Second-Party Opinion Download

USE OF PROCEEDS

The eligible categories for the use of proceeds – Renewable Energy, Green Buildings, Energy Efficiency, Clean Transportation, Climate Change Adaptation, Sustainable Water and Wastewater Management, Pollution Prevention & Control, Environmentally Sustainable Management of Living Natural Resources and Land Use, Access to Affordable Healthcare Services, Access to Education and Vocational Training, Access to Financial Services, Woman Empowerment and, Affordable Housing – are aligned with those recognized by the Green Bond Principles, and Social Bond Principles. Sustainalytics considers that investments in the eligible categories are expected to advance the UN Sustainable Development Goals, specifically SDGs 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 and 15.

PROJECT EVALUATION AND SELECTION

The National Bank of Greece has established a Sustainable Bond Committee, which is responsible for evaluating and selecting projects in accordance with the eligibility criteria under the Framework. The Sustainable Bond Committee comprises representatives from the Treasury, CSR and Sustainability, Strategy, Risk, Corporate, Real Estate or Property Valuation and IT departments. The National Bank of Greece conducts an ESG risk assessment for all allocation decisions. Sustainalytics considers the risk management system to be adequate and the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

The National Bank of Greece’s Treasury Department will be responsible for the management and allocation of proceeds and will track the proceeds using an internal information system. The National Bank of Greece intends to allocate the proceeds within 24 months of each issuance. Pending full allocation, unallocated proceeds will be temporarily invested in money market products, socially responsible funds, cash or cash equivalents. This is in line with market practice.

REPORTING

The National Bank of Greece commits to report on the allocation of proceeds and the corresponding impact on its website on an annual basis until full allocation. Allocation reporting will include the aggregated amount of net proceeds, the total amount of allocation to eligible projects, the number of eligible projects to which proceeds are allocated, the balance of unallocated proceeds, the amount and share of financing versus refinancing, and the geographical distribution of the assets at the country level. Sustainalytics views the National Bank of Greece’s allocation and impact reporting commitments as aligned with market practice.