The World Bank has appointed as an observer representative to the Covered Bond Label advisory council Loïc Chiquier, chief technical officer and senior advisor of its Finance & Markets Global Practice.

The Covered Bond Label has this year been opened up to non-EEA issuers for the first time. The appointment of Chiquier follows that of Hugh Friel, manager of the local currency and capital market development team at the European Bank for Reconstruction and Development (EBRD), on 19 March.

“The participation of the World Bank Group in the Covered Bond Label initiative confirms the global importance of the covered bond asset class as an instrument which can increase both financial stability and access to capital markets,” said Luca Bertalot, secretary general of the EMF-ECBC.

“The involvement of the World Bank Group alongside the EBRD will further enrich cross-region debate in the covered bond community and help to ensure convergence of covered bond standards in emerging markets.”

The European Banking Authority and European Central Bank also have observer representatives on the committee, which is responsible for supporting the Covered Bond Label Foundation in the development of the Label and promoting the macro-prudential role of the asset class.

Photo: World Bank