The Tánaiste and Minister for Finance, Simon Harris TD, received agreement from his Cabinet colleagues to approve the drafting of the Asset Covered Securities (Amendment) Bill, the main purpose of which is to update the legislation governing the issuing of asset covered securities (covered bonds) in Ireland.
The legislation will provide for a universal banking model as an alternative to the current specialist banking model. This will allow banks to issue asset covered securities without the need, as at present, to establish and maintain a specialist subsidiary for that purpose. This will simplify the framework and reduce costs.
It will also ensure that the framework is more accommodating of issuers who may wish to issue a programme of specifically “green” securities.
Tánaiste Simon Harris said:
“I welcome the publication of the Heads of the Asset Covered Securities (Amendment) Bill. The publication of these Heads is in line with the Programme for Government commitment to simplify and modernise our regulatory framework to ensure Ireland remains competitive within the EU and globally facilitating continued investment”.
General Scheme of Asset Covered Securities (Amendment) Bill 2026
