Die Einführung eines einheitlichen Instrumentes zur Sicherung von Immobilienkrediten in Europa ist seit mehr als 40 Jahren in der Diskussion. Das Ziel war stets, grenzüberschreitende Beleihungen von Immobilien zu ermöglichen und einen Binnenmarkt für Hypothekarkredite zu fördern.

Bereits 1966 konstatierte der Segré-Report die politische Notwendigkeit für eine Eurohypothek. 1987 unterbreitete die „Union Internationale du Notariat Latin“ (International Union of Latin Notaries, UINL) einen weiteren Vorschlag (UNIL-Vorschlag), eine Eurohypothek nach dem Vorbild des schweizerischen Schuldbriefes einzuführen.

Eine wachsende Zahl von Fachleuten befasst sich seitdem mit dem Thema „Eurohypothek“:

  • 1998 entwickelte der VDH (heute vdp) in Zusammenarbeit mit Wissenschaftlern und Praktikern Richtlinien für ein nicht-akzessorisches Grundpfandrecht in Mitteleuropa. Diese Richtlinien bildeten die Basis für Beratungstätigkeiten des VDH in mittel- und osteuropäischen Ländern, in denen das Hypothekenrecht tiefgreifend reformiert wurde.
  • Diese Richtlinien wurden von einer paneuropäischen Expertengruppe in die englische Sprache übersetzt und weiterentwickelt, die in Spanien entstand und als „The Eurohypothec” bekannt wurde. Die Website bietet zahlreiche Literaturhinweise zum Thema.
  • Als Vorgängerorganisation des vdp hat der „Verband deutscher Hypothekenbanken“ (VDH) eine Reihe von Projekten angestoßen und direkt oder indirekt mit den diversen Fachgremien kooperiert, die sich der Idee einer "Eurohypothek" gewidmet haben. Das zentrale Ziel bestand und besteht darin, den Austausch von Standpunkten unter den Spezialisten zu intensivieren, um einen umfassenden Blick der Fakten- und Forschungslage zu erhalten.
  • In den Jahren 2004/2005 hat der VDH Vertreter diverser Arbeitsgruppen zu Workshops nach Berlin eingeladen. Das Ergebnis der Diskussionen waren die "Basic Guidelines for a Eurohypothek",

The introduction of a uniform law on security rights over real property is a topic that has been mooted in Europe for 40 years, the aim being to facilitate cross-border lending operations and foster an internal market in mortgage lending.

Having been described as a political necessity in the so-called Segré report relating to the introduction of a flexible non-accessory security right, the UINL proposal attracted a great deal of attention in suggesting that the Swiss certificate of indebtedness (Schuldbrief) should be taken as the model for a Eurohypothec to achieve a versatile non-accessory security right.This issue has attracted particular interest not least of all due to the fact that the Forum Group created by the EU Commission has dealt with the proposal to introduce a Eurohypothec, considered it positive and put it into its list of recommendations.

However, less attention has been paid to the fact that a number of academics have for some time been concentrating directly on the Eurohypothec issue:

  • In 1998 the Association of German Mortgage Banks (VDH), with the help of a team of experts from both academic and practical backgrounds, developed guidelines for a flexible non-accessory security right which were then incorporated in its proposed legislation; this has now provided the foundation for consultancy work carried out by VDH in central and eastern European countries involved in reforms and the development of a modern law on security for loans.
  • These guidelines were further developed by the pan-European group of experts initiated in Spain, known as “The Eurohypothec” . Its website contains a large number of literary references on the topic of the eurohypothec.
  • The new guidelines were also taken into account by the “Collateral” Sub-Committee of the Forum Group, which incorporated the principles in its recommendations.

At the same time, other expert bodies have also been examining the law of real property in Europe, of which security rights also form part:

Real Property Law Project of the European University Institute, Florence

The Trento Common Core Project

Study Group on a European Civil Code


Workshop of November 2004/April 2005 successfully held!

