News release: “The review proposes a number of measures to build on the UK’s existing strong covered bond regime. These will make sure UK covered bonds are readily comparable to those from other countries and can compete on level playing field. The review highlights the quality of the UK regime, and will increase the appeal of UK covered bonds to investors. The review also provides an update on the UK’s engagement with its international partners on other areas of policy which relate to covered bonds. A key issue of current discussion is the scope of proposed ‘bail-in’ powers, which would allow the authorities to impose losses on the creditors of a failing financial institution. The UK believes that in the exercise of any bail-in powers, secured creditors’ rights to collateral should not be over-ridden, and that the claims of covered bond holders in relation to the supporting asset pool should not be affected.”