Alessandro Tappi, director of guarantees, securitisation and microfinance at the European Investment Fund (EIF), is joining the Covered Bond Label advisory council for the 2017-2018 mandate, while Portugal has replaced Ireland on the ECBC steering committee after overtaking it in volumes.

The appointment of the EIF’s Tappi as an observer representative on the Label advisory council was approved at a meeting of the Covered Bond Label Committee yesterday (Thursday). The EIF is the European Investment Bank Group’s specialist provider of risk finance for the benefit of SMEs.

“We welcome the support of the European Investment Fund for the Covered Bond Label Initiative,” said Luca Bertalot, secretary general of the EMF-ECBC. “We are confident that Mr Tappi’s expertise, in particular in the area of long-term financing, together with the other new representatives, will surely enrich the debate within the Covered Bond Label Advisory Council and support the continuous enhancement of the Covered Bond Label.”

The EIF joins the likes of the European Central Bank and World Bank in having an observer representative on the advisory council.

The European Covered Bond Council also unveiled the new line-up of its steering committee yesterday, which is subject to approval by its members.

Tappi, EIF

Ireland’s previous position on the steering committee has been taken by Portugal, with the latter having overtaken the former in covered bond outstandings. Portugal had Eu34.961bn of outstandings at the end of 2015, versus the Eu32.205bn of Ireland, and the steering committee is composed of representatives of the 11 largest markets.

Ana Marques of Caixa Geral de Depósitos is Portugal’s representative, taking over from Gavin Purtill of ACS Ireland – Irish Banking Federation.

The remaining steering committee country line-up is unchanged, although several country representatives have changed: Morten Bækmand Nielsen, Association of Danish Mortgage Banks, replaces Carsten Tirsbæk Madsen, BRFkredit; Crédit Foncier’s Olivier Avis replaces Crédit Foncier’s Alcyme Delannoy for France; Gary Staines replaces Rob Collins for the UK Regulated Covered Bond Council; and NIBC’s Niek Allon – who nevertheless remains ECBC deputy chairman – is replaced by his deputy, Jac Besuijen of the Dutch Banking Association.

The issuer member representatives retaining their seats are: Jens Tolckmitt, Association of German Pfandbrief Banks vdp; Alex Valencia Baeza, La Caixa, for Spain; Martin Rydin, Association of Swedish Covered Bond Issuers; Waleed El-Amir, Italian Banking Association; Per Sagbakken, DNB Boligkreditt; and Katarzyna Kapeller, Raiffeisen Bank International, for Austria. The non-issuer members remain Cristina Costa of Société Générale, Boudewijn Dierick of BNP Paribas, Florian Eichert of Crédit Agricole, and Bernd Volk of Deutsche Bank.