Advisory Council

Members of the Advisory Council


  • Loïc Chiquier, Chief Technical Officer and Senior Advisor of the Finance & Markets Global Practice, World Bank Group
  • Andreea Moraru, Senior Banker – Local Currency and Capital Market Development Team, European Bank for Reconstruction and Development (EBRD)
  • Emilio Rodríguez, Head of the Asset Management Division, Banco de España
  • Alessandro Tappi, Chief Investment Officer, European Investment Fund (EIF)
  • Ad Visser, Head of the Financial Markets and Collateral Section in the ECB’s Market Operations Analysis Division, European Central Bank (ECB)


Market Representatives (Based on a rotation principle):

  • Ana Cortes Gonzales, J.P. Morgan Asset Management
  • Robert Gallimore, Policy Executive, Australian Securitisation Forum
  • Hélène Heberlein, Managing Director, Covered Bonds, Fitch Ratings
  • Gavin Purtill, Banking & Payments Federation Ireland
  • Julien Reber, Senior Credit Analyst, Finance/Treasury at Banque Pictet & Cie SA
  • Amer Siddiqui, Partner, Simmons & Simmons


National Authority Representatives:

  • François Haas, Deputy General Manager, DG Operations, Banque de France
  • Matej Chytil, Senior Portfolio Manager, National Bank of Slovakia
  • Lily Shum, Canada Mortgage and Housing Corporation (CMHC)


Role and Composition of the Advisory Council

An Advisory Council is established, which is composed of no more than 15 individuals appointed by the Label Committee for a two year mandate, as follows:

  • Observers from the European Authorities;
  • Representatives of the EU national supervisory/regulatory authorities nominated on a revolving basis; and
  • Covered bond market participants who are not members of the Label Committee and of which at least one is appointed by the Covered Bond Investor Council (CBIC)/investors' representative body.


The Advisory Council shall act as the market participants' think-tank and shall hold an advisory role vis-à-vis the Label Committee, with no binding power of recommendation. No votes shall occur within the Advisory Council.

The Advisory Council shall be responsible for:

  • Supporting the deployment of the Covered Bond Label in the market and contributing to its improvement;
  • Providing opinions and/or advice upon consultations conducted by the Label Committee;
  • Providing a forum whereby stakeholders can exchange views on issues concerning the Covered Bond Label that may have a direct or indirect impact on the Industry; and
  • Making proposals for the modification of the Covered Bond Label Convention.


The procedures for appointments and the organisation and holding of meetings are set out in the Internal Regulations, which, amongst other things, ensure a turnover amongst the organisations which propose candidates for appointment to the Advisory Council.