On 25 March 2009, the International Capital Market Association (ICMA) announced that it has established a Covered Bond Investor Council (CBIC) to give a voice to investors in the covered bond market. The new group will represent the interests of investors (including central banks, insurance companies, pension funds and investment management companies) in covered bonds and will be independent of issuers and traders. It will address issues such as transparency in the cover pool, restoring market liquidity and liquidity issues such as the changing approaches of rating agencies.