The European Commission should heed the advice “if it ain’t broke, don’t fix it”, when tinkering with covered bonds, says a 17-year veteran of the sector.

Richard Kemmish, who was head of covered bond origination at Credit Suisse between 2008 and 2014 and now runs Richard Kemmish Consulting, a covered bond advisory firm, told Financial News that the products have shown "remarkable resilience in terms of both credit quality and liquidity" through the financial crisis.