In 2012, the size of the Pfandbrief market was some Euro525 billion, which amounts to almost 19 % of outstanding global covered bonds. The trust in the Pfandbrief also stems from the fact that since 1901, no German Pfandbrief bank has had to declare bankruptcy.
Further, we are in the process of laying the ground work for establishing specialized entities for infrastructure development. A legal framework to establish infrastructure development bank has already been crafted. This will move ahead once the BAFIA gets the seal of affirmation from the President. The provision for infrastructure bank will also encourage private sector to participate in nation building. 13.