VUB Covered Bonds


Slovak Republic

Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

14 Dec 2016



PSD disclosed:

13 Feb 2017

Translated version of this PSD: Slovak

Project Description

An additional investment of up to EUR 25 million for a series of mortgage covered bonds to be issued by Všeobecna uverova banka ("VUB" of the "Issuer") in Slovakia over a period of 2 years, increasing the total EBRD investment in the Project to up to EUR 105 million. The Project falls under the EBRD's Covered Bond Framework for Slovakia. The original EBRD investment of EUR 80 million was signed in January 2017 and has been fully invested in covered bonds issued by VUB.

Project Objectives

The transaction will support the Issuer to access medium- to long-term funding by using a covered bond instrument collateralised by a pool of residential mortgage loans.

Transition Impact

The transition impact derives from:

Market expansion: the Project will contribute to building up a critical mass of outstanding covered bonds in Slovakia by supporting the largest covered bond issuance in the country, and potentially attracting a wider investor base.

Demonstration of successful restructuring: the Project will help VUB to set the basis for the repetitive issuances of larger size covered bonds in the future, support further increase in diversification of the funding sources via stable financing instruments and address asset-liability maturity mismatches.

Client Information


VUB is the second largest universal bank in Slovakia with 18% market share by total assets and the second largest player in the mortgage loans market, with 20% market share.

EBRD Finance Summary

EUR 80,000,000.00

Up to EUR 80 million.

Total Project Cost

EUR 750,000,000.00

Up to EUR 750 million.

Environmental and Social Summary

Categorised FI: Due diligence carried out included a review of performance to date under previous and existing projects with VUB. This assessment showed that Environmental and Social (E&S) management has been satisfactory and that VUB has demonstrated an on-going compliance with the EBRD's Environment, Health and Safety (EHSS) requirements. VUB has developed the capability and capacity to manage projects in line with the EBRD's requirements. VUB will be required to continue to comply with the EBRD's Performance Requirements, and continue to submit Annual Environmental and Social Reports to the EBRD.

Technical Cooperation


Company Contact Information

Treasury and ALM department

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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.

Share this page: