PKO Bank Hipoteczny covered bonds: Project Jaspis



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

09 Jun 2022



PSD disclosed:

11 Jul 2022

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

The EBRD invested EUR 65 million (13% of the issuance amount) in a Green Covered Bond (""GCB" or the Bond") issuance of PKO BH, as part of an international issuance of EUR 500 million, that will be listed on the Luxembourg and Warsaw Stock Exchanges. This was the first international GCB issuance by a Polish bank and the first such out of the EBRD's EU countries of operation.  The bond issuance is in line with the International Capital Market Association's ("ICMA") Green Bond Principles ("GBP") and Climate Bonds Standard, as verified by a second party opinion ("SPO") before subscription.  The Bond has a maturity of 3 years.

Project Objectives

The Project promotes green financial intermediation through supporting green covered bond issuances of the largest mortgage bank in Poland. It also contributes to the capital market development in Poland and the resilience of the important financial institution in the country.

Transition Impact

ETI score: 60

The expected transition impact stems from its contribution to the Green and Resilient qualities:

Green through promoting green financial intermediation: the Project will support the green agenda of PKO BH and further promote green CB issuances, which so far still remain limited in the EBRD region including in Poland.

Resilient through contributing to (i) capital market development by supporting market expansion through covered bonds, including through green bonds, and the build-up of critical mass of the outstanding Polish covered bonds needed to create pricing benchmarks, build a yield curve, develop market liquidity, and crowd in a diverse base of international and local institutional investors; (ii) optimization of the bank's funding structure and diversification of the liability sources

Client Information


PKO BH is the largest mortgage bank operating in Poland with EUR 5.6 billion in total assets as of December 2021. The mortgage bank is fully-owned by PKO BP ("the Parent"), the largest commercial bank in Poland with total assets of EUR 84.5 billion as of December 2021.


The Project's additionality stems from supporting PKO BH to successfully issue GCB/CBs during a time of market volatility and significant uncertainty in capital markets, supporting investor diversification and expansion of market for green bonds.

Environmental and Social Summary

Categorised FI (2019 ESP). The Environmental and Social (E&S) Due Diligence was done in-house and included a review of the 2021 AESR associated to previous transactions as well as review of the draft Green Covered Bond Framework. PKO BH, subsidiary of PKO BP, specialises in residential mortgage loans for individual clients, which is considered as low E&S risk. An ESG Manager and a set of publicly disclosed E&S Policies (including a Code of Ethics and an Employment Regulation) are in place at PKO BP level. PKO Bank Polski has adopted a set of ESG metrics which are integrated as part of the non-financial objectives of the Group. PKO BP is responsible for E&S disclosure for Group Annual Report (including PKO BH activities). The project is consistent with GET and the GET share is 70%.

The Client 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 Procedure for Mortgage lending, and continue to submit annual environmental and social reports to EBRD.

Technical Cooperation and Grant Financing


Company Contact Information

Katarzyna Majchrzak
0048 22 521 5755
PKO Bank Hipoteczny S.A. Ul. Puławska 15 02-515 Warszawa Poland

PSD last updated

11 Jul 2022

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 EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

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.

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 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 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.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. 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 (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 to get guidance and more information on IPAM and how to submit a request.


Share this page: