Takarék Mortgage Bank becomes the second Hungarian Pilot bank to join the Energy Efficient Mortgages Initiative

Brussels, 16 October 2020 – For immediate release

The Energy Efficient Mortgages Initiative (EEMI) is delighted to announce that Takarék Mortgage Bank has joined the Energy Efficient Mortgages Pilot Scheme. As of today, 65 lending institutions have committed to test the implementation of the final energy efficient mortgages framework into their existing product lines and processes.

These lending institutions are joined by 47 supporting organisations throughout EU and by 14 national, European and International institutions of the Advisory Council, which advises on the development of the Pilot Scheme in the market.

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 objective of the Initiative is to stimulate and finance investment in energy efficient buildings and energy saving renovations, in this way, help to secure a greener and more sustainable future for all.

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.

Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator, commented:

“We are pleased to welcome Takarék Mortgage Bank  as a new member of the EEM Pilot Scheme. Their participation not only reinforces the EEMI in Hungary but will also provide a stimulus to further develop the Initiative in Central and Eastern Europe. Indeed, the recognition of the importance of green investments in these regions is growing all the time and has been significantly boosted by the active participation of the Central Bank of Hungary and the European Bank for Reconstruction and Development (EBRD) in the EEMI Advisory Council, and their continuous support for the creation of a CEE EEMI Market Hub.”

Gyula Nagy, CEO of Takarék Mortgage Bank  stated:

“ It is really a great opportunity for our bank to join the Energy Efficient Mortgage Initiative Pilot Scheme. Our world is changing rapidly, the consequencies of  climate change are already part of our everyday life, so it is high time to join forces also in the financial sector in order to reduce greenhouse emission.  In 2019 the largest growth in green bond issuance worldwide was related to the “buildings” category. Takarék Mortgage Bank – being the second largest mortgage bank in Hungary – sees a good potential in promoting green lending and issuing green mortgage bonds. We are confident, that through  refinancing green mortgage loans of our partner banks in  Hungary we  can contribute to the improvement of the energy efficiency of the residential housing stock. “