Brussels, 08 October 2020 – For immediate release
The Energy Efficient Mortgages Initiative (EEMI) is delighted to announce that OTP Mortgage Bank has joined the Energy Efficient Mortgages Pilot Scheme. As of today, 62 lending institutions have committed to test the implementation of the final energy efficient mortgages framework into their existing product lines and processes.
The EEMI is intended as a pan-European effort to coordinate market interventions in relation to the financing of energy efficiency in buildings, create synergies in the mortgage and covered bond value chain, and in this way deliver a virtuous circle between lenders, borrowers and investors from the origination of the mortgage to the pooling of energy efficient collateral that would be the underlying collateral for “green” covered bonds. It consists of three parallel projects, the “Energy efficient Mortgages Action Plan” (EeMAP), the “Energy Efficient Data Protocol and Portal” (EeDaPP) and the “Energy Efficient Mortgage Market Implementation Plan” (EeMMIP) and is funded via the European Commission’s Horizon 2020 Programme.
The Initiative is the result of multisectoral governance and strong cooperation aimed at designing a new sustainable business model which delivers incentives and benefits for consumers, banks, utilities, SMEs, local authorities, regions and cities. This joint effort between the private and public sectors is intended to not only secure quality and transparency in relation to energy efficient mortgages, but also to deliver unprecedented coordinated support across sectors to the recovery from the COVID-19 crisis and to the implementation of the EU Green Deal. Against this background, these 62 lending institutions are joined by 47 supporting organisations from throughout the EU and by 17 national, European and International institutions brought together in the Advisory Council, which provides advice and guidance to the pilot lending institutions on the development of energy efficient mortgages.
The EEMI more broadly 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 is furthermore developing a data collection infrastructure for energy efficient mortgages.
Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator, commented:
“We are pleased to welcome OTP Mortgage Bank as the first Hungarian pilot bank in the Energy Efficient Mortgages Pilot Scheme. This new membership reinforces presence of the EEMI in Central and Eastern Europe, alongside the creation of a CEE EEMI Market Hub and the active participation of the Central Bank of Hungary and the European Bank for Reconstruction and Development (EBRD) as EEMI Advisory Council members.”
Csaba Nagy, deputy CEO of OTP Mortgage Bank stated:
“As a member of one of the largest banking groups in the CEE region, it is extremely important for OTP Mortgage Bank to contribute to increasing the energy efficiency of the Hungarian housing stock through our lending activity. We are working on the widespread implementation of green mortgage lending and green mortgage bond issuance on a day-to-day basis. In addition to OTP Mortgage Bank’s management, the Central Bank of Hungary also actively supports these goals. We are confident that a knowledge transfer amongst the members of the Energy Efficient Mortgages Initiative will be of significant help to achieve our goals.”
Copyright © Energy Efficient Mortgages Initiative
The EeMAP, EeDaPP, EeMMIP projects have received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No. 746205, No. 784979 and No. 894117 respectively.
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