EN ECB -PUBLIC  
 
OPINION OF THE EUROPEAN CENTRAL BANK  
of 31 August  2018   
on critical infrastructures , cybersecurity and covered bond s 
(CON/20 18/39) 
 
Introduction and legal basis  
On 18 July 2018  the European Central Bank (ECB) received a request from the Ministry of Finance of the 
Slovak Republic  (hereinafter the ‘Ministry of Finance’)  for an opinion on a draft law amending the Law on 
resolving crisis situations in the financial market and on amendments to certain laws  (hereinafter  the ‘draft 
law’). 
The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and the third, fifth and sixth i ndents of Article 2(1) of Council Decision 
98/415/EC1, as the draft law relates to Národná banka Slovenska (NBS) , payment and settlement 
systems , rules applicable to financial institutions insofar as they materially influence the stability of 
financial institutions and markets and the ECB ’s specific tasks concerning the prudential supervision of 
credit institutions pursuant to Article 127(6) of the Treaty. In accordance with the first sentence of 
Article  17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted 
this opinion.  
 
1. Purpose of the draft law  
1.1 The draft law amends seventeen laws. The majority of amendments it introduces  relate to financial 
legislation in a variety of areas.  
1.2 Amendments to Law on critical infrastructure  
1.2.1  The draft law introduces amendments to the Law on critical infrastructure2 through the introduction 
of a ne w ‘finance’  sector in respect of critical infrastructures . The draft law proposes that this 
finance sector  is divided into three sub- sectors: ‘banking’ , ‘financial markets ’ and ‘public finance 
management ’. The banking and f inancial markets ’ sub-sectors exclude activities and infrastructures 
operated by the Eurosystem, the European System of C entral Banks  (ESCB)  and NBS , or that are 
related to the activities, powers and infrastructures of the Eurosystem, the ESCB, the ECB or NBS.  
1.2.2  The draft law designates the Ministry of Finance as a competent authority in relation to critical 
infrastructure in the f inance sector for the purposes of  the Law on critical infrastructure. In the 
                                                 
1  Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national 
authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42).  
2  Law No 45/2011 on critical infrastructure. This Law also transposed Council Directive 2008/114/EC of 8 December 
2008 on the identification and designation of European critical infrastructures and the assessment of the need to 
improve their protection (OJ L 345, 23.12.2008, p.75).  
ECB -PUBLIC  
2 performance of its duties, the Ministry of Finance is required to ask the opinion of NBS in situations 
where the Ministry of Finance carries out  its tasks under the Law on critical infrastructure in respect 
of supervised entities in financial markets.  
1.2.3  The draft law excludes from the scope of the Law on critical infrastructure information s ystems, 
infrastructures, competence, authority and information of NBS, the ESCB, the Eurosystem, the 
ECB, the European System of Financial Supervision and the Single Supervisory Mechanism 
(SSM)3. In the context of this exclusion, the draft law refers to Council Regulation (EU) No 
1024/20134, Regulation (EU) No 468/2014 of the European Central Bank5, Decision ECB/2014/29  
of the European Central Bank6, Law No 566/1992 on the National Bank of Slovakia, Articles 127 to 
138 and 282 of the Treaty, the Protocol on  the Statute of the European System of Central Banks 
and of the European Central Bank ( hereinafter the ‘Statute of the ESCB’) and Regulation (EU) No 
795/2014 of the European Central Bank7. 
1.3 Amendments to L aw on cybersecurity  
1.3.1  The draft law introduces amendments to the Law on cybersecurity8 to align it with the new scope of 
the Law on critical infrastructure as amended by the draft law. In particular, the list of providers  of 
essential services in the banking sector is expanded to include the administrators and operators of 
networks and information systems which are elements  of a critical infrastructure under the Law on 
critical infrastructure,  or which are directly connected to such critical infrastructure, but with the 
exception of those networks and informat ion systems  specified in Article 2(2) of the Law on 
cybersecurity . 
1.3.2  The draft law expressly re tains the specific exclusions under the current L aw on cybersecurity 
when extending the scope of operators of essential services in the banking sector. In particul ar, as 
provided for in Article 2(2), t he current L aw on cybersecurity does not apply to the requirements 
related to network and information system security and cybersecurity incident reporting in the 
banking, finance or financial system sector s as specifie d, for example,  in the Law on payment 
services9. These includ e the standards and principles issued or adopted by the ECB, the ESCB, 
the Eurosystem or the European Supervisory Authorities10, if their effect is at least equal to the 
                                                 
