplicated per issuance program. This approach is to be adopted for tabs to be completed by covered bond and/or currency. The file name must respect the following convention: OTHREP-Bxxxx-LDG_Reporting_YYYY_MM. The sequence "xxxx" must be replaced by the four-digit identification number of the issuing credit institution, and the sequences "YYYY" and "MM" must be replaced respectively by the year and month to which the data refer. The file must necessarily be in ".xlsx" format. No other format will be considered.
The data submission dates have been aligned with the quarterly submission dates of the COREP/FINPR prudential reporting defined by the EBA (i.e., respectively 11 February, 11 May, 11 August and 11 November).
- Regarding the submission of this set of information to the CSSF, the concerned issuing credit institutions must contact reportingbanques@cssf.lu to obtain a secure link to transmit the files.
For any questions regarding this circular, please contact reportingbanques@cssf.lu.
Claude WAMPACH Director
Marco ZWICK Director
Jean-Pierre FABER Director
Françoise KAUTHEN Director
Claude MARX General Manager
Annex Quarterly Tables in .xlsx format
General Remarks
In the case of an issuing credit institution with multiple covered bond issuance programs in a given category of covered bonds, the tabs COVLDG-HYPO, COVLDG-PUB, COVLDG-MOB, COVLDG-ENR, OGEQS are to be duplicated per issuance program without modifying the structure of the underlying tables.
In this context, the tab naming convention is to add a _Z where Z is an integer, starting from 1 and increasing with each issuance program as referenced in column C of the "Types of covered bonds" tab/table detailing the covered bond issuance programs. Example: COVLDG-HYPO_1 for the issuance program related to mortgage covered bonds referenced 1 in the detailed table of covered bond issuance programs.
The same applies to the LIQ and MAT tabs (per covered bond/currency). In this context, the tab naming convention is as follows:
- LIQ_X where X is an integer, starting from 1 and increasing with each issuance program/ISIN as referenced in column B of the "Types of covered bonds" tab/table detailing the covered bond issuance programs.
- MAT_Z_DEV where Z is an integer, starting from 1 and increasing with each issuance program as referenced in column C of the "Types of covered bonds" tab/table detailing the covered bond issuance programs and DEV is the ISO code of the reported currency (enter ALL for all currencies combined).
Reference Date: DD/MM/YYYY
| Numerator (1), Denominator (2), Ratio (3) | Amount |
|---|---|
| 1 cf. sum of coverage requirements | |
| 2 according to FINREP reporting (F1.3, r310, c010) | |
| 3 | |
| 4 Ratio = 1 / (2-3) Max 20% | #DIV/0! |
| Total commitments, including own funds | |
| Total eligible deposits (article 1 point 37 law of 18 December 2015) | |
| To be completed for all issued covered bonds |
Limit specific to credit institutions other than a covered bond issuing bank - Art. 2, 2° of the amended Law of 8 December 2021 on the issuance of covered bonds (hereinafter "LELG") Total coverage pools (article 1 18° LELG)
Types of issued covered bonds
| Nominal Amount (in EUR) | |
|---|---|
| of which nominal amount of covered bonds authorized to bear the label "European Guaranteed Bonds" according to article 4 (1) 1° and 2°, (2) and (3) LELG | |
| of which nominal amount of covered bonds authorized to bear the label "Super Senior European Guaranteed Bonds" according to article 4 (1) 1° and 2°, (2) and (3) LELG | |
| of which nominal amount not put into circulation ["conserved" covered bond] (in EUR) |
A In the form of "mortgage covered bonds" referred to in article 3 (1) 1° and 2° B In the form of "public covered bonds" referred to in article 3 (1) 3° and 4° LELG C In the form of "movable covered bonds" referred to in article 3 (1) 5° and 6° LELG D In the form of "renewable energy covered bonds" referred to in article 3 (1) 7° LELG E public covered bonds F renewable energy covered bonds
| Issuance Program Number | Issuance Program | ISIN (if available) | Label (Not applicable/European Guaranteed Bond/Super Senior European Guaranteed Bond) | Type of Covered Bond | Maturity | Currency | Nominal Amount in Currency |
