SLSP senior preferred bonds

Location:

Slovak Republic

Project number:

52331

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

16 Sep 2020

Status:

Signed

PSD disclosed:

02 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

On 7 October 2020, the EBRD invested EUR 20 million (20% participation) in a senior preferred bond issued by Slovenská sporiteľňa, a.s. ("SLSP") as part of an issuance of EUR 100 million listed on the Bratislava Stock Exchange. On 9 June 2021, the EBRD invested EUR 20 million (20% participation) in the inaugural senior preferred Green Bond issued by SLSP.

Project Objectives

The Project aims to support Green-impact targets with a 100% allocation of EBRD investments in GET-eligible sub-projects as well as participation in Green bonds issued by SLSP. The Project also supports the resilience and regulatory compliance of the largest bank in the Slovak Republic, as well as contributes to the capital market development of the country.

 

Transition Impact

ETI score: 65

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

  • Resilient: The Bonds will contribute to (i) capital market development (ii) regulatory compliance of SLSP, (iii) diversification of the funding base and the funding providers and (iv) increase of SLSP's loss-absorption capacity and resilience to market or regulatory shocks;
  • Green: The Project fully complies with the Bank's GET approach and aims to promote further the Green agenda in Slovakia.

Client Information

SLOVENSKA SPORITELNA AS

SLSP is the largest bank in Slovakia by total assets, retail loans, and total deposits. SLSP is a wholly owned subsidiary of Erste Group Bank AG.

Additionality

The Project contributes to capital market development in Slovakia as a stable investor and facilitating mobilisation of the institutional investor base. Also, the Project is consistent with EBRD's commitment to promote the green agenda in Slovakia and its efforts to support development of local financing markets for green instruments.

Environmental and Social Summary

Categorised FI (ESP 2019). SLSP is an existing client and will be required to continue to comply with the Performance Requirements 2, 4 and 9 and EBRD's Environmental and Social Risk Management Procedures for Micro, SME and Corporate Loans, and submit annual environmental and social reports to the Bank. Renewable energy projects financed with EBRD's use of proceeds will need to follow the E&S Eligibility Criteria for such projects.

Technical Cooperation and Grant Financing

Not applicable

Company Contact Information

Slovenská sporiteľňa, a.s.
info@slsp.sk
+421/2/58 26 81 11
www.slsp.sk/en/
Tomášikova 48 832 37 Bratislava Slovak Republic

PSD last updated

11 Jun 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 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 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 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.

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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

 

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