IRISH CONTINENTAL GROUP FERRY PROJECT II (EIB-20180024)

Countries
  • Ireland
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Investment Bank (EIB)
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
U
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 28, 2018
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
IRISH CONTINENTAL GROUP PLC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Transport
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)
$ 93.31 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 EUR 80 million
Converted using 2018-07-30 exchange rate.
Project Cost (USD)
$ 192.45 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 EUR 165 million
Converted using 2018-07-30 exchange rate.
Bank Documents
Corporate Actor Documents
Media Documents
Other Related Projects
Primary Source

Original disclosure @ EIB website

Updated in EWS Jan 31, 2019

Disclosed by Bank Apr 19, 2018

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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.

The project funds the construction of a passenger/vehicle ferry for the Irish Ferries' fleet - Irish Continental Group (ICG). This project is the second project under the Bank's Green Shipping Programme Loan (2015-0742), which was approved by the Board of Directors in 2016.

According to the bank document, the new vessel will provide additional capacity that is better adapted to demand from freight and passengers on the routes operated by the promoter. It will be constructed and operated in compliance with specifications and regulations from the European Union and the International Maritime Organisation (IMO). The vessel will also be constructed to EU environmental standards and certified for operations within the EU's emission control areas in the Flensburger Schiffbau-Gesellschaft shipyard located in Flensburg, Germany.

The project will result in the construction and operation of one cruise ferry with the capacity for 5.610 metres of freight lane and 1.800 passengers and crew.

 

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

The promoter is a private company not operating in the utilities sector and is thus not covered by EU directives on procurement. The Bank will, however, review the promoter's processes during the project's due diligence. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Irish Continental Group plc 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.

*There is no further contact information disclosed at this project stage*

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary-General of the EIB, via email to the dedicated email address complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form, via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces

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How it works