Project Details
Project
PTSB Green Bond Framework Sustainalytics Second Party Opinion (2025)
Client
Permanent TSB Group Holdings plc
Project Type
Green Bond/Loan
Industry Group
Banks
Use of Proceeds
Green buildings
Location
Ireland
Evaluation Date
Aug 2025
Evaluation Summary
Permanent TSB Group Holdings plc has developed the PTSB Green Bond Framework, dated August 2025, under which it intends to issue preferred and non-preferred senior bonds, subordinated bonds, green securitizations and medium-term notes to fund projects in Ireland in one environmental category.
We have assessed the overall Sustainability Contribution of the Framework as Significant, based on the Sustainability Contribution of the Framework’s single use of proceeds category.
The Bank will finance the purchase of new and existing residential buildings that are placed among the best energy-performing buildings in Ireland. The buildings are not required to be zero-carbon ready, creating potential fossil fuel lock-in risks that are especially relevant for new builds. The Bank will also finance residential building renovations that either achieve at least a 30% energy savings compared to pre-renovation levels or meet the criteria for major renovations under national implementations of Directive 2010/31/EU. However, the Framework does not specify the timeframe in which the energy efficiency improvements are expected to be achieved. Nonetheless, these investments are expected to significantly support the decarbonization of the buildings sector.
We have assessed the Framework as Aligned with the Green Bond Principles 2025.