|---|---|---|---|---|---|---|---|
| (Enter X, an integer, starting from 1 and increasing with each issuance program / ISIN combination) | DD/MM/YYYY | ||||||
| Enter Z, an integer, starting from 1 with each issuance program... |
In accordance with article 3 LELG For each covered bond issuance program, indicate:
| Nominal Amount (in EUR) | |
|---|---|
| of which nominal amount of covered bonds authorized to bear the label "European Guaranteed Bonds" according to article 4 (1) 1° and 2°, (2) and (3) LELG | |
| of which nominal amount not put into circulation ["conserved" covered bond] (in EUR) | |
| Covered by transitional provisions referred to in article 41 LELG |
| Nominal Amount | Present Value |
|---|---|
| 1) Ordinary coverage assets (articles 6 (4) 1° and 8 LELG) | - - |
| a loans secured by residential real estate | - - |
| b loans secured by industrial, commercial or professional real estate | - - |
| c loans secured by real estate under construction | - - |
| of which (a+b+c) of which loans acquired under article 3 paragraph 3 | - - |
| d In the case of loans in the form of/secured by bonds or other similar debt securities | |
| d.1 intragroup guaranteed bonds (article 3, paragraph 2, 1°) | - - |
| d.2 secured by public authorities (article 3, paragraph 2, 2°) | - - |
| 2) Replacement assets (article 6 (4) 2° and (6) LELG) | - - |
| a cash | - - |
| b assets referred to in article 6 (6) 2° LELG | - - |
| c guaranteed bonds referred to in article 6 (6) 3° LELG | - - |
| d commitments of public authorities referred to in article 6 (6) 4° LELG | - - |
| 3) Liquid assets (articles 6 (4) 3° and 9) | - - |
| 4) Claims associated with derivative contracts (articles 6 (4) 4° and 7) | - - |
| Nominal Amount | Present Value |
|---|---|
| 5) Commitments related to covered bonds | - - |
| a principal payment obligations (article 6 (3) 1° LELG) | - - |
| b interest payment obligations (article 6 (3) 2° LELG) | - - |
| c payment obligations associated with derivative contracts (article 6 (3) 3° LELG) | - - |
| d maintenance and management costs referred to in article 6 (3) 4° LELG. | - - |
In the event that the 2% flat rate is not applied, specify the rate retained below:
| Amount/Outstanding Nominal | Present Value |
|---|---|
| 6) Total nominal outstanding of covered bonds | |
| 7) Nominal value of covered bonds | |
| 8) Coverage pool (1+2+3+4) | - - |
| of which assets used to cover costs referred to in article 6 (3) 4° LELG | - - |
| R1 | Proportion of replacement assets in the coverage pool (article 6 (6) LELG) | = 2 / 7 | MAX 20% | #DIV/0! |
|---|---|---|---|---|
| R2 | Proportion of real estate and movable property under construction in ordinary coverage values (article 8 (3) LELG) | = 1 c / 1 | MAX 20% | #DIV/0! |
| R3 | Nominal coverage ratio (article 6 (2) LELG) | = (1+2+3+4) / 6 | MIN 100% | #DIV/0! |
| R3 Bis | Coverage ratio based on present value (article 6 (1) LELG) | = (1+2+3+4) / 5 | MIN 100% | #DIV/0! |
| R4 | Nominal overcollateralization of covered bonds | = [(1+2+3+4) / 6]-100% | MIN 5% | #DIV/0! |
| R4 Bis | If applicable, legal or contractual overcollateralization in present value | = [(1+2+3+4) / 5]-100% | MIN XX % | #DIV/0! |
| Present Value | Amount of principal of combined privileges | Level of contribution |
|---|---|---|
| L5 for assets contributing up to 70% of their value under article 8 (2) 1st paragraph, first sentence | 0,00% | |
| L6 for assets contributing for their value under article 8 (2) 1st paragraph, last sentence | 0,00% | |
| L7 for assets contributing up to 60% of their value under article 8 (2) 2nd paragraph, first sentence | 0,00% | |
| L8 for assets contributing up to 80% of their value under article 8 (2) 2nd paragraph, second sentence | 0,00% |
In accordance with articles 3, 4, 6 and 8 LELG
E- Level of contribution in value of physical assets to the coverage of liabilities (article 8 (2) LELG), if applicable
A- Coverage Assets B- Commitments related to covered bonds C- Nominal outstanding of covered bonds of the category
Programme d'émission Reference Date: DD/MM/YYYY
To be completed for each category of mortgage covered bonds, per issuance program. In case of eligibility for the status of Super Senior European Guaranteed Bond, also complete the OGEQS table.
