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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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EU and UK Regulatory Developments on Green Mortgages

EU and UK Regulatory Developments on Green Mortgages

Luca Bertalot

Secretary General: The European Mortgage Federation

In the third video of this four-part video series, Luca focuses on the proactive steps that the EU and UK bodies are taking and the scale of financing needed to carry out the necessary green refurbishments.

In the third video of this four-part video series, Luca focuses on the proactive steps that the EU and UK bodies are taking and the scale of financing needed to carry out the necessary green refurbishments.

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EU and UK Regulatory Developments on Green Mortgages

14 mins 21 secs

Key learning objectives:

  • Identify the proactive steps that the EU and UK bodies are taking with the aims of reducing emissions

  • Comprehend the scale of the financing needed to carry out the retrofitting of residential properties

Overview:

To have any chance of reducing emissions and eventually getting to net zero, governments are starting to take proactive steps to reach these goals through initiatives and regulations. New initiatives in the EU include the likes of the Fit for 55 package, the publication of an EU taxonomy and of course the Energy Efficient Mortgage Initiative. In the UK, the government has committed to upgrading as many homes as possible to band C and above by 2035 and they have also mandated that by 2030, all rented commercial properties will have to have a minimum B EPC rating.

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Summary

What proactive steps has the EU taken in the fight against climate change? 

Fit for 55: 

Launched in July 2021, it is a package of proposals to revise and update EU legislation. The framework:

  1. Ensures a just and socially fair transition,
  2. Maintains and strengthens innovation and competitiveness of EU industry while ensuring a level playing field vis-à-vis third country economic operators,
  3. Underpins the EU's position as leading the way in the global fight against climate change.

Third iteration of Basel III:

Published in October 2021, it places a specific importance on energy efficient homes. Banks will be able to update the loan-to-value of their portfolio of every single mortgage following retrofitting. Therefore, by increasing the value of the property, the loan-to-value should improve and reduce the risk banks face. 

EU taxonomy: 

The first legislative act giving clear indication to investors of what is green and what is not green. This will incentivise banks to produce green assets. 

Energy Performance Building Directive:

Changing the way European stakeholders are collecting data and giving labels to buildings. 

Mortgage Credit Directive: 

Currently under revision, it will change the way banks explain and give details to their consumers. 

What is the cost of retrofitting? 

1% of current housing stock in Europe is represented by new housing. To replace the existing stock with new housing, at the current rate, would take over 100 years. We don’t have 100 years. 

In the European market 220 million homes have to be renovated in order to be aligned with the Paris Agreement, each with a renovation cost of roughly €20,000 - €30,000. This is a huge amount of resources that has to be located by both private capital markets and public entities. 

What proactive steps has the UK taken in the fight against climate change: 

At the end of 2021, the UK government announced that 15 million homes were rated as below band C on their Energy Performance Certification. The estimate for converting these homes to meet an EPC target of C is £65bn. 

Newly rented properties will have to have an EPC rating of at least C, which is expected to cost landlords £10,400 per property on average. 

By 2030 all rented commercial properties will have to have a minimum EPC rating of B. 

 

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Luca Bertalot

Luca Bertalot

Luca Bertalot is Secretary General of the European Mortgage Federation - European Covered Bond Council (EMF-ECBC), a market platform supporting market participants on all issues relating to the retail and funding sides of the mortgage business. Luca joined the EMF-ECBC in 2006, becoming Head of the ECBC in 2007 and Secretary General in June 2014. Prior to this, he worked as a financial analyst at Fondazione Censis - Centre for Socio-Economic Studies and Policies, Gentiloni Silveri & Partners Consulting, a law firm, and in the Italian Ministry of Foreign Affairs. Luca also worked as a consultant in several World Bank’s missions on Housing and Capital Markets issues in Morocco, Brazil and South Africa. Luca holds a degree in Economics and Financial Markets from the University of Rome, Tor Vergata. He also studied at the University of Mannheim, Germany, and at the Wharton School - University of Pennsylvania, in the United States.

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