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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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Covered Bond Label

 

ECBC 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

 

1Q

2Q

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4Q

2012

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2013

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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.

 

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