| Nominal Amount | Present Value |
|---|---|
| 1) Ordinary coverage assets (articles 6 (4) 1° and 3 LELG) | - - |
| e Loans to public authorities in accordance with article 3 (1) 3° | - - |
| Loans secured by: | |
| f public authorities in accordance with article 3 (1) 4° paragraph a) | - - |
| g bonds issued in accordance with article 3 (1) 4° paragraph b) | - - |
| h bonds issued in accordance with article 3 (1) 4° paragraph c) | - - |
| i commitments taken in accordance with article 3 (1) 4° paragraph d) | - - |
| of which (e+f+g+h+i) of which loans acquired under article 3 paragraph 3 | - - |
| d In the case of loans in the form of/secured by bonds or other similar debt securities | |
| d.1 intragroup guaranteed bonds (article 3, paragraph 2, 1°) | - - |
| d.2 secured by public authorities (article 3, paragraph 2, 2°) | - - |
| 2) Replacement assets (article 6 (4) 2° and (6)) | - - |
| a cash | - - |
| b assets referred to in article 6 (6) 2° LELG | - - |
| c guaranteed bonds referred to in article 6 (6) 3° LELG | - - |
| d commitments of public authorities referred to in article 6 (6) 4° LELG | - - |
| 3) Liquid assets (articles 6 (4) 3° and 9) | - - |
| 4) Claims associated with derivative contracts (articles 6 (4) 4° and 7) | - - |
| Outstanding Nominal | Present Value |
|---|---|
| 5) Commitments related to covered bonds | - - |
| a principal payment obligations (article 6 (3) 1° LELG) | - - |
| b interest payment obligations (article 6 (3) 2° LELG) | - - |
| c payment obligations associated with derivative contracts (article 6 (3) 3° LELG) | - - |
| d maintenance and management costs referred to in article 6 (3) 4° LELG. | - - |
In the event that the 2% flat rate is not applied, specify the rate retained below:
| Amount/Outstanding Nominal | Present Value |
|---|---|
| 6) Total nominal outstanding of covered bonds | |
| 7) Nominal value of covered bonds | |
| 8) Coverage pool (1+2+3+4) | - - |
| of which assets used to cover costs referred to in article 6 (3) 4° LELG | - - |
| R1 | Proportion of replacement assets in the coverage pool (article 6 (6) LELG) | = 2 / 7 | MAX 20% | #DIV/0! |
|---|---|---|---|---|
| R3 | Nominal coverage ratio (article 6 (2) LELG) | = (1+2+3+4) / 6 | MIN 100% | #DIV/0! |
| R3 Bis | Coverage ratio based on present value (article 6 (1) LELG) | = (1+2+3+4) / 5 | MIN 100% | #DIV/0! |
| R45 | Nominal overcollateralization of covered bonds | = [(1+2+3+4) / 6]-100% | MIN 5% | #DIV/0! |
| R4 Bis | If applicable, legal or contractual overcollateralization in present value | = [(1+2+3+4) / 5]-100% | MIN XX % | #DIV/0! |
To be completed for each category of public covered bonds, per issuance program. In case of eligibility for the status of Super Senior European Guaranteed Bond, also complete the OGEQS table.
A- Coverage Assets B- Commitments related to covered bonds C- Nominal outstanding of covered bonds of the category D- Limits and coverage requirements
Programme d'émission Reference Date: DD/MM/YYYY
In accordance with articles 3, 4, 6, 7 and 9 LELG
In accordance with articles 3, 4, 6 and 8 LELG
| Nominal Amount | Present Value |
|---|---|
| 1) Ordinary coverage assets (articles 6 (4) 1° and 8 LELG) | - - |
| j loans secured by aircraft | - - |
| k loans secured by ships and boats | - - |
| l loans secured by railway objects | - - |
| c loans secured by movable property under construction | - - |
| of which (j+k+l+c) of which loans acquired under article 3 paragraph 3 | - - |
| d In the case of loans in the form of/secured by bonds or other similar debt securities | |
| d.1 intragroup guaranteed bonds (article 3, paragraph 2, 1°) | - - |
| d.2 secured by public authorities (article 3, paragraph 2, 2°) | - - |
| 2) Replacement assets (article 6 (4) 2° and (6) LELG) | - - |
| a cash | - - |
| b assets referred to in article 6 (6) 2° LELG | - - |
| c guaranteed bonds referred to in article 6 (6) 3° LELG | - - |
| d commitments of public authorities referred to in article 6 (6) 4° LELG | - - |
| 3) Liquid assets (articles 6 (4) 3° and 9) | - - |
| 4) Claims associated with derivative contracts (articles 6 (4) 4° and 7) | - - |
| Outstanding Nominal | Present Value |
|---|---|
| 5) Commitments related to covered bonds | - - |
| a principal payment obligations (article 6 (3) 1° LELG) | - - |
| b interest payment obligations (article 6 (3) 2° LELG) | - - |