3  See A rticle XII, point 2 of the draft law.  
4  Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank 
concerning policies relating to the prudential supervisi on of credit institutions (OJ L 287, 29.10.2013, p. 63).  
5  Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 establishing the framework for 
cooperation within the Single Supervisory Mechanism between the European Central Bank and n ational competent 
authorities and with national designated authorities (SSM Framework Regulation) (ECB/2014/17) (OJ L 141, 
14.5.2014, p. 1).  
6  Decision ECB/2014/28 of the European Central Bank of 2 July 2014 on the provision to the European Central Bank 
of supervisory data reported to the national competent authorities by the supervised entities pursuant to Commission 
Implementing Regulation (EU) No 680/2014 (OJ L 214, 19.7.2014, p. 34).  
7  Regulation (EU) No 795/2014 of the European Central Bank of 3 July 2014 on oversight requirements for 
systemically important payment systems (ECB/2014/28) (OJ L 217, 23.7.2014, p. 16).  
8  Law No 69/2018 on c ybersecurity.  
9  In particular (a) the provisions requiring the payment services provider (PSP) to manage operational risk (including 
making reports to NBS); (b) incident reporting by the PSP to NBS; (c) the obligation of the payment system operator, 
central securities depository and PSP to submit from their registers all the information necessary to perform 
assessment s based on the standards issued by NBS, the ECB, the ESCB and the Eurosystem; and (d) the 
provisions setting out the content of applications  for authorisation of payment institutions (which include 
requirements as to the information on management of risks) . 
10  The Law on cybersecurity cross- refers by way of  example to Article 127(2) of the Treaty, Articles  12.1 and 22 of the 
Statute of the ESCB, Article 2 of Law No 566/1992 Coll. on the National Bank of Slovakia, and Article 2(9) of Law  No 
747/2004 Coll. on financial market supervision.  
ECB -PUBLIC  
3 effect of obligations under the L aw on cybersecurity, and also includ e the decisions, standards and 
principles issued or adopted by NBS, if their aim is to achieve a higher level of network and 
information system security than is achieved under the Law on cybersecurity . In addition, the 
current Law on cybersecurity does not apply to payment systems and securities clearing systems  
overseen or operated by the ECB or the Eurosystem pursuant to Articles 3.1 and 22 of the Statute 
of the ESCB or Regulation (EU) No 795/2014 of the European Central Bank .  
1.4 Amendments to Law on banks  
1.4.1  The draft law amends the provisions of the Law on banks11 regarding the composition of the cover 
pool underlying covered bonds. In particular, it specifies that for the purpose of  calculating the  
minimum 90%  propor tion of base assets12 and the maximum 10% proportion of supplementary 
assets13 in the cover pool, liquid assets in the cover pool  are not to be taken into account14. 
1.4.2  The draft law further clarifies that the consent of the covered bond programme adm inistrator is not 
required when  the covered bond issuer  excludes  from the cover pool (i) claims where  the borrower 
is in defa ult under  Article 178 of Regulation (EU) No 575/201315, (ii) assets with a maturity date 
which exceeds  30 years  and (iii) claims where the valu e of the immovable collateral has decreased  
below the principal  amount of the loan.  
1.4.3  The draft law amends the provisions of the Law on banks regarding the provision of information to 
the Register of Bank Loans and Guarantees maintained by NBS, for example b y allowing public 
authorities to make available and provide to NBS  any information and data from the public and 
non-public parts of the registers they  maintain , without the consent of the person to which the 
information relates.  
1.4.4  The draft law also amends provisions of the Law on banks related to the information that the 
Ministry of Finance and the Slovak tax authorities  are entitled to receive from credit institutions . In 
particular, the data that credit institutions  are required to submit to the Ministry of Finance from their 
accounting and statistical records  are limited  to certain pre- defined reports  that are submitted to 
NBS under the current Law on banks . On the other hand, the Ministry of Finance and the Financial 
Directorate (the Slovak tax authority ) are entitled to receive on an annual basis detailed information 
on accounts and transactions of legal persons and entrepreneurs for the purposes of their  
analytical wor k in the area of tax ation .  
1.4.5  The draft law extends the information- reporting duties of  NBS with respect to Rada pre riešenie 
krízových situácií  (the Resolution Board) . In addition to information on corrective measures that is 
                                                 
