NETHERLANDS – The representative bodies of banks (NVB) and insurers (VvV) in the Netherlands have established the Dutch Securitisation Association (DSA) in a bit to "restart" the local securitisation market.

The DSA said its first goals were to introduce a standard for securitising Dutch mortgage loans, improve transparency and decrease complexity.

The standard will be to focus on reporting frequently for investors, as well as uniformity of documentation, it added.

The organisation's new website will show information on the market, as well as on the Dutch mortgages and housing market.

It will also publish loan-level data on all issued transactions, it said.

"By supplying the information to the European Data Warehouse (ED), the participating players comply with an ECB condition for the collateral value of securitisations," the DSA said, adding that issuing institutions were to acquire a stake in the ED.

The DSA said its goals were fully in tune with the recently announced Prime Collaterised Securities initiative (PCS).

Because issuing parties must indicate in their prospectus whether they comply with the Dutch standard, investors get clarity about Dutch securitisation transactions under the PCS label, it said.

The DSA added that it would support the introduction of the extension of the ED with data about car and company loans, as well as the implementation of new supervisory rules, such as Basel III.

Ron Koning, a securitisation specialist, will conduct the DSA's daily operations.

Last month, Angelien Kemna, CIO at the €311bn asset manager APG, argued that, if Dutch pension funds were to help fill the gap in Dutch banks' financing, it should happen through securitised mortgage loans issued by banks.

Topics