| c payment obligations associated with derivative contracts (article 6 (3) 3° LELG) | - - |
| d maintenance and management costs referred to in article 6 (3) 4° LELG. | - - |
In the event that the 2% flat rate is not applied, specify the rate retained below:
| Amount/Outstanding Nominal | Present Value |
|---|---|
| 6) Total nominal outstanding of covered bonds | |
| 7) Nominal value of covered bonds | |
| 8) Coverage pool (1+2+3+4) | - - |
| of which assets used to cover costs referred to in article 6 (3) 4° LELG | - - |
| R1 | Proportion of replacement assets in the coverage pool (article 6 (6) LELG) | = 2 / 7 | MAX 20% | #DIV/0! |
|---|---|---|---|---|
| R2 | Proportion of real estate and movable property under construction in ordinary coverage values (article 8 (3) LELG) | = 1 c / 1 | MAX 20% | #DIV/0! |
| R3 | Nominal coverage ratio (article 6 (2) LELG) | = (1+2+3+4) / 6 | MIN 100% | #DIV/0! |
| R3 Bis | Coverage ratio based on present value (article 6 (1) LELG) | = (1+2+3+4) / 5 | MIN 100% | #DIV/0! |
| R4 | Nominal overcollateralization of covered bonds | = [(1+2+3+4) / 6]-100% | MIN 5% | #DIV/0! |
| R4 Bis | If applicable, legal or contractual overcollateralization in present value | = [(1+2+3+4) / 5]-100% | MIN XX % | #DIV/0! |
| Present Value | Amount of principal of combined privileges | Level of contribution |
|---|---|---|
| L5 of which assets contributing up to 70% of their value under article 8 (2) 1st paragraph, first sentence | % | |
| L6 of which assets contributing for their value under article 8 (2) 1st paragraph, last sentence | % | |
| L7 of which assets contributing up to 60% of their value under article 8 (2) 2nd paragraph, first sentence | % |
E- Level of contribution in value of physical assets to the coverage of liabilities (article 8 (2) LELG), if applicable
To be completed for each category of movable covered bonds, per issuance program. In case of eligibility for the status of Super Senior European Guaranteed Bond, also complete the OGEQS table.
A- Coverage Assets B- Commitments related to covered bonds C- Nominal outstanding of covered bonds of the category D- Limits and coverage requirements
Programme d'émission Reference Date: DD/MM/YYYY
In accordance with articles 3, 4, 6 and 8 LELG
| Nominal Amount | Present Value |
|---|---|
| 1) Ordinary coverage assets (articles 6 (4) 1° and 8 LELG) | - - |
| m loans secured by real estate related to renewable energy generating projects | - - |
| n loans secured by movable property related to renewable energy generating projects | - - |
| c loans secured by real estate/movable property under construction | - - |
| of which (m+n+c) of which loans acquired under article 3 paragraph 3 | - - |
| d In the case of loans in the form of/secured by bonds or other similar debt securities | |
| d.1 intragroup guaranteed bonds (article 3, paragraph 2, 1°) | - - |
| d.2 secured by public authorities (article 3, paragraph 2, 2°) | - - |
| d.3 under article 3 paragraph 2, 3° | - - |
| 2) Replacement assets (article 6 (4) 2° and (6)) | - - |
| a cash | - - |
| b assets referred to in article 6 (6) 2° LELG | - - |
| c guaranteed bonds referred to in article 6 (6) 3° LELG | - - |
| d commitments of public authorities referred to in article 6 (6) 4° LELG | - - |
| 3) Liquid assets (articles 6 (4) 3° and 9) | - - |
| 4) Claims associated with derivative contracts (articles 6 (4) 4° and 7) | - - |
| Outstanding Nominal | Present Value |
|---|---|
| 5) Commitments related to covered bonds | - - |
| a principal payment obligations (article 6 (3) 1° LELG) | - - |
| b interest payment obligations (article 6 (3) 2° LELG) | - - |
| c payment obligations associated with derivative contracts (article 6 (3) 3° LELG) | - - |
| d maintenance and management costs referred to in article 6 (3) 4° LELG. | - - |
In the event that the 2% flat rate is not applied, specify the rate retained below:
| Amount/Outstanding Nominal | Present Value |
|---|---|
| 6) Total nominal outstanding of covered bonds | |
| 7) Nominal value of covered bonds | |
| 8) Coverage pool (1+2+3+4) | - - |
| of which assets used to cover costs referred to in article 6 (3) 4° LELG | - - |
| R1 | Proportion of replacement assets in the coverage pool (article 6 (6) LELG) | = 2 / 7 | MAX 20% | #DIV/0! |
|---|---|---|---|---|
