Explore every episode of the podcast Mortgages Covered - the EMF-ECBC's New Podcast Series

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.

In this episode of Mortgages Covered, , Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by David Michele of CRIF, to discuss the challenges related to the credit of the underlying borrower in the mortgage chain, particularly in the less developed markets.

This Episode of Mortgages Covered explores:

• The role of trusted data and credit information in enabling confident decision- making within increasingly risk-sensitive financial environments. 
• CRIF’s evolution as a data-driven credit management company, delivering credit bureau, analytics, and decision-support solutions across diverse markets.
• The impact of digital transformation on banking, and the importance of balancing global technology platforms with local market, regulatory, and cultural requirements.
• How credit market development shapes economic growth, financial inclusion, and market dynamics, generating insights at both the macroeconomic and microeconomic levels.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, welcomes Rene Foertsch and Sven Gerhardt from Bloomberg for a discussion on the evolution of covered bonds and the growing demand for data-driven market intelligence. Together, they unpack the latest developments in covered bond analytics, market transparency, and the innovative tools shaping the future of the asset class.

This Episode of Mortgages Covered explores:

• Bloomberg’s integration of AI tools and enhanced covered bond analytics capabilities.  
• Improvements in secondary market transparency through TRACE reporting.  
• Changes to Bloomberg’s League Tables methodology to improve accuracy and objectivity.  
• A new, transparent methodology for calculating and assessing new issue premiums. 

In this episode of Mortgages Covered, Jennifer Johnson, EMF-ECBC Deputy Secretary General, is in conversation with Kyrre Knudsen, Chief Economist at SpareBank 1 Sør-Norge, on key developments in the Norwegian macroeconomic environment.

This Episode of Mortgages Covered explores:

• The stability of the Norwegian economy, supported by strong democratic and effective democracy. 
• Norway’s prudent management of one of the world’s largest oil funds, balancing resource utilisation with long-term savings objectives.
• Developments in the public and private sectors.
• Trends in the housing market, including declining house prices and turnover in the secondary housing market.
• Norway’s relationship with Europe, including future engagement with European partners and the potential joining of the EU. 

In this episode of Mortgages Covered, Oscar Mgaya, outgoing chairman ISMMA, is joined by Cosmas Kimario of KCB Bank Tanzania to provide an overview of the Eastern African market and discuss the African banking sector, as well as the potential of covered bonds as a funding instrument.

This Episode of Mortgages Covered explores:

• The rapid advancement of digitalisation and fintech deployment.
• The increasing prevalence of cross-border banking activities, including the expansion of banks beyond their domestic markets.
• Significant visible developments in Kenya, Tanzania, Uganda, and Rwanda.
• Strategic considerations for investors engaging with the regional market and its associated growth potential.
• The broader opportunities within the East African region.

The bond market is entering a new phase of technological transformation, where tokenisation, standardisation, and integrated workflows are increasingly reshaping how assets are issued, transferred, and managed.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Peter Kohl-Landgraf of DZ Bank to discuss recent developments and changes in the bond market.   

This Episode of Mortgages Covered explores:

• Tokenisation through algorithmic control, enabling direct transfer of tokens.
• The role of the public sector in facilitating standardisation.
• Key design considerations within the industry, including issues such as transparency.
• The importance of openness in enabling smaller investors to participate more easily in tokenised settlement processes on chain.
• The potential for technology to integrate the entire workflow and system chain into a unified structure.

Green and social bond markets have evolved significantly in recent years, driven by new regulatory frameworks, growing investor expectations, and an increased focus on transparency. Daniela Antonini of Banco BPM joins this episode of Mortgages Covered to explore the key trends and challenges shaping today's ESG and sustainable finance landscape.

