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The operation consists of a mezzanine Asset-Backed Securities (ABS) Guarantee on a granular synthetic securitisation of consumer loans and leases to private individuals in Germany. More specifically, a new portfolio of 100% Green Loans will be originated by Deutsche Bank AG and its fully-owned specialised housing subsidiary, BHW Bausparkasse AG, for private individuals implementing new energy efficiency projects in Germany.
The aim is to enhance access to finance to the target beneficiaries.
By transferring the credit risk of the existing securitised consumer loans and leases portfolio, the proposed operation will reduce the risk-weighted assets and thus enable the Promoter Deutsche Bank to release regulatory capital. The capital relief provided will increase the Promoter's credit capacity and allow for the origination of new loans to Final Beneficiaries (private individuals) dedicated to support lending to highly energy efficient building construction and energy efficiency projects, including building integrated renewables. Such capital relief is not readily available from commercial financiers and therefore unlocks additional lending.
Energy efficiency investments in buildings suffer from a number market failures (negative CO2 externalities, asymmetric information, and split incentives). As a result of these market failures, investments in energy efficiency are at sub-optimal levels from a socio-economic perspective. The proposed operation contributes to supporting the German government's climate change mitigation ambitions by addressing the suboptimal levels of investments in highly energy efficient building construction and EE-eligible renovation. In addition, energy efficiency and solar rooftop investments reduce dependence on Russian fossil fuels, in line with the REPowerEU Programme.
The operation is expected to generate good economic and social benefits. The Promoter is deemed capable of implementing the project considering its overall experience.
The project is in line with the EU Energy Performance in Buildings Directive (EPBD) 2018/844/EU (amending 2010/31/EU) aimed at reducing the energy consumption of buildings and the associated pollutant emissions. As such, it will contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation. The sub-projects are not expected to fall under the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU), provided that the buildings will be integrated in urban areas.
Final beneficiaries will be private individuals.