NBG Covered Bonds

Location:

Greece

Project number:

49096

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

20 Sep 2017

Status:

Signed

PSD disclosed:

31 Oct 2017

Translated version of this PSD: Greek

Project Description

The EBRD subscribed EUR 30 million to the EUR 750 million covered bond issued by National Bank of Greece S.A. (NBG). The project signals the return of Greek banks to the international debt capital markets. The bond matures in October 2020.

Project Objectives

The bond proceeds will be used to reduce the bank's dependence on Eurosytem's Emergency Liquidity Assistance funding thus contributing towards the normalisation of NBG's liquidity position.

Transition Impact

The project provides NBG access to medium-term funding, diversifies its funding sources and addresses balance sheet mismatches, while it supports the bank's efforts to create a benchmark pricing curve for its debt instruments.

Client Information

NATIONAL BANK OF GREECE

NBG, one of the four Greek systemic banks, is the country's oldest lender having established in 1841. The bank has a total assets base of EUR 70 billion as of end of June 2017 and its shares are listed on the Athens Stock Exchange.

EBRD Finance Summary

EUR 100,000,000.00

EUR 100 million envelope for EBRD's investments in covered bonds issued under NBG's Covered Bond Programme II. The investment in the three-year benchmark covered bond issued by NBG in October 2017 was made in the amount of EUR 30 million.

Total Project Cost

EUR 1,500,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014): NBG is required to comply with the EBRD's Performance Requirements 2, 4 and 9, adopt and implement EBRD's Environmental and Social ("E&S") Procedures for Financial Institutions and submit Annual E&S reports to the EBRD.

Technical Cooperation

None.

Company Contact Information

Apostolos Mantzaris, Deputy Head of Funding Solutions and Structured Finance
mantzaris.ap@nbg.gr
+30 210 332 8517
https://www.nbg.gr/en
68 Akadimias Str, 106 78, Athens, Greece

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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