• The bond is issued by—or bondholders otherwise have full recourse to—a credit institution which is subject to public supervision and regulation;
• Bondholders have a claim against a cover pool of financial assets in priority to the unsecured creditors of the credit institution;
• The credit institution has the ongoing obligation to maintain sufficient assets in the cover pool to satisfy the claims of covered bondholders at all times;
• The obligations of the credit institution in respect of the cover pool are supervised by public or other independent bodies.