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Tuesday, 16th April 2024
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Pfandbrief moves Back  
A memo concerning the proposals for ‘Pfandbrief’ type legislation is currently with all the Government departments, the last stage before it goes to the Government.

According to a spokesman at the Department of Finance, plans for the legislation are at a very advanced stage and could be introduced to the Government over the next two months. The proposal is being dealt with under the Miscellaneous Provisions Bill.

A ‘Pfandbrief’ market would involve the issuance of bonds backed by mortgages, and possibly also public project financings. Legislation would have to be changed do that the relevant assets backing mortgages would be exempt from bankruptcy and insolvency provision and would not be available to creditors other than the mortgage bond holders.

The mortgage bond proposal is expected to bring new international mortgage and public finance business to the IFSC. The Irish Pfandbrief project would allow the issuance of Pfandbrief bonds by banks in Ireland.

There was no indication of the other topics covered under this Bill.

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