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This is a mezzanine asset backed security guarantee on an existing portfolio of assets in Germany, in return for on lending to new energy efficiency projects for private individuals in Germany.
The proposed operation concerns a mezzanine tranche guarantee of up to €250m provided to Deutsche Bank AG on a granular synthetic securitisation of consumer loans and leases. The new originated portfolio will be originated by Deutsche Bank AG and its fully owned specialised housing subsidiary BHW Bausparkasse AG will comprise 100% green loans in Germany for the benefit of private individuals.
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 of 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 is expected to contribute to the provision of high quality and energy efficient housing and 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.
The operation is expected to generate good economic and social benefits. The Promoter is deemed capable of implementing the project considering its overall experience on the German market and previous EIB operations.
The proposed operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The Borrower / Financial Intermediary has adequate capacity, systems and processes in place for identifying, assessing, managing and monitoring environmental, climate and social (ECS) risks related to the potential sub-projects benefitting from EIB support. The Final beneficiaries will be required to comply with applicable national and EU legislation in respect of environmental and social matters, as appropriate.
End beneficiaries will be individuals.