The Association of German Mortgage Banks has initiated a number of these projects and is collaborating directly or indirectly on all of them. Its main objective is to promote the academic exchange of views amongst specialists on the various projects to achieve an efficient and comprehensive review of this whole topic. The VDH representative therefore invited representatives of all the said projects to a workshop which took place in November 2004 and April 2005 in Berlin. For the first time this workshop developed concrete guidelines of the "Eurohypothec", a real estate collateral instrument for securing loans, which could be common in all EU countries. Specialists, academics and practitioners from multiple countries, representing several European wide groups of experts, contributed their know how to this work.

The outcome of this workshop was recently published by the Polish Mortgage Credit Foundation (Fundacja na Rzecz Kredytu Hipotecznego):

Mortgage Credit Foundation (editor): Basic Guidelines for a Eurohypothec. 11-2004/4-2005, Berlin

It is also available in French (excerpts): Lignes directrices de base pour une Eurohypothèque and was published in Romanian (see title page, reference).

Real Property Law Project of the European University Institute, Florence

The Real Property Law Project of the European University Institute (RPLP), Florence, is a research project, which aims to study and assess European property law systematically, in order to explore the potential for a European co-ordinative and complementary role.

In the first step, selected national experts have drafted comparative reports of the current legal situations in most of the Member States of the European Union. The reports, which can be found on the website, are structured by a questionnaire containing precise questions and cases to be resolved by all reporters according to their national laws and provide legal practitioners with directly operational information.

In the second step, the influences of a European Civil Code containing general contract rules, and in the third step, the potential for a European co-ordinative and complementary role in real property law will be explored. Moreover, the project of a European mortgage started by academics in the early nineties will tried to be revived. The project is co-directed by the European University Institute (EUI) and the Deutsches Notarinstitut (DNotI), Würzburg/Germany.


The "European Union Land Information System" project (EULIS) was initiated by land registry bodies in northern European countries. Eight European countries are now involved in it. The aim of the project is to create a common Internet portal for European land registers and records. With this aim in mind, groups across Europe are not only systematically examining and comparing national land register and recording systems but are also conducting an in-depth comparative-law review of the rights registered – including security rights over real property.

Luckow, Andreas: Some Remarks on the Markets prospects of EULIS; EULIS Annual Meeting, Warsaw, December 2005
The Mortgage Credit Forum Group

In March 2003, the European Commission created the Forum Group on Mortgage Credit with a three-fold mandate to:
identify the barriers for the smooth functioning of the Internal Market for mortgage credit, assess the impact of such barrierson the functionig of the Internal Market, and make recommendations to the Commission to tackle these barriers. The experts of the Forum Group were experts from all stakeholder groups relevant to the mortgage credit market including the banking sector, consumer organisations, insurers, chartered surveyors and civil law notaries. The report which you find here reflects the thinking of the Forum Group and not the Commission:

Report by the Forum Group on Mortgage Credit, European Commission: The Integration of the EU Mortgage Credit Market, 2004 Association of German Mortgage Banks: Assessment of the recommendations of the Forum Group on Mortgage Credit, 3/2005
European Contract Law

The Study Group on a European Civil Code, headed by Prof. Christian von Bar, is a network of academics, from across the EU, conducting comparative law research in private law in the various legal jurisdictions of the Member States.

Their aim is to produce a codified set of Principles of European Law for the law of obligations and core aspects of the law of property. The published principles will be complete with commentary and annotations.

Their web pages provide information about who they are, what they are seeking to achieve, how they work and how they are presenting the results. Current versions of work-in-progress (draft principles) can be downloaded from this site.

The Trento Common Core Project was launched five years ago seeking to unearth the common core of the bulk of European private law, i.e., of what is already common, if anything, among the different legal systems of European Union member states.

The site European Contract Law, Common Frame of Reference offers information on the project of a common frame of reference for the European contract law, which is promoted by the European Commission.

15 December 2004 the first conference of the network of stakeholder experts on the Common Frame of Reference (CFR-net) took place in Brussels.

