NPE portfolio Greece (Project Iris)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The EBRD and Intrum Holding AB jointly invested in an unsecured non-performing exposure (NPE) portfolio, originated by Piraeus Bank, one of the leading banking groups in Greece. The portfolio consists of approximately 53,000 loans with total legal claims of about €1.7 billion and a gross book value of €0.7 billion. The portfolio was acquired through a special purpose company, Iris Hellas Investments Designated Activity Company (DAC), while management of the portfolio was assigned to Intrum Hellas (the "Servicer").

Project ID 51332

Status Repaying

Location

Greece

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Investor Relations
investor_relations@piraeusbank.gr
+30 210 333 5026
http://www.piraeusbankgroup.com/

Project ID 51332

Status Repaying

Location

Greece

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

24 Jul 2020

Disclosure date

10 Feb 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

NPE Portfolio Greece (Project Iris) (Greek) (PDF, 0.24MB)

Project description

Project objectives

As of September 2020, NPEs in Greece stood at €63.5 billion, representing 35.3 per cent of total exposures. The project will further support the stability of the Greek banking sector, helping to reduce the current number of total exposures by Greek banks, in line with the reduction targets agreed with the supervisory authorities.

Transition impact

ETI Score:80

sition impact is expected to derive from:

Resilient: A successful reduction in Piraeus' NPE stock
Competitive: EBRD's involvement aims to foster greater competition and transparency in the NPE market in Greece.

Client information

IRIS HELLAS INVESTMENTS DESIGNATED ACTIVITY COMPANY

Client: Iris Hellas Investments Designated Activity Company (the "AssetCo")

Seller: Piraeus Bank S.A. ("Piraeus")

EBRD Finance Summary

EUR 10,650,925.00

Total project cost

EUR 37,351,624.00

Additionality

Financing structure: EBRD's involvement further improves financial capacity

Risk mitigation: EBRD provides comfort to clients and investors by mitigating non-financial risks

Standard Setting: EBRD's expertise on corporate governance

Environmental & Social Summary

Categorised FI (ESP 2019)

The Servicer and the AssetCo will need to comply with EBRD's Performance Requirements 2 and 4, continue to carry out a social risk screening and management aligned with some provisions of PR9. The Servicer will need to continue to manage potential social impacts on borrowers by diligent application of its Code of Conduct and in line with the Greek Code of Conduct for NPLs, which require credit institutions to carry out a vulnerability assessment and, inter alia, take into consideration the repayment capacity of borrowers. A report, in an agreed format, on the compliance with the applicable EBRD's PRs, will be submitted annually to EBRD.

Technical Cooperation and Grant Financing

None

Company Contact Information

Investor Relations
investor_relations@piraeusbank.gr
+30 210 333 5026
http://www.piraeusbankgroup.com/

PSD last updated

10 Feb 2021

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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NPE portfolio Greece (Project Iris)

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)