The ECBC hit Barcelona on Catalan independence day, but the revolution ended with a Soviet era leadership coup. The Cover-Up can reveal how the ECBC held two votes, lost two votes, found them again, and betrayed the CRD revolution. Or maybe that’s the Opium Mar cocktails talking…

dj@RadioYerevan.de Radio Eriwan was asked: Is the ECBC a democracy?

dj@RadioYerevan.de Radio Eriwan answers: In principle, yes, but if the result is not as desired then it is not a vote but an “expression of interest”.

Rewriting history: If you look very closely, you can see how a disavowed ECBC steering committee member has been cleverly removed from this photo

darn.renegades@game.com These “expressions of interest” sound an awful lot like indications of interest: they keep changing what they are saying until they get their way.

ed@thecbr.com That sounds like a call to arms to me.

firearm.bluster@bd.com Firearm by name, firearm by nature.

frank.won’t@rbs.gov.uk More like an excuse to have some sex and violence on the cover of your magazine, eh, Neil?

eugene.delacroix@wikipedia.fr Mais non! C’est Liberty leading the people. She is change personified.

father.paul@ecbc.ie Vive la revolution! Now for the UCITS versus CRD vote. So who’s in favour of change?

marianne.liberty@off.fr Revolution? Plutôt revolting. I hope you will not be voting for it.

mauricio.no-way@db.com No-é!

sir.bertalot@ecbc.be So I make that 10 votes in favour, seven against…

father.paul@ecbc.ie Only joking! We’re not holding that vote until 10 October! It’s the leadership pitches first. Let’s hear what ground-breaking strategies the candidates have for taking the covered bond market forward.

valid.el-amir@unidebit.it I will rename the ECBC the European Covered Bonds Front.

jogi.tolckmitt@vdfbp.de And I will rename it the Front of European Covered Bonds.

father.paul@ecbc.ie And the winner is…

sir.bertalot@ecbc.be Father, I have a confession to make. I’m afraid we lost two votes.

father.paul@ecbc.ie Oh Feck! But we’ve only held one! Do we need to call it another “expression of interest”?

sir.bertalot@ecbc.be No. I mean, we lost a couple of the voting slips.

father.paul@ecbc.ie Give me those. Waleed has… Jens has… OK. Pass me that pen… And the winner is: Waleed!

valid.el-amir@unidebit.it What have I gotten myself into? Why couldn’t I have just left this ECBC thing to Intesa?

dj@RadioYerevan.de Radio Eriwan was asked: Is it possible to launch a successful covered bond issue on the day of the conference.

dj@RadioYerevan.de Radio Eriwan answers: In principle, yes, if your definition of success is reducing the size of your issue.

We would like to thank our agent in Opium Mar for introducing The Covered Bond Report to the joys of Radio Yerevan/Eriwan jokes, but any responsibility for poor imitations is the sole responsibility of The CBR. For more, see here, Fritz: http://de.wikipedia.org/wiki/Radio_Eriwan (Or here: http://en.wikipedia.org/wiki/Radio_Yerevan_jokes)