According to EBRD website, the covered bond transaction will support OTP MB to access medium- to long-term funding outside OTP Group and to comply with the mortgage funding adequacy ratio introduced by the National Bank of Hungary with the objective to improve the maturity mismatch between HUF-denominated assets and liabilities in the banking sector.
Further, it will contribute to the resilience of the financial sector in Hungary by:
1. revitalising the Hungarian covered bond market
2. supporting the NBH initiative to strengthen banks' balance sheets through reduction of the asset - liability maturity mismatch in the banking sector, where long term mortgage assets are predominantly funded by very short-term deposits and;
3. improving the environment for mortgage funding.
Project Contact: Tamás Soós
OTP Mortgage Bank, Treasury & Issuance
Email Address: email@example.com
Telephone No.: +36 1 354 7473, +36 1 354 7482
General enquiries to EBRD:
Telephone No.: +44 20 7338 7168
Email Address: firstname.lastname@example.org
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 email@example.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.