Tatra Bank Covered Bond

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

On 13th March 2019, EBRD approved investments in a series of EUR-denominated mortgage covered bonds to be issued by Tatra banka, a.s. ("Tatra") under the EBRD Covered Bond Framework II for Slovakia.

On 24th June 2019, EBRD subscribed EUR 25 million to the EUR 250 million covered bond issued by Tatra with 7-year tenor. 60% of the proceeds were to be directed to green sub-projects in line with EBRD Green Economy Transition ("GET") criteria.

On 25th January 2023, EBRD subscribed EUR 40 million to the EUR 500 million covered bond issued by Tatra with 3-year tenor. 100% of the proceeds are to be directed to green sub-projects in line with EBRD GET criteria.

On 2nd Octoher 2024, EBRD subscribed EUR 19 million to the EUR 500 million covered bond issued by Tatra with 4-year tenor. 100% of the proceeds are to be directed to green sub-projects in line with EBRD GET criteria.

All bonds are listed on Bratislava Stock Exchange.

Project ID 50658

Status Signed

Location

Slovak Republic

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Pavol Kiralvarga
pavol_kiralvarga@tatrabanka.sk
+421 2/5919 1000
www.tatrabanka.sk/en
Hodzovo namestie 3, 811 06 Bratislava, Slovakia

Project ID 50658

Status Signed

Location

Slovak Republic

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

13 Mar 2019

Disclosure date

02 Jul 2019

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project description

On 13th March 2019, EBRD approved investments in a series of EUR-denominated mortgage covered bonds to be issued by Tatra banka, a.s. ("Tatra") under the EBRD Covered Bond Framework II for Slovakia.

All bonds are listed on Bratislava Stock Exchange.

Project objectives

The project seeks to support a systematically important bank to strengthen its resilience, diversify funding sources and enhance asset-liability profile. The project also contributes to capital market development by enabling continued issuances of covered bonds in Slovakia.

The project strongly supports the green agenda in Slovakia with Tatra committing since 2019 to allocate 60%, and since 2022 100% of EBRD's participation to financing green projects in line with EBRD's GET requirements.

Transition impact

ETI Score:65

transition impact of the project is expected to derive form:

Resilient quality, in particular: (i) development of the local capital market for covered bonds and (ii) support the resilience of the largest systematically important bank in Slovakia to diversify and increase stable funding sources, thus ensuring the flow of mortgage lending to the economy.
Well-governed quality, by maintaining high standards of transparency and reporting by listing a capital market instrument favoured by regulators and investors, on local or international markets.

Client information

TATRA BANKA AS

Tatra is the third-largest commercial bank in Slovakia with an estimated 18% market share by total assets and one of the top 5 players in the mortgage loans market.

EBRD Finance Summary

EUR 84 million

Total project cost

EUR 1,250 million

Additionality

EBRD's involvement as a stable investor provides comfort to private investors and further widens market participation for the covered bond instruments. The project will also support: (i) the further development of covered bonds as stable funding source to local banks, and (ii) promote green agenda in Slovakia by 100% green allocation of EBRD proceeds in line with the Bank's GET approach.

Environmental & Social Summary

Categorised FI (2019 ESP). Tatra banka is an existing client of the Bank and has an understanding and experience of the Bank's requirements of PRs 2, 4 and 9, will continue to comply with these PRs and furnish to the Bank a report on E&S matters in form and scope satisfactory to EBRD.

Technical Cooperation and Grant Financing

Not applicable

Company Contact Information

Pavol Kiralvarga
pavol_kiralvarga@tatrabanka.sk
+421 2/5919 1000
www.tatrabanka.sk/en
Hodzovo namestie 3, 811 06 Bratislava, Slovakia

PSD last updated

08 Oct 2024

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Tatra Bank Covered Bond

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)