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2022-07-11

Added 2026-07-26 · Updated 2026-08-03

DNB supervision on covered bonds

Effective 8 July 2022, the Dutch implementation of the European Covered Bonds Directive abolishes issuance caps and backbook ratios under Section 40i of the Decree on Prudential Rules Wft. Existing programmes not adapted to the new regulations are prohibited from making new issuances, while adapted programmes and all new programmes must comply with updated prudential standards and utilize the European covered bond (premium) label. DNB replaces annual programme reviews with a risk-based supervisory approach, requiring banks to submit self-assessment forms to demonstrate compliance with the new legal framework.

Netherlands

De Nederlandsche Bank

Factsheet

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On this page De Nederlandsche Bank (DNB) explains the consequences of the Dutch implementation of the European Covered Bonds Directive on DNB’s supervision on covered bonds. On this page you can also find the up-to-date list of banks that are authorised to issue covered bonds under a covered bond programme and of the labels they may use for the covered bonds.

Published: 11 July 2022

Latest update: 24 October 2022

The Dutch implementation of the Directive (EU) 2019/2162 into the Financial Supervision Act (Wet op het financieel toezicht – Wft) and the Decree on Prudential Rules Wft (Besluit prudentiële regels Wft – Bpr) is applicable as from 8 July 2022. From 8 July 2022, a distinction is made between i) existing programmes not adapted to the new laws and regulations, ii) existing programmes adapted to the new laws and regulations and iii) new programmes. In addition, DNB’s ongoing supervision has changed.

i. Existing programmes not adapted to the new laws and regulations

If a covered bond programme is not adapted to the new laws and regulations, the initial approval decision which DNB took at the time of the programme’s registration remains in force. The issuance caps and backbook ratios imposed at the time of registration and subsequently confirmed or revised in the annual review are no longer applicable, given that Section 40i of the Bpr – the provision on healthy balance sheet ratios – is no longer in force. Of course, attention will be devoted to asset encumbrance in a broader sense as part of DNB’s ongoing prudential supervision, particularly in the SREP.

Covered bonds issued before 8 July 2022 under an existing programme are governed by the transitional regime. As of 8 July 2022, no new issuances can be made under a covered bond programme not adapted to the new laws and regulations, which is also stated in the list of banks and covered bonds that DNB publishes pursuant to Section 1:109 of the Wft. These programmes can still be found in the register .

ii. Existing programmes adapted to the new laws and regulations

Covered bond programmes that are adapted to the new laws and regulations are in principle not subject to a new prior approval decision from DNB. This means that for these adapted programmes, DNB’s initial approval decision upon registration of the programme remains in force. The issuance caps and backbook ratios imposed at the time of registration and subsequently confirmed or revised in DNB’s annual review are no longer applicable, given that Section 40i of the Bpr – the provision on healthy balance sheet ratios – is no longer in force.

However, for the purposes of the ongoing supervision of covered bond programmes, DNB will assess whether these programmes comply with the new laws and regulations. DNB has drawn up a self-assessment form which has already been made available to the banks that already have a covered bond programme in place (either via the DACB or otherwise) and can also be downloaded below. In this form, banks can clarify how the programme complies with the new legislation and regulations and what the changes are compared to the old legislation.

If DNB concludes on the basis of the assessment that the programme complies with the new laws and regulations, DNB will confirm this by means of a decision. DNB will then also include the programme in the list of banks and covered bonds published pursuant to Section 1:109 of the Wft.

iii. New programmes

To make the assessment of new programmes as efficiently as possible, institutions must notify DNB in a timely manner of their intention to set up a new programme. In this preliminary stage, DNB will consider whether the new programme is appropriate from a prudential perspective. Subsequently, once the institution submits its formal request for approval, DNB will check whether it complies with the new laws and regulations. To submit a formal request, the institution must complete a self-assessment form (in line with the previous supervisory practice).

Labeling

Pursuant to the transitional arrangements included in the Covered Bond Directive, covered bonds issued before 8 July 2022 under a programme of which the programme documentation has not been adapted to the new laws and regulations, may be referred to as covered bonds until maturity.

Covered bonds issued before 8 July 2022 under a programme of which the programme documentation has been adapted to the new laws and regulations, will be labeled as European covered bond (premium).

Covered bonds issued under new programmes (set up as from 8 July 2022) automatically receive the European covered bond (premium) label, as only these types of programmes are permitted under the new Dutch laws and regulations.

Regular supervision

With the entry into force of the new legislation and regulations, DNB will also adjust its regular supervision. In contrast to the previous supervisory practice, DNB will no longer review covered bond programmes on an annual basis. The information to be provided under the old or new legislation should be sent to coveredbonds@dnb.nl . DNB will apply a risk-based approach and may come up with questions at any point in time.

Up-to-date list of covered bond programmes

Pursuant to Section 1:109 of the Wft, DNB should publish an up-to-date list of the banks that are authorised to issue covered bonds under a covered bond programme. The list must also include the covered bonds eligible to use the label "European covered bond" or the label "European covered bond (premium)", as referred to in Article 27 of the Covered Bonds Directive.

The current list can be downloaded below.

Questions

If you have any questions regarding the above, please contact your regular contact person by email, with in cc: coveredbonds@dnb.nl .

Downloads

Up-to-date list of banks and covered bonds (only available in Dutch)

(03 June 2026 | 29KB XLSX)

Self-assessment form for adaptation of existing programmes to new laws and regulations (only available in Dutch)

(11 July 2022 | 165KB XLSX)

Self-assessment form for new programmes (only available in Dutch)

(11 July 2022 | 164KB XLSX)

Base Law

Covered Bonds Directive (Refers to an external site)

Amendment of the Wft (in Dutch) (Refers to an external site)

Amendment of the Bpr (in Dutch) (Refers to an external site)