The European Systemic Risk Board has published recommendation ESRB/2012/2 (dated 20 December 2012), which contains a set of recommendations on the funding of credit institutions.

The five recommendations include:

  1. Monitoring and assessment of funding risks and funding risk management by supervisors;
  2. Risk management of asset encumbrance by institutions;
  3. Monitoring of asset encumbrance by supervisors;
  4. Market transparency on asset encumbrance;
  5. Covered bonds and other instruments that generate encumbrance.