12 April 2019
Brussels, 12 April 2019 – For immediate release
The Energy Efficient Mortgages (EEM) Initiative is delighted to announce that PKO Bank Polski and PKO Bank Hipoteczny have joined the Energy Efficient Mortgages Pilot Scheme, enlarging the market to Poland.
As of today, 45 European lending institutions, representing 55% of mortgages outstanding in the European Union equal to 25% of EU GDP, have committed to testing the implementation of the final energy efficient mortgages framework into their existing product lines and processes.
These lending institutions are joined by 32 supporting organisations throughout EU and by 11 national, European and International institutions of the Advisory Council, which advises on the development of the Pilot Scheme in the market.
Today’s announcement comes just a few days ahead of the Energy Efficient Mortgages (EEM) Initiative event on 24 April 2019 in Riga, bringing together relevant stakeholders from the financing and banking communities, property and construction sectors, as well as policymakers to discuss how to align market best practices and debate the next steps with a view to securing market development in relation to energy efficient mortgages.
The EEM Initiative aims at delivering a mortgage financing mechanism, according to which borrowers are incentivised to improve the energy efficiency of their properties or to acquire highly energy efficient properties, by way of favourable financial conditions linked to the mortgage. The Initiative will furthermore develop a data collection infrastructure for energy efficient mortgages.
Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator, commented:
“We are delighted to welcome PKO Bank Polski and PKO Bank Hipoteczny in the pilot EEMI Pilot Scheme. I am glad that the first representatives of the Polish market have joined the initiative. This is a strong support for our initiative. I am convinced that these banks will play a key role in shaping the effective energy framework of mortgages in the Polish market. I do hope that, following the market leaders, more Polish banks will soon join our initiative”.
Szymon Wałach, Director of Retail Customer’s Division in PKO Bank Polski, stated:
“By joining the EEM initiative, we have the opportunity to participate in shaping European standards, including future EU regulatory solutions. We then want to use this experience to build the basis for the functioning of energy-efficient mortgages in the Polish market”.
Paulina Strugała, CEO of PKO Bank Hipoteczny, concluded:
“Our participation in this initiative will allow us to actively engage in the development of standardized, pan-European solutions for energy-efficient mortgages, while giving us the opportunity to share experiences and use the vast knowledge of experts in finance, construction and real estate valuation across Europe. In the future, this may significantly affect the development of the market for energy-saving mortgages in Poland”.
Additional information can be found here.
The European Covered Bond Council (ECBC) is the platform that brings together covered bond market participants including covered bond issuers, analysts, investment bankers, rating agencies and a wide range of interested stakeholders.
