DVLaw acted as the Greek law counsel to Piraeus Bank for the update of its €10 billion Covered Bond Programme, so as to adjust it to the new Greek Covered Bond Legislation provisions, i.e. Greek law 4920/2022 that has transposed into national legislation Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision (the “Covered Bond Directive”) and the implementing BoG Executive Committee Act 215/2023). Such adjustment involved extended redrafting of the Prospectus and the transactions documents, in view of the new rules on, inter alia, the statutory tests and the eligible assets, discussions with the Bank of Greece on the new statutory requirements and the application of the grandfathering provisions, discussions and negotiations with the asset monitor on its new (more extended) role and with the rating agencies for the confirmation of the ratings.
DVLaw team for covered bonds is led by partner Yiannis Palassakis.