| R2 | Proportion of real estate and movable property under construction in ordinary coverage values (article 8 (3) LELG) | = 1 c / 1 | MAX 20% | #DIV/0! |
| R3 | Nominal coverage ratio (article 6 (2) LELG) | = (1+2+3+4) / 6 | MIN 100% | #DIV/0! |
| R3 Bis | Coverage ratio based on present value (article 6 (1) LELG) | = (1+2+3+4) / 5 | MIN 100% | #DIV/0! |
| R4 | Nominal overcollateralization of covered bonds | = [(1+2+3+4) / 6]-100% | MIN 5% | #DIV/0! |
| R4 Bis | If applicable, legal or contractual overcollateralization in present value | = [(1+2+3+4) / 5]-100% | MIN XX % | #DIV/0! |
| Present Value | Amount of principal of combined privileges | Level of contribution |
|---|---|---|
| L5 of which assets contributing up to 70% of their value under article 8 (2) 1st paragraph, first sentence | % | |
| L6 of which assets contributing for their value under article 8 (2) 1st paragraph, last sentence | % | |
| L9 of which assets contributing up to 50% or more of their value under article 8 (2) 3rd paragraph, second sentence | % |
In case of application of a rate greater than 50%, specify the rate retained below: %
E- Level of contribution in value of physical assets to the coverage of liabilities (article 8 (2) LELG), if applicable
D- Limits and coverage requirements
To be completed for each category of renewable energy covered bonds, per issuance program. In case of eligibility for the status of Super Senior European Guaranteed Bond, also complete the OGEQS table.
A- Coverage Assets B- Commitments related to covered bonds C- Nominal outstanding of covered bonds of the category
Programme d'émission Reference Date: DD/MM/YYYY
| Values of exposures / values of coverages in accordance with the provisions of article 129 CRR, paragraphs 1 bis to 3 (A) | Of which those contributing to the overcollateralization provided for in article 129 CRR, paragraph 3 bis (B) | Net values excluding contribution to overcollateralization (C)=(A)-(B) |
|---|---|---|
| a) Exposures on or guaranteed by European Union entities (129 (1) a) CRR) | 0 | |
| a1 of which loans granted to or guaranteed by public companies (article 4 (1) 2° LELG) | 0 | |
| b) Exposures on or guaranteed by entities from third countries (129 (1) b) CRR) | 0 | |
| b1 - relevant to 1st credit quality tier | 0 | |
| b2 - relevant to 2nd credit quality tier | 0 | |
| c) Exposures on credit institutions (129 (1) c) CRR) | 0 | |
| c1 - relevant to 1st credit quality tier | 0 | |
| c2 - relevant to 2nd credit quality tier | 0 | |
| c3 - relevant to 3rd credit quality tier | 0 | |
| d) Loans secured by residential real estate | 0 | |
| e) Fully secured residential real estate loans by a protection provider | 0 | |
| f) Loans secured by commercial real estate | 0 | |
| g) Loans secured by maritime liens on ships | 0 | |
| T Total eligible coverage assets (a+b+c+d+e+f+g) | 0 | |
| N Amount of total nominal outstanding of guaranteed bonds | ||
| (T/N)-1 Overcollateralization | #DIV/0! |
Ratios based on the value of exposures, excluding exposures contributing to overcollateralization (C) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Control of specific limits applicable to Super Senior European Guaranteed Bonds in accordance with the provisions of article 129 CRR, paragraph 1 b) and 1 bis a) to d)
Ratio based on the value of exposures, including exposures contributing to overcollateralization (A)
| Limit fixed by article 129 (1) b) - b2 / N less than or equal to 20% | #DIV/0! |
|---|---|
| Limit fixed by article 129 (1 bis) d) - (c1 + c2 + c3) / N less than or equal to 15% | |
| Limit fixed by article 129 (1 bis) a) - c1 / N less than or equal to 15% | |
| Limit fixed by article 129 (1 bis) b) - c2 / N less than or equal to 10% | |
| Limit fixed by article 129 (1 bis) c) - c3 / N less than or equal to 8% | |
| Limit fixed by article 129 (1 bis) d) - (c2 + c3) / N less than or equal to 10% |
"Super Senior European Guaranteed Bond" - To be completed individually for each covered bond issuance program
In accordance with article 4 LELG
| of which short-term deposits with an initial maturity not exceeding 100 days | | | of which derivative contracts compliant with article 7 (3) LELG | |
Programme d'émission Reference Date: DD/MM/YYYY
By type of eligible asset in accordance with
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