The Central Bank of Hungary

joins the Advisory Council of the Energy Efficient Mortgages Pilot Scheme

Brussels, 5 July 2019 – For immediate release

The Energy Efficient Mortgages (EEM) Initiative is pleased to announce that The Central Bank of Hungary has joined the Advisory Council of the Energy Efficient Mortgages Pilot Scheme.

The Advisory Council plays a key role in providing institutional support to the EEM Initiative, as a platform for the exchange of best practices and dialogue between policymakers and stakeholders from the financing and banking communities, property and construction sectors at local, European and global levels, with the ultimate goal of achieving market development in relation to energy efficient mortgages.

As of today, 46 European lending institutions, joined by 32 supporting organisations throughout the EU, have signed up to the Pilot Scheme and have committed to testing the implementation of the final energy efficient mortgages framework into their existing product lines and processes.

The EEM Initiative aims at delivering a mortgage financing mechanism, according to which borrowers are incentivised to improve the energy efficiency of their properties or to acquire highly energy efficient properties, by way of favourable financial conditions linked to the mortgage, for example. The Initiative will furthermore design a data collection infrastructure for energy efficient mortgages.

Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator, commented:

It is with great pleasure that we welcome The Central Bank of Hungary as a new member of the Energy Efficient Mortgages Initiative Pilot Scheme. We are pleased to see the interest of central banks in being part of the EEMI Advisory Council which will guide the debate towards a prudential perspective and help the significant, critical mass of banks active in the EEMI pilot to develop energy efficient loan products which are in full alignment with the policy and financial stability agenda.

 Tamás Keresztes, Director of the Central Bank of Hungary, said;

We are delighted to take part in the Energy Efficient Mortgages Initiative via its Advisory Council as its goals harmonize with our own Green Programme. The Central Bank of Hungary aims to facilitate in Hungary the development of risk management and business practices that support environmental sustainability. Energy Efficient Mortgages may help to increase on average the disposable income for borrowers and thus potentially lead to lower credit risk in the banking sector and at the same time mitigate greenhouse gas emissions related to properties. We stand ready to contribute to this promising project on a European level together with our international partners”.

Contacts:

Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator

E: lbertalot@hypo.org

Tel: +32 2 285 40 35

Gabor Gyura, Head of Department at the Central Bank of Hungary

E: zold.penzugyek@mnb.hu