2.

The claim for payment referred to in point (b) of paragraph 1 shall be subject to the following legal requirements: the asset represents a claim for payment of monies that has a minimum value that is determinable at all times, that is legally valid and enforceable, that is not subject to conditions other than the condition that the claim matures at a future date, and that is secured by a mortgage, charge, lien or other guarantee; the mortgage, charge, lien or other guarantee securing the claim for payment is enforceable; all legal requirements for establishing the mortgage, charge, lien or guarantee securing the claim for payment have been fulfilled; the mortgage, charge, lien or guarantee securing the claim for payment enables the credit institution issuing the covered bonds to recover the value of the claim without undue delay. Member States shall require that credit institutions issuing covered bonds assess the enforceability of claims for payment and the ability to realise collateral assets before including them in the cover pool.

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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.