11  Law No 483/2001 on banks.  
12  The Law on banks defines ‘base assets’ as mortgage loans with a maximum maturity of 30 years, provided to 
consumers, secured by mortgages over real estate and registered in the covered bond register.  
13  The L aw on banks defines ‘supplementary assets’ as deposits with NBS, the ECB/ or a Eurosystem central bank, 
ECB debt certificates, cash, treasury bills of Slovakia or an EU Member State, deposits in banks and bank bonds.  
14  The L aw on banks requires covered bond issuers to maintain a liquid assets buffer in case positive and negative 
cash flows are not aligned at all times  within a 180- day period. The liquid asset buffer is to cover all uncovered 
negative cash flows (subject to transitional provi sions) and is to be composed of Level 1 and Level 2A assets, as 
defined by Commission Delegated Regulation (EU) 2015/61 of 10 October 2014 to supplement Regulation (EU) No 
575/2013 of the European Parliament and the Council with regard to the liquidity coverage requirement for credit 
institutions  (OJ L 11, 17.1.2015, p. 1) , and is also to be composed of exposures to institutions.  
15  Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential 
requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 
27.6.2013, p. 1) . 
ECB -PUBLIC  
4 currently required to be provided under Article 50 of the Law on banks, the draft law requires  that 
NBS must  inform t he Resolution Board in cases where NBS adopts decisions on a  measure to 
prevent crisis situations  or receives notification from the board of a credit institution assessed by 
NBS that one or more of the conditions for making the ‘ failing or likely to fail ’ determination is met.  
1.5 Amendments to Law on p ayment s ervices  
The draft law makes several amend ments to the Law on p ayment services16. For example, it 
introduces  an obligation f or payment services providers to establish an alternative dispute 
resolution mechanism to resolve disputes between payment services providers and their consumer 
clients and obliges t he operator s of such  alternative dispute resolution mechanism s to provide 
information to NBS about  any breaches by  payment services providers  of their obligations . 
1.6 Amendment s to Law on resolution in the financial market  and Law on insolvency and restructuring  
to implement  Union law provisions on hierarchy  of creditors  
The draft  law amends the Law on resolution in the financial market17 and the Law on insolvenc y 
and restructuring18 to implement the provisions of Directive (EU) 2017/239919 on the hierarchy  of 
creditors . The draft law provides that the claims  of Fond ochrany vkladov  (the Deposit Guarantee 
Fund)  arising from resolution financing rank higher than (a) those arising from eligible deposits of 
natural persons and micro, small and medium -sized enterprises which exceed the coverage level 
of the Deposit Guarantee Fund,  and (b) deposits of natural persons and micro, small and medium -
sized enterprises which  would have been considered  eligible deposits if they had not been made 
through branches located in a non- EU Member State. In addition, the draft law provides that claims 
which are issued as permanent instruments without an obligation to pay back the principal , and 
which also allow for their write -down or conversion to Tier 1 instruments are to rank below 
subordinated claims.  
 
2. Preliminary comment  
This opinion focuses on the provisions of the draft law relating to (a) the Law on critical infrastructure and 
the Law on cybersecurity and (b) the Law on banks.  
 
3. Law on critical infrastructure and Law on cybersecurity  
3.1 As previously noted20, the ECB supports the aim of Directive (EU) 2016/1148 to ensure a high 
common level of network and information security across the Union and to achieve a consisten t 
approach in this field across business sectors and Member States. I t is important to ensure th at the 
                                                 
