Early Warning System

Countries

Greece

Geographic location 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

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Sep 12, 2023

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

WAVE IV FINANCE DESIGNATED ACTIVITY COMPANY

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

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, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 48.67 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 45.26
Converted using 2023-09-12 exchange rate.

Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 21, 2025

Disclosed by Bank Aug 22, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of an investment of c. EUR 45 million in credit linked notes, issued by a newly established securitisation special purpose entity (the "Issuer"), covering the credit risk of the senior mezzanine tranche in a synthetic balance sheet securitisation of a performing mixed loans portfolio, originated by Eurobank S.A., a commercial bank incorporated in Greece (the "Originator" or "ERB").

The project boosts the resilience of a systemic bank in Greece, and is subject to receipt of the ordinary terms and approvals by the competent authorities. It will allow Eurobank to achieve a risk-weighted assets' relief and optimise its regulatory capital requirements, while the anticipated RWA relief will be redeployed to new on-lending to the real economy. Furthermore, the EBRD promotes resource efficiency in the country by requiring Eurobank to allocate funds in the amount of 1.5 times of the EBRD's subscription to finance green investments in renewable energy and energy efficiency.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The underlying securitized loan portfolio, guaranteed by EBRD, should be subject to ERB's ESMS, and the allocated multiple amount should be reviewed and monitored in line with the requirements of PR9 and ERB's ESMS. Any potential renewable energy projects under the green allocation will need to follow the E&S Eligibility Criteria for hydro, wind, solar, bioenergy and geothermal projects, as applicable. Any potential solar sub-projects would be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35), (CS/FO/21-35 (Add 2)) and any subsequent guidance developed under that approach.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Investment of EUR 45,260,000.00 in credit linked notes.

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

WAVE IV FINANCE DESIGNATED ACTIVITY COMPANY (The Issuer): A securitisation special purpose entity established in Ireland for the purposes of the synthetic balance sheet securitisation originated by ERB.

Eurobank S.A. (The Originator): Is one of the largest banks in Greece in terms of total assets. Its core business is concentrated in Greece and it is a well-recognised bank in South-Eastern Europe with presence in Bulgaria and Cyprus. Eurobank S.A. is a wholly owned subsidiary of Eurobank Ergasias Services and Holdings SA listed on the Athens Stock Exchange.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Eurobank S.A.	Parent Company	-
-	-	-	-	WAVE IV FINANCE DESIGNATED ACTIVITY COMPANY	Client	-

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

COMPANY CONTACT INFORMATION

EFG Investor Relations
investor_relations@eurobankholdings.gr
+30 214 4058 834
https://www.eurobankholdings.gr/en
8, Othonos Str., 10557, Athens, Greece

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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