PKO Bank Hipoteczny bonds (EBRD-48517)

Countries
  • Poland
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
May 25, 2016
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
PKO Bank Hipoteczny S.A.
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 Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 148.72 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 EUR 130,155,920.00
Converted using 2016-06-23 exchange rate.
Project Cost (USD)
$ 716.31 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 EUR 625,872,599.00
Converted using 2016-06-23 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 10, 2017

Disclosed by Bank Jun 23, 2016


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Project Description
This project invests in a bond issued by the PKO Bank Hipoteczny S.A. and was approved under the Polish Financial Institutions Debt Capital Market Framework launched in December 2013 and extended further in December 2014.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
PKO BH is one of three mortgage banks operating in Poland, specialising in mortgage lending to individual customers. PKO BH, which started operations on 1 April 2015, is a 100 per cent subsidiary of Powszechna Kasa Oszczidnoici Bank Polski S.A. (PKO BP), the largest commercial bank in Poland. This project is a follow-on project to the EUR 5 million investment (approx. PLN 21.5 million) in covered bonds issued by PKO BH in April 2016 (total amount PLN 500 million) is the first covered bond issue on the Polish market after the new legislative changes. This investment provides a EUR130 million envelope for the EBRD's investments in PKI BH's cover bonds.
Contact Information
Malgorzata Dlubak Malgorzata.Dlubak@pkobh.pl 00 48 22 521 5781 0048 22 521 5781 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.