Project Vah (Bail-in-able Programme)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

On 16th September 2020, EBRD approved investments in a series of senior preferred ("SP") bonds and senior non-preferred ("SNP") bonds to be issued by Slovenska Sporitelna, a.s. ("SLSP"). On 20th July 2022, EBRD approved additional investments under the initial Project.

On 7th October 2020, the EBRD invested EUR 20 million (20% participation) in a SP bond issued as part of an issuance of EUR 100 million. 100% of EBRD investment was allocated to green projects in line with the Bank's Green Economy Transition ("GET") approach.

On 9th June 2021, the EBRD invested EUR 20 million (20% participation) in the inaugural EUR 100 million SP in Green Bond format.

On 26th September 2023, the EBRD invested EUR 17 million (5.7% participation) in a EUR 300 million Green SP issuance.

Project ID 52479

Status Approved

Location

Slovak Republic

Business Sector

Financial Institutions

Notice Type

Private

Sub-projects

SLSP senior preferred bonds

Project timeline

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

Company Contact Information

Slovenska Sporitelna AS
info@slsp.sk
+421/2/58 26 81 11
www.slsp.sk/en/
Tomasikova 48 USTREDIE, 832 37 Bratislava, Slovakia

Project ID 52479

Status Approved

Location

Slovak Republic

Business Sector

Financial Institutions

Notice Type

Private

Approval Date

16 Sep 2020

Disclosure date

04 Oct 2023

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 Vah (Slovak) (PDF, 0.12MB)

Project description

On 9th June 2021, the EBRD invested EUR 20 million (20% participation) in the inaugural EUR 100 million SP in Green Bond format.

On 26th September 2023, the EBRD invested EUR 17 million (5.7% participation) in a EUR 300 million Green SP issuance.

Project objectives

The Project continues to advance the Green agenda by supporting SLSP's Green Bond issuances and to facilitate building up of the resilience and regulatory compliance of the largest bank in the Slovak Republic, as well as to contribute to the capital market development.

Client information

SLOVENSKA SPORITELNA AS

SLSP is the largest bank in Slovakia by total assets, retail loans, and total deposits. SLSP is a wholly owned subsidiary of Erste Group Bank AG.

EBRD Finance Summary

EUR 57,000,000.00

Total project cost

EUR 500,000,000.00

Additionality

The Project contributes to capital market development in Slovakia. Given the current market volatility and negative impact of the war on Ukraine, EBRD plays a significant role as anchor investor, and helps the mobilisation of the institutional investor base. The Project is consistent with EBRD's commitment to promote the green agenda in Slovakia and its efforts to support development of green capital market instruments.

Environmental & Social Summary

Categorised FI (ESP 2019). SLSP is an existing client and will be required to continue to comply with the Performance Requirements 2, 4 and 9 and EBRD's Environmental and Social Risk Management Procedures for Micro, SME and Corporate Loans, and submit annual environmental and social reports to the Bank. Renewable energy projects financed with EBRD's use of proceeds will need to follow the E&S Eligibility Criteria for such projects.

Technical Cooperation and Grant Financing

Not applicable.

Company Contact Information

Slovenska Sporitelna AS
info@slsp.sk
+421/2/58 26 81 11
www.slsp.sk/en/
Tomasikova 48 USTREDIE, 832 37 Bratislava, Slovakia

PSD last updated

04 Oct 2023

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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Project Vah (Bail-in-able Programme)

Overview

Project timeline

Company Contact Information

Project description

Project objectives

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)