Early Warning System

Countries

Poland

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 12, 2024

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

Millennium Bank Hipoteczny S.A.

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)

$ 24.95 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 100
Converted using 2024-06-12 exchange rate.

Project Cost (USD)

$ 124.77 million

Bank Documents

Translation: Millennium Bank covered bonds Poland (Polish)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 24, 2025

Disclosed by Bank Dec 9, 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, EBRD invested PLN 100 million (EUR 23 million) in the first benchmark-sized issuance by Millennium Bank Hipoteczny ("MBH"), listed on the Warsaw Stock Exchange. The bonds have a maturity of 5 years.

The project contributes to the development of Poland's capital market through investments in covered bonds of a new covered bond ("CB") issuer, thereby enhancing the resilience of an important financial institution in the country. The project also aims to promote the green transition in Poland.

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.

Millennium Bank Hipoteczny is a new client and ESDD has been carried out through a questionnaire. ESDD concluded that the PFI is in compliance with the EBRD's Performance Requirements 2 and 4, and the PFI will need to designate one or more representatives to have overall responsibility for environmental, health, safety and social, a E&S policy, develop procedures for E&S appraisal and monitoring of their operations, this to further comply with PR9. MBH will be required to continue to comply with these PRs, to apply the E&S Exclusion List, and to refer to EBRD on any operation part of the FI referral list. MBH will implement EBRD's applicable E&S Risk Management procedures. Any potential renewable energy projects financed through the various issuances 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/22-08) and any subsequent guidance developed under that approach. The partner Bank will report on E&S performance of the operation and compliance with the ESP annually to the Bank.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

PLN 100 million (EUR 23 million) in the first benchmark-sized issuance by the client, listed on the Warsaw Stock Exchange. The bonds have a maturity of 5 years.

Financial Intermediary

A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

Millennium Bank Hipoteczny S.A. (Financial Intermediary)

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.

Millennium Bank Hipoteczny S.A. was established in June 2021 as a mortgage banking subsidiary of Bank Millennium S.A. Under local regulations, its primary objective is to act as a funding vehicle, issuing covered bonds to obtain long-term funding backed by mortgage receivables transferred from its Parent (pooling model).

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

Katarzyna Goebel
KATARZYNA.GOEBEL@millenniumbh.pl
https://www.millenniumbh.pl/

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