The European Bank for Reconstruction & Development (EBRD) has appointed an observer representative to the Covered Bond Label advisory council, naming Hugh Friel, manager, local currency and capital market development team, to the body.

The EBRD joins the European Banking Authority and European Central Banks in having observer representatives on the committee, which supports the Covered Bond Label Foundation in the development of the Label.

“We very much welcome Mr Friel’s appointment to the Covered Bond Label Advisory Council as this will further enrich the debate amongst global covered bond stakeholders at what is a crucial moment for the industry,” said Luca Bertalot, secretary general of the EMF-ECBC, which led the introduction of the Label.

“In this context, the Label highlights the capability of the covered bond market to converge in terms of market best practices and qualitative characteristics, supporting the macro-prudential recognition of the asset class in ongoing legislative debates at the global level.”

The most recent previous appointment was Wojciech Zielonka of Canada Mortgage & Housing Corporation as national authority representative. The third part of the advisory council comprises market representatives.