The Polish Council of Ministers yesterday (Tuesday) approved a draft covered bond law that had been awaiting its acceptance since last summer, paving the way for the bill to proceed to parliament and be finalised, according to the Polish Mortgage Credit Foundation.

The draft legislation was approved by the Polish Ministry of Finance in July 2014 and then needed to be approved by the Polish cabinet. This had been expected to be a formality, but the legislative process was held up, leading to mBank representatives to write an opinion piece for a Polish business newspaper last month complaining at the lack of progress.

The Polish cabinet has now approved the draft legislation, the Polish Mortgage Credit Foundation said yesterday. The industry body said that further work will now be conducted by parliament and the draft law finalised.