16  Law No 492/2009 on paymen t services.  
17  Law No 371/2014 on resolution in the financial market . 
18  Law No 7/2005 on insolvency and restructuring.  
19  Directive (EU) 2017/2399 of the European Parliament and of the Council of 12 December 2017 amending Directive 
2014/59/EU as regards the ranking of unsecured debt instruments in insolvency hierarchy ( OJ L 345, 27.12.2017, p. 
96). 
20  See e.g. paragraph 2.1 of Opinion CON/2014/58, paragraph 2.1 of Opinion CON/2017/10, paragraph 2.2 of Opinion 
CON/2018/22 and paragraph 2.2 of Opinion CON/2018/27.  All ECB opinions are published on the ECB’s website 
at www.ecb.europa.eu . 
ECB -PUBLIC  
5 internal market is a safe place to do business and that all Member States have a certain minimum 
level of preparedness for cybersecurity incidents.21 
3.2 Impact of draft law on payment systems   
3.2.1  The ECB understands that the Law on critical infrastructure and the Law on cybersecurity , as 
amended by the draft law , do not apply to payment systems  operated or overseen22 by ESCB 
central  banks. The ECB welcomes this, as it should help to ensure that Slovak legislation on the 
protection of critical infrastructures and on cybersecurity does not encroach on the competences  of 
the ECB , the Eurosystem  and/or the ESCB, consistent ly with the pri nciple of the primacy of Union 
law and of central bank independence pursuant to Article 130 of the Treaty23. 
3.2.2  In particular, the ECB understands that (a) the Slovak component of the TARGET2 payment 
system, which is operated by NBS, (b) the Slovak and Interba nk Payment System (SIPS), a 
prominent ly important retail payment system operated by NBS and overseen by NBS pursuant to 
the Revised Oversight Framework for Retail Payment Systems24, and (c) the system operated by 
First Data Slovakia, which is  overseen by NB S pursuant to the Revised Oversight Framework for 
Retail Payment Systems, would all be exempt from the application of both laws as amended by the 
draft law , if the result achieved is the same or a higher level of network and information system 
security than is achieved by compliance with the Law on cybersecurity . The TARGET2 payment 
system has been identified, pursuant to Decision ECB/2014/35 of the European Central Bank25 as 
a systematically important payment system and is overseen by the ECB as the competent authority 
under Regulation (EU) No 795/2014.  
3.3 Impact of draft law on TARGET2- Securities  and critical service providers  
3.3.1  The ECB understands that TARGET2 -Securities (T2S) services would be exempt from the scope 
of the Law on critical infrastructure and the Law on cybersecurity26 as amended by the draft law , on 
the basis that  pursuant to Article 6 of Guideline ECB/2012/13 of the European Central Bank27 and 
                                                 
