Mortgages Covered - the EMF-ECBC's New Podcast Series

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, welcomes Jean-Yves Caminade from Bpifrance, to reflect on the first-ever European Secured Note transaction, which also marked Bpifrance’s debut in this new funding format, from the perspective of one of its key architects.

This episode of Mortgages Covered explores:

1. Bpifrance’s mission and objectives in issuing its first ESN.
2. The potential for ESNs to connect excess savings in some countries with funding needs in others.
3. The adaptations required to adopt covered bond technology to the financing SME loans.
4. Bpifrance’s objective of securing LCR eligibility for the ESNs.
5. Investor feedback and Bpifrance’s next steps and future issuance plans.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, sits down with ECBC Chairwoman, Sanna Eriksson, and Conor Perry, Economist at OMFIF, to discuss recent market developments surrounding European Secured Notes (ESNs)

This episode of Mortgages Covered explores: 

1. The strong market reception of Bpifrance’s first public ESN issuance and its potential to drive further growth.
2. The practical role of the ECBC and OMFIF in supporting and facilitating the development of the product.
3. OMFIF's approach to communicating technical and policy-related topics to a non-specialist audience.
4. Cross-sector perspectives and practical insights from the round tables, helping to identify opportunities for product and market development.
5. The importance of expanding the ESN time-series database and supporting greater participation from issuers in the public markets.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Chair of the ECBC ESN Task Force and former ECBC Chairman, Stefano Patruno, to shed light on the work done by the ECBC to support the development and implementation of the ESN instrument.

This episode of Mortgages Covered explores: 

1. The work undertaken by the ECBC ESN Task Force over the years to develop the foundations for an ESN market. 
2. The benefits of bringing together expertise and perspectives from multiple jurisdictions.
3. The balance between the need for standardisation and the specific requirements of individual countries and markets. 
4. Future market developments and the role the ECBC can play in supporting the further development of ESNs.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Sasha Kullig from vdp and Joost Beaumont from ABN AMRO to discuss the latest edition of the ECBC Covered Bond Fact Book.

This episode of Mortgages Covered explores:

• The key market and political themes which shaped the covered bond market in 2025: resilience, growth, globalisation and competitiveness.
• 2025 (and mid 2026) market statistics, including the most quoted figure in the whole Fact Book, market size at €3.34bn in 2025, marking another year of healthy growth
• The drivers of and dynamics behind this growth 
• The move to an online-only Fact Book and the greater flexibility this provides.
• Expected market developments and key themes for the year ahead.

Building on the discussions from the latest ECBC Plenary Meeting in Stavanger, Richard Kemmish, EMF-ECBC & ISMMA Consultant, sits down with Patrick Seifert to examine the policy, regulatory, and economic issues shaping the future of housing finance and covered bond markets across Europe.

This episode of Mortgages Covered explores: 

• Regulatory complexity and its impact on funding choices and covered bond markets.  
• Housing affordability as a policy priority and the role of mortgage guarantee schemes.  
• The importance of European competitiveness, economic growth, and job creation.  
• Guarantee schemes as a fiscally responsible tool to support lending without increasing public debt.  
• EMF-ECBC’s support for the development of Ukraine’s covered bond framework and post-war recovery. 

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Meike Plötner  and Sarah Reuter from vdpResearch, to discuss their work mortgage appraisal, energy efficiency assessment, and risk modelling for mortgage lenders.

This Episode of Mortgages Covered explores:

• vdpResearch’s objective of providing effective solutions for its member banks.
• The practicalities of obtaining energy performance certificate.
• The use of existing data and property valuation expertise for successful estimation.
• The development of supplementary tools and services to support the assessment of climate-related risks.
• A risk-analysis tool designed to identify, calculate, and quantify exposure to natural hazards.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Joris Piete of Onesto, to discuss the challenges and opportunities involved in improving the energy performance of less energy-efficient homes.

This Episode of Mortgages Covered explores:

• Onesto’s 130-year commitment to supporting affordable home ownership through social mortgage lending.
• The challenges faced by lower-income households when purchasing and renovating homes.
• A one-stop-shop approach that combines mortgage financing with free energy and renovation advice.
• How energy renovations can improve EPC ratings while delivering significant energy and cost savings.
• The use of digital and AI-driven tools to support faster, more accurate renovation planning and cost estimation.

In this episode of Mortgages Covered,  Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Andrej Eichler and Matthias Neumann from Finnofleet, to discuss the critical role of data for issuers and how technology can improve operational efficiency.

This Episode of  Mortgages Covered covers:

1. The integration of Swiss and German operations into a unified group with a streamlined service offering.
2. Finnoofleet’s mission to enhance collateral management efficiency and help issuers maximize the benefits of covered bond funding.
3. The growing complexity of data and reporting requirements, and the need for systems to continuously adapt to regulatory and market expectations.
4. The export of proven DACH-region solutions to both established and emerging covered bond markets worldwide.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Alessandro Lodgiani Country Manager of R2M Solution in Italy, for a discussion on the practical dimensions of implementing energy-efficiency upgrades.

This Episode of Mortgages Covered explores:

• The integration of new key performance indicators (KPIs) into market frameworks and decision-making processes.
• RTM’s updated decarbonisation strategy at the European level
• Efforts to develop new professional figures capable of effectively utilising emerging technologies.  
• The establishment of testing laboratories to evaluate and integrate innovative technologies in support of sustainability strategies.
• The role of the revised EPBD in promoting harmonised building energy classifications across European countries.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, speaks with Dag Hjelle of SR Boligkreditt about the current state of the Norwegian economy and recent developments in its mortgage market.

This Episode of Mortgages Covered explores:

• The use of SR Boligkreditt’s assets in the issuance of its recent ESG bond.
• Differences in market positioning and investor engagement associated with green bond issuance.
• The resilience of the green bond portfolio and the growing presence of buy-and-hold investors compared with traditional covered bonds.
• Future bond maturities and the prospects for continued issuance in green bond formats.