IRENE - Institut de Recherche et d'Enseignement sur la Négociation en Europe

Luckow, Andreas (vdp): Quel Environment Légal pour l'Eurohypothèque? Paris, 21.10.2005

Fiorentini, Francesca: Le garanzie immobiliari in Europa. Studio di diritto comparato, Bern 2009

Kiesgen, Christof: Ein Binnenmarkt für den Hypothekarkredit. Der Vorschlag zur Einführung einer Eurohypothek unter besonderer Berücksichtigung des Sicherungsvertrages, Köln 2004 Kircher, Steffen: Grundpfandrechte in Europa. Überlegungen zur Harmonisierung der Grundpfandrechte unter besonderer Beachtung der deutschen, französischen und englischen Rechtsordnung, Berlin 2004

Köndgen / Stöcker: Akzessorietät als Gretchenfrage? in: ZBB 2/2005, S. 112 - 120 

Luckow, Andreas: Die Eurohypothek als Kreditsicherheit für Europa – Aussichten eines gemeinsamen Standards; Seminar „Sachenrechtliche Regelungen in den Reformländern – aktueller Stand und Perspektiven“, Zagreb, Dezember 2007 Luckow, Andreas: Some Remarks on the Markets prospects of EULIS; EULIS Annual Meeting, Warsaw, December 2005

Mortgage Credit Foundation (editor): Basic Guidelines for a Eurohypothec. 11-2004/4-2005, Berlin;
in French: Ligne directrices de base pour une Eurohypothèque; in Romanian: (see only titlepage and reference)

Rupp, Caroline S.: Grundpfandrechte zwischen Flexibilität und Schutz. Ein kontinentaleuropäischer Rechtsvergleich und neue Gedanken zu einer "Eurohypothek". Tübingen 2015

Scalamogna, Pierluigi: "Euroipoteca", lo strumento per armonizzare il mercato ipotecario europeo?; XLI CONGRESSO NAZIONALE DEL NOTARIATO, Pesaro, September 2005

Schmidbauer, Katrin: Nationale und Internationale Aspekte der Kredithypothek. Kredithypothek, Grundschuld und Schuldbrief im Vergleich als Basis für die Eurohypothek. Salzburg 2012

Simón Moreno, Hector: El Proceso de armonización de los derechos reales en Europa, Valencia 2013

Stöcker, Otmar: The Eurohypothec; in: The Future of European Property Law; Munich 2011, p. 65-77

Stöcker, Otmar: Die Sicherung grenzüberschreitender Hypothekengeschäfte - Die Eurohypothek (engl.-dt.); Osnabrück, Januar 2008 Stöcker, Otmar: Die Eurohypothek; in: Jahresheft der Internationalen Juristenvereinigung, Osnabrück 2007, p. 61 - 95 Stöcker, Otmar: Real estate liens as security for cross border property finance; The Eurohypothec – a security instrument with real prospects; Conference CFR and Property Law in Maastricht, June 2007 Stöcker, Otmar: Die Eurohypothek - ein Sicherungsinstrument der Zukunft; in: Immobilien Manager 6/2006, p. 8-9 Stöcker, Otmar: "Collateral for Cross Border Mortgage Lending"; Conference on Cross Border Securities for Credit, Trier, March 2006 Stöcker, Otmar: "Mortgage Credit Hearing; Debate 2: Mortgage Lending"; Brussels, December 2005 Stöcker, Otmar: Die Eurohypothek: Struktur einer ökonomischen Analyse; in I&F, 21/2005, p. 766 ff Stöcker, Otmar: "The Eurohypothec"; Seminar on national and international banking law; Potsdam, July 2005 Stöcker, Otmar: Die Eurohypothek, Berlin, 1992

Wachter, Thomas: Die Eurohypothek, Wertpapiermitteilungen WM 1999, S. 49ff.

Wehrens, Hans G.: Überlegungen zu einer Eurohypothek, WM 1992, S. 557 ff

Report by the Forum Group on Mortgage Credit, European Commission: The Integration of the EU Mortgage Credit Market, 2004

A large number of references on the topic of the eurohypothec is available on the website of a pan-European group of experts initiated in Spain, known as "The Eurohypothec".

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