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Mortgage Portfolio

The information contained in this section is related only to the Mortgage Cover Pool collateralizing the Cédulas Hipotecarias issued by the parent company Kutxabank. This collateral is made up of the Mortgage Pool of the parent company, and it does not include the Mortgage Pool of the subsidiary CajaSur Banco SAU.

 

Collateral information

Collateral information

 

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2012

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2013

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2014

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2015

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2016

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2017

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2018

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2019

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2020

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Spanish Cédulas Hipotecarias Legal Framework

Cédulas Hipotecarias have a mandatory over-collateralisation level. The total amount issued in Cédulas Hipotecarias can not be up to the 80% of the Elegible cover pool. The Elegible assets are first-lien residential and commercial non-securitised mortgage loans. The maximun loan-to-value ratio for Residential mortgages is 80%, whereas the Commercial mortgages LTV ratio must not exceed 60%. If the level of over-collateralisation drops bellow that limit, the issuer has to deposit the shortfall in cash with BoS. Then, there is a four month period to restore the minimun over-collateralisation level by adding new elegible mortgages or by redeeming outstanding Cédulas Hipotecarias. In case of insolvency, the whole pool of non-securitised mortgages supports the Cédulas Hipotecarias.

 

 

ECBC HTT Label logo The Covered Bond Label is a quality Label which responds to a market-wide request for improved standards and increased transparency in the European covered bond market (www.coveredbondlabel.com).

 

Questionnaire on transparency

Questionnaire on transparency

 

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2012

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2013

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2014

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2015

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2016

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2017

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2018

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2019

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2020

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Second Party Opinion by Sustainalytics

Sustainalytics, a leading provider of ESG and corporate governance research and ratings to investors, conducted the second party review of Kutxabank’s Social Bond framework and provided an opinion on the allocation, management and reporting aspects of the bond.

Kutxabank Social Bond Review 

 

Update on the use of proceeds

Given Kutxabank´s commitment to transparency, it will divulge a report twice a year to disclose the total amount of loans provided under the VPO program using the social bond proceeds, the number of loans granted,
and the number of individuals to whom Kutxabank granted a mortgage under the VPO program. In the same way, Kutxabank will disclose the number of housing units constructed using social bond proceeds.

2H15 Kutxabank Social Bond update

1H16 Kutxabank Social Bond update

2H16 Kutxabank Social Bond update

1H17 Kutxabank Social Bond update 

2H17 Kutxabank Social Bond update

1H18 Kutxabank Social Bond update

2H18 Kutxabank Social Bond update

1H19 Kutxabank Social Bond update

2H19 Kutxabank Social Bond update

1H20 Kutxabank Social Bond update

2H20 Kutxabank Social Bond update

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