vdp ceases publication of "Pfandbrief curves"

With effect from April 1, 2014, the Pfandbrief banks will cease providing their “vdp Pfandbrief curves”, which have been calculated and published every trading day since 2003. This decision was prompted by the excessive additional work for the banks which supply the data as a result of more stringent supervisory requirements.

As a logical response to accusations of manipulation in connection with various reference rates which are used as benchmarks, the supervisory requirements regarding data supplied by banks have been made stricter overall. Although the vdp curves do not constitute benchmarks within the meaning of the relevant EU rules that are expected, they are nevertheless also affected by them.

The “vdp Pfandbrief curves” offered an overview of the vdp member banks’ funding conditions in the capital market for real estate and public-sector loans eligible as Pfandbrief cover; this rendered the individually agreed conditions more transparent for borrowers. Moreover, the curves also provided other market participants with an overview of Pfandbrief Banks’ funding costs and enabled them to assess the current yield levels of Mortgage and Public Pfandbriefe. The Pfandbrief curves, which were calculated in cooperation with Moosmüller & Knauf and Thomson Reuters, were published every trading day on, among others, the website of the vdp.

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