DCM - PROGRAM FOR COVERED BONDS OF GREEK BANKS (IFC-39419)

Countries
  • Greece
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
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
Oct 5, 2017
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
NATIONAL BANK OF GREECE 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.
Ring Fence
  • No Restrictions
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 75.00 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.
Project Cost (USD)
$ 883.54 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 750
Converted using 2017-10-20 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 4, 2018

Disclosed by Bank Oct 20, 2017

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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.

This project invests in euro-denominated mortgage covered bonds issued by National Bank of Greece S.A.

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

The total bond issuance will be between EUR500 and EUR750 million.

The National Bank of Greece is one of the four systemic banks in Greece, with total assets or EUR70 billion as of June 30, 2017, translating into 26% market share of Greek banking sector assets. The Bank was established in 1841 and is active in retail, corporate, and private banking, asset management, insurance, treasury, capital markets and other services. Following the successful recapitalization of the Greek banks in November 2015, NBG is owned 40% by the Hellenic Financial Stability Fund (“HFSF”), while the remaining shares are held by a large number of private investors, each holding less than 5% of the Bank's ordinary share capital.

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.
Private Actor Relationship
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.

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

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.

National Bank of Greece (NBG) is one of the four systemic banks in Greece, with total assets or EUR70 billion as of June 30, 2017, translating into 26% market share of Greek banking sector assets. The Bank was established in 1841 and is active in retail, corporate, and private banking, asset management, insurance, treasury, capital markets and other services. Following the successful recapitalization of the Greek banks in November 2015, NBG is owned 40% by the Hellenic Financial Stability Fund, while the remaining shares are held by a large number of private investors, each holding less than 5% of the Bank's ordinary share capital.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Elsewedy Electric Parent Company Energy owns Acquisition of RF Energy's Renewables Portfolio (63.6MW) Client Energy
Fluxys Parent Company Mining owns DESFA Privatisation Client Mining
Hellenic Republic Asset Development Fund Parent Company Transport owns Athens International Airport Additional Facility Client Transport
National Bank of Greece Investor Finance invests in Acquisition of RF Energy's Renewables Portfolio (63.6MW) Client Energy
National Bank of Greece Investor Finance invests in Agios Georgios Wind Farm Client Energy
National Bank of Greece Investor Finance invests in Athens International Airport Additional Facility Client Transport
National Bank of Greece Investor Finance invests in Capital Maritime & Trading Parent Company Transport
National Bank of Greece Investor Finance invests in Capital Product Partners LP Parent Company Transport
National Bank of Greece Investor Finance invests in Copelouzos Parent Company Transport
National Bank of Greece Investor Finance invests in DESFA Privatisation Client Mining
National Bank of Greece Investor Finance invests in Elsewedy Electric Parent Company Energy
National Bank of Greece Investor Finance invests in Enagas Parent Company Mining
National Bank of Greece Investor Finance invests in Fluxys Parent Company Mining
National Bank of Greece Investor Finance invests in Frigoglass Finance BV Parent Company Agriculture and Forestry
National Bank of Greece Investor Finance invests in Government of Greece Parent Company Transport
National Bank of Greece Investor Finance invests in Greek Organisation Of Football Prognostics SA Parent Company Industry and Trade
National Bank of Greece Investor Finance invests in Hellenic Petroleum Finance PLC Parent Company Mining
National Bank of Greece Investor Finance invests in Hellenic Republic Asset Development Fund Parent Company Transport
National Bank of Greece Investor Finance invests in Karamolengos Parent Company Agriculture and Forestry
National Bank of Greece Investor Finance invests in Motor Oil Finance PLC Parent Company Mining
National Bank of Greece Investor Finance invests in Mytilineos Holdings SA Parent Company Mining
National Bank of Greece Investor Finance invests in Mytilineos Power Generation & Supplies Parent Company Energy
National Bank of Greece Investor Finance invests in Public Sector Pension Investment Board Parent Company Transport
National Bank of Greece Investor Finance invests in Snam SpA Parent Company Mining
National Bank of Greece Investor Finance invests in St George Island Wind Farm (73.2MW) Refinancing 2019 Client Energy
National Bank of Greece Investor Finance invests in Systems Sunlight SA Parent Company Energy
National Bank of Greece Investor Finance invests in Terna Energy Parent Company Energy
National Bank of Greece Investor Finance invests in Terna Energy Sa Parent Company Energy
Terna Energy Parent Company Energy owns St George Island Wind Farm (73.2MW) Refinancing 2019 Client Energy
Terna Energy Sa Parent Company Energy owns Agios Georgios Wind Farm Client Energy

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.

National Bank of Greece
Apostolos Mantzaris
Treasury
0030 210 3328 517
MANTZARIS.AP@nbg.gr
n/a
WWW.NBG.GR

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works