Investment in Erste Jelzalogbank Zrt covered bonds (EBRD-48432)

Countries
  • Hungary
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 5, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Erste Jelzalogbank Zrt
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 98.69 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 25000
Converted using 2018-03-22 exchange rate.
Project Cost (USD)
$ 394.74 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported HUF 100,000
Converted using 2018-03-22 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 5, 2018

Disclosed by Bank Mar 22, 2018


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Project Description

This project invests in bonds issued by Erste Jelzalogbank Zrt, a Hungarian mortgage bank. The proceeds of the investment will be used to access medium to long-term funding outside Erste Group.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Erste Jelzalogbank Zrt. is a mortgage bank established in June 2016 in Hungary. It is 100% owned by 100% owned by Erste Bank Hungary Zrt.

Contact Information

Andras Gabor Botos
AndrasGabor.Botos@erstebank.hu
+36 1 373 2103
https://www.erstejelzalogbank.hu

ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.