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In 2016, the ESRB General Board agreed that the pooling and tranching of cross-border portfolios of national sovereign bonds represents an interesting and attractive approach that could contribute to the ESRB’s objectives. On this basis, the General Board commissioned a High-Level Task Force on Safe Assets, chaired by Philip R. Lane, Governor of the Central Bank of Ireland, to investigate the practical considerations relating to sovereign bond-backed securities (SBBS).
The outcome of the Task Force’s investigation is published in a report comprising two volumes. The first volume conveys the Task Force’s main findings; the second contains the technical analysis underpinning those findings. In addition, the ESRB has published a series of working papers related to SBBS.
Report of the High-Level Task Force on Safe Assets
Working papers on sovereign bond-backed securities