On 1 January 2011, a new haircut schedule entered into force. It contains the valuation haircuts applied to eligible marketable assets. Covered bonds keep their privileged status within the Eurosystem Collateral Framework. Jumbo covered bonds are part of Category II and a non-Jumbo Pfandbrief is part of Category III.
One innovation is that structured covered bonds and Spanish multi-Cédulas were switched from Category IV to Category III. Furthermore, there is a new 5% add-on valuation haircut in the case of theoretical valuation applicable to all bank bonds, which is to say to the Pfandbrief as well. The haircut ranges from 1% to 38% depending on the credit quality.