Covered Bond
Achmea Hypotheekbank set up a EUR 10 billion covered bond financing programme in early 2007. The collateral structure of this programme is based on the issue, by a specially formed company named Achmea Covered Bond Company B.V. (‘ACBC’), of a guarantee of payment by Achmea Hypotheekbank of interest and capital on the bond loans. In exchange, Achmea Hypotheekbank transfers mortgage receivables to ACBC. The value of the transferred portfolio of mortgage receivables is proportional to the nominal value of the bond loans taken up by Achmea Hypotheekbank under the programme. If a claim is made against the guarantee, ACBC will assume
the management of the transferred portfolio with a view to discharging the guaranteed liabilities out of income from interest and repayment of principal. ACBC in turn has pledged the mortgage portfolio to Stichting Trustee Achmea Covered Bond Company as security for its liabilities. ACBC's managent board is formed by ATC Management B.V.; management of the Stichting Trustee Achmea Covered Bond Company is formed by ANT Trust & Corporate Services N.V.
The programme is not registered with the Dutch Central Bank (DNB).
Achmea Hypotheekbank is a subsidiary of Achmea that offers residential mortgage loans in The Netherlands. Achmea Hypotheekbank funds itself in the capital market through the EUR 10 billion Covered Bond Programme and EUR 10 billion Secured Debt Programme.
