FI Green Bond Framework

Location:

Poland

Project number:

51302

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

02 Oct 2019

Status:

Signed

PSD disclosed:

16 Oct 2019

Translated version of this PSD: Polish

Project Description

Investment in Polish zloty-denominated Green Covered Bonds in an amount of PLN 80 million (EUR 18.5 million) as part of a total aggregate issuance of PLN 400 million (EUR 92 million) issued by ING Bank Hipoteczny S.A. ("ING BH"), a public company and a newly established mortgage bank incorporated in Poland, 100% subsidiary of ING Bank Slaski S.A. The project represents the first Green Covered Bond issuance by ING BH and the second EBRD project signed under the FI Green and Sustainability Bond Framework.

Project Objectives

ING BH has committed to allocate proceeds to expand the activity to finance energy efficient properties secured by first ranking mortgages by ING BSK Group. The first issuance of Green Covered Bonds is aligned with the Green Bond Principles and has met the criteria for certification by the Climate Bonds Standard Board on behalf of the Climate Bonds Initiative ("CBI").

Transition Impact

The investment contributes to the objectives of supporting the Green quality under the FI Green and Sustainability Bond Framework through development of the Polish economy in an environmentally sustainable way. The project will also address the Resilient quality by helping set standards in the nascent Green and Sustainability Bond market across the EBRD region through developing this new debt product and its market.

Client Information

ING BANK HIPOTECZNY SA

ING Bank Hipoteczny S.A. is a newly established mortgage bank and a 100% subsidiary of ING Bank Slaski S.A.. It started its operations in January 2019 and it is a part of well-established financial group of ING Bank Slaski S.A., which is a fifth largest Polish bank by assets.

EBRD Finance Summary

PLN 300,000,000.00

The investment in the PLN-denominated first Green Covered Bond issued by ING BH in October 2019 was made in the amount of PLN 80 million (approximately EUR 18.5 million equivalent).

Total Project Cost

PLN 620,000,000.00
PLN 400 million (EUR 92 million equivalent)

Environmental and Social Summary

Categorised FI (ESP 2014): ING BH will be expected to comply with PRs 2, 4 and 9, implement EBRD's E&S Risk Management Procedures for Mortgage Lending and submit Annual Environmental and Social Reports to the Bank.

Technical Cooperation

None

Company Contact Information

ING Bank Hipoteczny S.A.
+48 32 357 8433
https://www.inghipoteczny.pl/inghipoteczny

Business opportunities

For business opportunities or procurement, contact the client company.

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