EAA Covered Bond Bank plc

Established in 2009, Erste Abwicklungsanstalt (en: First Winding-up Agency, EAA) is a structurally and financially independent public law entity and is not a credit institution. EEA' task is to take over and wind up WestLB's (since 2 July 2012 Portigon AG) assets and risk exposures with minimal losses.

EAA Covered Bond Bank plc is rated by Moody's. Long-term credit rating assigned to the bank by Moody's is Aa1 (high grade).

EAA Covered Bond Bank plc participates in deposit guarantee scheme of Ireland. This scheme covers accounts up to 100 000 EUR per bank per depositor.

Contacts

I.F.S.C. House, I.F.S.C., 1, Dublin, Ireland

EAA Covered Bond Bank plc is headquartered in Dublin.

Bank Identifiers

BIC (SWIFT)
WELAIE2XXXX
MFI ID
IEC27987

Credit Ratings (as of May 2018)

Fitch Moody's
- (not rated) Aa1 (high grade)

Credit Rating is an opinion of a credit rating agency about credit worthiness of a company or a government. EAA Covered Bond Bank plc is rated by Moody's.

Credit ratings assigned to EAA Covered Bond Bank plc as of May 2018 are shown in details in the following sections.

Moody's

Long-term rating for EAA Covered Bond Bank plc it is set to Aa1 (high grade). Long-term bank deposit rating is Aa1 (high grade). Baseline credit assessment is not set. Short-term rating is not assigned.

Long-Term Rating  Aa1
Long-Term Bank Deposit Rating  Aa1
Short-Term Rating  -
Outlook  ratings under review

Outlook for the ratings of EAA Covered Bond Bank plc is set to ratings under review (an issuer has one or more ratings under review, and thus overrides the outlook designation).

Deposit Guarantee

Deposit Guarantee
Yes (up to 100 000 EUR per depositor)

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

All credit institutions operating in Ireland are obliged to participate in Irish deposit guarantee scheme.

In the case of EAA Covered Bond Bank plc failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Eligible Depositors  individuals, small companies, partnerships, clubs, associations, schools
Covered Accounts  any credit balance on an account with a bank (for example, current accounts, demand deposit accounts, notice deposit account, certificates of deposit, fixed-term deposit accounts, share accounts in a building society or credit union, deposit element of structured deposits/tracker bonds may also be eligible, credit balances on credit cards issued by credit institutions may also be eligible)
Maximum Protected Amount  100 000 EUR
Paid In Currency  EUR

Further Information

BIC

BIC (Business Identifier Code, also known as SWIFT code or SWIFT BIC) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.

A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).

BIC of EAA Covered Bond Bank plc and its components are shown in the table below.

BIC  WELAIE2XXXX
Bank BIC Code  WELA
Country Code  IE (Ireland)
Location Code  2X
Branch Code  XXX

MFI ID

MFI ID (Monetary Financial Institution Identifier) is a code, unique to each institution in the MFI list provided by ECB (European Central Bank). MFI ID is hence applicable to MFIs resident in the European Union.

The code is alphanumerical, with the first two digits representing the two-digit ISO code for the country of residence of the MFI and the remaining number of digits (no limit has been specified) is any combination of alphanumerical characters.

MFI ID of EAA Covered Bond Bank plc is shown in the table below.

MFI ID  IEC27987