Avis Greece securitisation



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

06 May 2020



PSD disclosed:

08 Oct 2020

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.

Project Description

Investment of EUR 37 million in senior notes under securitisation structure in Greece issued by Cronus Finance Designated Activity Company (the "Issuer"). The structure is backed by a portfolio of performing auto leases, originated and sold by Olympic Commercial and Tourist Enterprises S.A. (the "Company" or "Olympic") to the Issuer for the purpose of securitisation.

Project Objectives

The proceeds of the securitisation will be used by Olympic to diversify its funding base, reduce its diesel footprint by replacing existing fleet with electric and hybrid vehicles, as well as to extend new leases to existing and new corporate and SME clients.

Transition Impact

ETI score: 61

The Bank's investment will facilitate the expansion of Olympic's leasing portfolio and contribute to better matching assets and liabilities in terms of maturity. The transaction will also contribute to capital market development, deepening the investor base by attracting for the first time a private investor to a non-banking institution securitisation. Furthermore, this is the first securitisation transaction in Greece that part of the proceeds will be used for green investments, supporting Olympic to reduce its environmental footprint.

Client Information


Issuer: Cronus Finance Designated Activity Company is a special purpose vehicle established in Ireland for the purposes of the true sale, revolving securitisation of auto leases originated by Olympic.

Originator: Olympic is the leading car rental company in Greece and the master franchisee of Avis Budget Group, holding a market share of around 30 per cent. With a fleet of more than 38,000 vehicles, the company is active both in the car rental and leasing segments, as well as in sales of used cars.

EBRD Finance Summary

EUR 37,000,000.00

Investment of EUR 37 million in senior notes

Total Project Cost

EUR 186,400,000.00


Additionality sources comprise i) Financing Structure i EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions. Such financing is necessary to structure the project, and ii) Knowledge, innovation and capacity building i EBRD provides expertise, innovation, knowledge and/or capabilities that are material to the timely realisation of the project's objectives, including support to strengthen the capacity of the client.

Environmental and Social Summary

Categorised FI (ESP 2014). The Company will be required to continue to comply with the EBRD's Performance Requirements 2, 4 and 9, implement the EBRD's E&S Risk Management Procedures for Leasing companies and submit Annual Environmental and Social Reports to the Bank.

Technical Cooperation and Grant Financing


Company Contact Information

Vaggelis Atherinos
+30 210 6879800
50A, Vasileos Georgiou, Chalandri 15233, Greece

PSD last updated

08 Oct 2020

Understanding Transition

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

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The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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.

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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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both 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. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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.

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Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. 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 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; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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