3.

Where Member States exercise the option provided for in paragraph 1, the cover pool monitor shall be separate and independent from the credit institution issuing the covered bonds and from that credit institution’s auditor. Member States may, however, allow a cover pool monitor that is not separate from the credit institution (‘internal cover pool monitor’) where: the internal cover pool monitor is independent from the credit decision process of the credit institution issuing the covered bonds; without prejudice to point (a) of paragraph 2, Member States ensure that the internal cover pool monitor cannot be removed from that function as cover pool monitor without the prior approval of the management body in its supervisory function of the credit institution issuing the covered bonds; and where necessary, the internal cover pool monitor has direct access to the management body in its supervisory function.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.