21  See e.g. Article 15(4a) of  Regulation (EU) No 795/2014 of the European Central Bank of 3 July 2014 on oversight 
requirements for systemically important payment systems  (ECB/2014/28) (OJ L 217, 23.7.2014, p. 16) . 
22  In this regard, the ECB understands t hat the term ‘related to the competencies’ in the text in the draft law amending 
Annex 3 to the Law on critical infrastructure ‘ excluding activities and infrastructures operated by the Eurosystem, the 
ESCB and NBS, or related to the activities, competencies  and infrastructures of the Eurosystem, the European 
System of Central Banks, the European Central Bank, or Národná banka Slovenska’ [ emphasis added] exclud es 
from the scope of Annex 3 all systems overseen by the ESCB.  
23  See e.g. paragraph 2.2 of Opinion CON/2014/58, paragraph 2.2 of Opinion CON/2017/10 and paragraph 3.1.1 of 
Opinion CON/2018/22.  
24  The R evised Oversight Framework for R etail Payment Systems is published on the ECB’s website at 
www.ecb.europa.eu . 
25  Decision ECB/2014/35 of the European Central Bank of 13 August 2014 on the identification of TARGET2 as a 
systemically important payment system pursuant to Regulation (EU) No 795/2014 on oversight requirements for 
systemically important payment systems ( OJ L 245, 20.8.2014, p. 5).  
26   It is, however , noted that T2S is not a system and hence would not be considered as a payment system or securities 
clearing and settlement system  within the  second arm of the exclusion under Article 2(2) (d) of the Law on 
cybersecurity. However, the ECB understands that T2S would be excluded from the scope of the Law on 
cybersecurity based on the first  arm of the same provision, as it is overseen based on standards adopted by the 
Eurosystem on the basis of Article 127(2) of the Treaty. If the intention of the legislat ure was to also exempt T2S on 
the basis of  the second arm  of Article 2(2) (d) of the Law on cybersecurity, then the wording in Article 2(2)(d) should 
read ‘securities clearing and settlement infrastructures ’ instead of ‘securities clearing systems’ . 
27  Guideline ECB/2012/13 of the European Central Bank of 18 July 2012 on TARGET2- Securities (OJ L 215, 
11.8.2012, p. 19).  
ECB -PUBLIC  
6 Article 7 of the T2S Framework Agreement28, T2S is operated by the Eurosystem . Furthermore, in 
line with the Governing Council’s decision in its Eurosystem o versight policy framework (revised 
version of July 2016)29, T2S falls under the Eurosystem ’s oversight competences under Articles 
127(2) of the Treaty and Articles 3 .1 and 22 of the Statute of the ESCB30 .  
3.3.2  Similarly , the ECB understands that , in line with the Governing Council’s decision in its Eurosystem 
oversight policy framework referred to above , critical service providers that fall under Eurosystem 
oversight competences under Articles 127(2) of the Treaty and Articles 3. 1 and 22 of the Statute of 
the ESCB would  not be included in the scope of the Law on critical infrastructure and the Law on 
cybersecurity as amended by the draft law.  
3.4 Impact of draft law on central securities depositories  
3.4.1  NBS has been designated as a competent authority for authorisation and supervision of the central 
securities depositories31 (CSD s) as well as the authority responsible for the oversight of the 
securities settlement system s (SSSs ) operated by the CSD s32. Accordingly, NBS supervises the 
two CSD s in Slovakia –  the Centr álny depozitár cenných papierov, a.s. ( CDCP ) and Národný 
centrálny depozitár cenných papierov, a.s. ( NCDCP ) – and oversees the SSSs operated by them .  
3.4.2  Taking into account the cross -references in the draft law33 it is not fully clear whether the 
exclusions introduced by it would only  apply to SSSs operated by  either  the CDCP or the NCDCP 
and overseen by NBS , or would also apply to the CDCP and the NCDCP  themselves , on the basis  
that the y are both supervised by NBS under Regulation (EU) No 909/2014. Consequently , it is not 
clear to what extent the Law on critical infrastructure and the Law on cybersecurity would apply to 
these two CSDs. In the interest of legal certainty, it may be useful to explicitly clarify in the draft law 
the extent to which these CSDs supervised by NBS fall within the scope of the draft law.  
3.5 Impact of draft law and cybersecurity law on credit institutions supervised by ECB and NBS  
3.5.1  Council Regulation (EU) No 1024/201334 confers tasks on the ECB concerning the prudential 
supervision of credit institutions with a view to contributing to their safety and soundness and in 
order to protect the stability of the financial system of the Union and each Member State. The ECB 
is responsible for the effective and consistent functioning of the SSM and exercises oversight over 
the SSM’s functioning, based on the distribution of responsibilities between the ECB and national 
competent authorities (NCAs), including NBS. In particular, the ECB carries out its task to authorise 
and to withdraw the authorisations of all credit institutions. For significant credit institutions the ECB 
also has the task, among others, to ensure compliance with the relevant Union law that imposes  
                                                 
