2. In this Order, unless the context otherwise requires —
“bank” has the same meaning as in section 2(1) of the Banking Act (Cap. 19);
“company” means any corporation liable to be wound up under the Act;
“cover pool”, in relation to a covered bond, means a pool of assets that are —
(a)
owned beneficially by a covered bond special purpose vehicle, and held by a bank incorporated in Singapore, or by another person, as trustee on behalf of the covered bond special purpose vehicle; or
(b)
owned both legally and beneficially by a covered bond special purpose vehicle,
for the purpose of securing the payment of one or more of the following:
(i)
the liabilities to a holder of the covered bond;
(ii)
any liabilities arising from the enforcement of the rights of a holder of the covered bond;
(iii)
any liabilities to any third-party service provider appointed for the purpose of the operation and administration of the programme under which the covered bond is issued;
“covered bond” means any bond, note or other debenture issued by a bank incorporated in Singapore or by a covered bond special purpose vehicle established by a bank incorporated in Singapore, under which the liabilities to a holder of such bond, note or debenture, and any liabilities arising from the enforcement of the rights of the holder are —
(a)
secured by the assets in a cover pool; and
(b)
recoverable from the bank regardless of whether the assets in the cover pool are sufficient to meet the liabilities;
“covered bond special purpose vehicle” means a company incorporated in Singapore for the primary purpose of one or both of the following:
(a)
issuing any covered bond;
(b)
holding the cover pool in relation to any covered bond issued by a bank incorporated in Singapore or the company.