This Episode of Mortgages Covered explores:

• Banco BPM's Green Social Sustainability Bond Framework to ensure taxonomy alignment of its assets. 
• The issuance of covered bonds under the EU Green Bond Standard.
• The transition towards more evidence-based issuance.
• The differing market experiences and developments related to EU green and social bonds.
• The key priorities and strategic objectives of the ECBC ESG Bond Task Force.

As Europe faces growing competition from other global economies, questions around productivity, growth and financial regulation are becoming increasingly important. In this episode of Mortgages Covered, Jonas Bjarke Jensen of Copenhagen Economics shares his views on how regulation can support — or hinder — competitiveness, investment and long-term economic growth.

This Episode of Mortgages Covered explores:

• The factors driving the transition to a new global economic and financial environment and the resulting policy implications.
• Europe's widening productivity gap relative to other major economies and its implications for financial regulation.
• The impact of existing EU regulation on competitiveness and market efficiency.
• Market distortions, including the effects of the Basel output floor on bank's lending rates.
• The short-term and long-term solutions 

In this episode of Mortgages Covered, the conversation turns to the rapidly evolving world of digital assets and tokenisation. Ayda Chamcham of Aareal Bank shares insights on how digital money, tokenised assets, and new financial infrastructures are reshaping the future of banking and capital markets.

This Episode of Mortgages Covered explores:

• The categorisation of digital assets, including native cryptocurrencies, tokenised real-world assets, and digital money.
• The rapid growth of tokenised money market funds and digital asset adoption with the banking sector.
• Digital asset initiatives and tokenisation platforms launched by major financial institutions, including JP Morgan Chase and Golman Sachs.
• The worldwide momentum of digital assets, currencies and instant cross border payments.
• The regulations, risks, and governance challenges associated with digital assets.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, brings together Anders Lund Francke of Eiendomsverdi AS to explore the use of Artificial Intelligence in property valuation.

This episode of Mortgages Covered explores:

•  The growing interest in and use of automated valuation systems (AVMs) and advances in statistical modelling for residential property valuation.
• The core principles underpinning robust valuation models, including transparency, explainability, and confidence management. 
• The management of valuation uncertainty and its role in risk management and bank competitiveness.
• The complementary roles of AVMs and physical valuers.
• The emergence of “nowcasting” techniques to increase accuracy and market responsiveness.

In this episode of Mortgages Covered, the conversation turns to Moldova's economic and financial transformation, as Anca Dragu, Governor of the National Bank of Moldova, shares insights on Moldova’s economic and financial transformation, with a focus on housing finance, capital market development, and the country’s journey towards membership of the EU. 

This Episode of Mortgages Covered explores:

• Moldova’s evolving economic landscape, including mortgage market development, transition away from dependence on Russian resources, and resilience in the face of inflationary shocks. 
• The strengthening of the financial sector through growing capital markets, ample banking liquidity, and strong bank capitalisation.
• The rapid expansion of housing finance.
• Recent capital market developments and key infrastructure reforms for deeper integration with European financial markets.
• A four-step approach for strengthening long-term mortgage growth.  

Following the successful 38th ECBC Plenary Meeting held in Stavanger last month, this episode takes a closer look at some of the key discussions, insights, and market developments that emerged from the event.

In this first episode “Mortgages Covered”, the EMF-ECBC’s new podcast series, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Luca Bertalot, EMF-ECBC Secretary General, to reflect on the main takeaways from the 38th ECBC Plenary Meeting, including the focus on mortgage markets and the evolving landscape of covered bonds.

This episode of Mortgages Covered covers:

• The concept of a voluntary 28th Regime European mortgage guarantee scheme to improve housing affordability and access to home ownership.  
• The need for coordinated public and private sector action to address housing affordability challenges.  
• EMF-ECBC’s work supporting mortgage and capital market development in EU candidate countries and beyond.  
• The role of the Energy Efficient Mortgage Label in promoting transparency, standardisation and capital market access.  
• EMF-ECBC’s support for Ukraine through technical expertise, market intelligence, and regulatory guidance.