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The operation involves a cash securitisation of Polish auto leases, wherein the EIB will purchase a part of the senior tranche of an ABS, to increase the intermediary's capacity to generate new funding to support small and medium-sized enterprises (SMEs) and mid-caps in Poland.
The aim is to enhance access to finance to the final beneficiaries. The operation is expected to have a significant contribution to gender equality.
The operation addresses market failure in terms of access to finance constraints faced by SMEs and Mid-Caps in Poland. Through an intermediated approach, the Bank will reach SMEs and Midcaps financing small and mid-size projects, which could otherwise not be reached. More than 82% of the finance unlocked by EIB is expected to benefit cohesion areas (out of which 64% less developed regions) and thus help reduce regional disparities per the EU's cohesion policy. The operation will include contribution on more vulnerable/constrained sector by targeting female owned and run companies (30%) and thus helps reduce the gender gap. The CA&ES allocations are currently expected to reach a minimum of 10% of new (unlocked) lending, and will be consisting of projects for climate mitigation in transport sector (electric vehicles). The operation as a securitization also contributes to EU Capital Markets Union.
Implementation will be handled by an intermediary that has in-depth experience with the leasing market through a network of branches in the targeted regions. The operation likewise sustains employment in the targeted areas. The EIB contribution to the success of the intermediary rests on longer maturity and signalling effect that may help crowd in additional financing. As such it has a very good policy contribution and aligns to EU and national priorities, as well as the Bank's CA&ES objectives.
The proposed operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The 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.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.