Belgium’s long-overdue covered bond legislation
is due by the end of November, according to a lawyer who helped
with its drafting.
Ivan Peeters of Stibbe in Brussels told IFLR that the banking
sector, regulator and law firms have been working on the draft
legislation and royal decree for two years, so the process is
at an advanced stage.
There was a wider consultation earlier in 2011 and the results
are with the National Bank of Belgium for final approval. There
is also agreement between the Belgian banks and the regulators
that covered bonds are a positive step.
"The key thing that is missing is a government," said
Belgium has set the record for the time taken to form a new
democratic government after an...