28  Published on the ECB’s website at www.ecb.europa.eu . 
29  Available on the ECB’s website at www.ecb.europa.eu . 
30  See Section 4.4 of the Eurosystem oversight policy framework, available on the ECB’s website at 
www.ecb.europa.eu . 
31  See A rticle 11 of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on 
improving securities settlement in the European Union and on central securities depositories and amending 
Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p.1) and see also  
Article 99 et seq. of Law No 566/2001 on securities and investment services.  
32  See A rticle 12 of Regulation (EU) No 909/2014.  
33  See paragraph 1.3 above.  
34  Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank 
concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).  
ECB -PUBLIC  
7 prudential requirements on credit instituti ons, including  the requirement to have in place robust 
governance arrangements, including sound risk management processes and internal control 
mechanisms35. To this end, the ECB is given all supervisory powers to intervene in the activity of 
credit institut ions that are necessary for the exercise of its functions36.  
3.5.2  The prudential supervision of credit institutions also covers topics related to cybersecurity  and the 
protection of  infrastructures  relevant for the operation of credit institutions  as part of the prudential 
supervision of operational risk, meaning the risk of loss resulting from inadequate or failed internal 
processes, people and systems or from external events37. In this respect, the ECB has the power, 
among others , to restrict or limit the business, operations or network of an institution or to request 
the divestment of activities that pose excessive risks to the soundness of an institution38. Since the 
assessment of the adequacy of the internal governance arrangements of credit institutions is on e of 
the core competences of prudential supervisors, the requirements under the draft law should not 
interfere with the tasks they carry out39,.  
3.5.3  Under the current Law on cybersecurity , Národný bezpečnostný úrad (the National Security 
Authority ) has a wide range of powers to address a ser ious cybersecurity incident or a  threat  
thereof , including issuing an alert or warning of cybersecurity incidents, imposing an obligation to 
deal with a cybersecurity incident, imposing an obligation to take reactive measures , and requiring 
draft measures and their execution to prevent further continuation, spread and recurrences  of a 
serious cybersecurity incident40. 
3.5.4  Under the Law on critical infrastructure, as amended by the draft law , the Ministry of Finance has 
powers to i mpose administrative sanctions of up to EUR  200,000 where the operator of an element  
of a critical infrastructure does not comply with its obligations under the Law on critical 
infrastructures.  
3.5.5  In the light of the above, the ECB suggests clarifying that the scope of the Law on critical 
infrastructure and of the Law on c ybersecurity and any powers granted to the competent authorities  
thereunder are without prejudice to the tasks and powers of the ECB and NBS under Council 
Regulation (EU) No 1024/2013 and app licable Slovak law41.  
3.5.6  Finally,  the ECB welcomes the requirement that  the authority fulfilling the tasks of the computer 
security incident response team (CSIRT) unit  under the Law on cybersecurity and the Ministry of 
Finance under the Law on critical infras tructure must  consult NBS in a case where the operator of 
the essential service is a  credit institution supervised by the NBS.  The ECB suggest s that it should 
also be clarified that , in the same way,  the ECB is  consulted where the competent  authorities under 
                                                 
35  See Articles 4(1)(e) and 6(4) of Regulation (EU) No 1024/2013.  
36  See Article 64(1) of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access 
to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending 
Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC  (OJ L 176, 27.6.2013) ; see also 
paragraph 4.1 of Opinion CON/2018/22.  
37  See Article 4(1)(52) of Regulation (EU) No 575/2013.  
38   See Article 16(2)(e) of Regulation (EU) No 1024/2013.  
39   See p aragraph 3.5 of Opinion CON/2014/58, paragraph 2.12 of Opinion CON/2014/9 and paragraph 4.3 of Opinion 
CON/2018/22.  
40   See Article 27 of the Law on cybersecurity.  
41  See also paragraph 4.6 of Opinion CON/2018/22.  
ECB -PUBLIC  
8 the Law on cybersecurity or the Law on critical infrastructure take measures affecting significant 
credit institutions directly supervised by the ECB.  
 
4. Law on banks  
4.1 Amendments to covered bond framework  
4.1.1  On 12 March 2018 the European Commission published a legislative proposal for a Union 
framework on covered bonds42. The Slovak authorities are invited to take the proposal  into account 
in the Slovak legislative process, as appropriate.  
4.1.2  The ECB supports the provisions on the composition of the cover pool , under which base assets 
must  form a minimum share and supplementary  assets may only represent a maximum share of 
the cover pool . Those limitation s are important for the regulat ion of  the composition of the cover 
pool in order to ensure its homogeneity and t o facilitate investors’ ability to conduct due diligence.   
4.1.3  The ECB recommends that prior to the adoption of the draft law the Slovak authorities analyse the 
possible impact of the exclusion of the liquidity buffer from the calculation of the minimum limits  on 
base assets and maximum limits on supplementary assets . The ECB emphasises  the importance 
of homogeneity in the cover pool, in particular to ensure sufficient representation of base assets.   
 
This opinion will be published on the ECB’s website.  
 
 
Done at Frankfurt am Main, 31 August  2018 . 
 
[signed]  
 
The President of the ECB  
Mario DRAGHI  
 
                                                 
42  Proposal for a Directive of the European Parliament and of the Council on the issue of covered bonds and covered  
bond public supervision and amending Directive 2009/65/EC and Directive 2014/59/EU , available at 
https://ec.europa.eu/info/law/better -regulation/initiatives/com -2018- 94_en .