Early Warning System

Countries

Czech Republic

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

Jun 22, 2022

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

Ceska Sporitelna AS

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 Amount (USD)

$ 56.52 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 1323
Converted using 2022-06-22 exchange rate.

Project Cost (USD)

$ 256.30 million

Bank Documents

Translation: Ceska sporitelna (Bail-in-able programme) (Czech)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 31, 2023

Disclosed by Bank Jul 19, 2022

Contribute Information
Can you contribute information about this project?
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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.

As stated on the EBRD's website, the EBRD invested CZK 1.323 billion (EUR 53.5 million equivalent or 22% of the issuance amount) in a Senior Non-Preferred bond issued by Ceska sporitelna, as part of a local issuance of CZK 6 billion, which will be listed on the Prague Stock Exchange. This Bond is eligible to meet the regulatory minimum requirements for own funds and eligible liabilities. The Bond has a maturity of 5 years, with a call option after 4 years.

The Project supports a green economic recovery in the Czech Republic and the resilience of a systemically important bank in Czech Republic, and contributes to the local capital market development. The Project also aims to support strong Green-impact targets with at least 120% of the EBRD's investment to be allocated to finance green projects in line with EBRD's Green Economy Transition eligibility criteria.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

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.

As stated by the EBRD, Ceska sporitelna is the second largest bank in the Czech Republic with 19% market share by total assets as of end 2021, and is classified as other systematically important institution (O-SII) in the Czech Republic. Ceska sporitelna is a wholly owned subsidiary of Erste Group Bank AG. It is rated A (stable) by Fitch, A1 (stable) by Moody's, and A (positive) by S&P.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Ceska Sporitelna AS	Client	Finance

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.

Client - Ceska Sporitelna AS:

Phone: 800207207 (from Czech Republic) / +420956777901 (from abroad)
Website: www.csas.cz
Address: Ceska sporitelna, a.s., Budejovicka 1518/13a,b, Praha 4, 140 00, Czech Republic

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