Crédit Mutuel Arkéa has set up a home loans covered bond (Obligations de Financement de l’Habitat) programme. This programme bears the "covered bond" label of the European Covered Bond Council (ECBC). The cover assets ("cover pool") are governed by Directive 2002/47/EC of the European Parliament and Council of June 6, 2002 (tranposed into French law by article L211-36 of the French Monetary and Financial Code) and consist entirely of French residential home loans.
The issuer, Arkéa Home Loans SFH, is a specialised credit institution authorised in France and overseen by the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French banking and insurance supervisory body.
Arkéa Home Loans SFH has direct access to the liquidity of the European Central Bank (ECB). It is authorised to issue home loan bonds, which are covered bonds that comply with the UCITS (Undertakings for Collective Investments in Transferable Securities) directive of the European Parliament.
The outstanding amount of the programme as at 31st December 2016 was €4.5 billion out of a maximum of €10 billion. The following table shows the Group’s public SFH issues, by maturity: