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”.


Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator
Tel: +32 2 285 40 35

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

Notes to the Editor:

About the Energy Efficient Mortgage (EEM) Initiative

The Energy Efficient Mortgages (EEM) Initiative consists of:

The Energy Efficient Mortgages Action Plan (EeMAP) Initiative – led by the European Mortgage Federation-European Covered Bond Council (EMF-ECBC), Ca’ Foscari University of Venice, RICS, the Europe Regional Network of the World Green Building Council, E.ON and SAFE Goethe University Frankfurt–  aims to create an energy efficient mortgage through which homebuyers are incentivised to improve the energy efficiency of their building or acquire an already energy efficient property by way of favourable conditions linked to the mortgage. The cornerstone of the initiative is the assumption that energy efficiency has a risk mitigation effect for banks as a result of the impact on a borrower’s ability to service his/her loan and on the value of the property, a correlation which the EeMAP Initiative will seek to substantiate.

The Energy Efficiency Data Protocol and Portal (EeDaPP) Initiative – led by European Mortgage Federation-European Covered Bond Council (EMF-ECBC), Ca’ Foscari University of Venice, CRIF, European DataWarehouse, Hypoport, SAFE Goethe University Frankfurt and TXS  - aims to design and deliver a market-led protocol, which will enable the large-scale recording of data relating to energy efficient mortgage assets, via a standardised reporting template. The data will be accessed by way of a common, centralised portal, allowing for continuous tracking of the performance of the energy efficient mortgage assets, thereby also facilitating the earmarking of such assets for the purposes of energy efficient bond issuance.

For additional information on the pioneers, please visit: Pilot Scheme

The EeMAP and EeDaPP projects have received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 746205 and No 784979.

About the Central Bank of Hungary’s Green Programme

The Central Bank of Hungary (MNB) launched its Green Programme early this year to reduce the risks associated with climate change and other environmental problems, to expand green financial services and to widen the related knowledge base in Hungary. Having also joined the Central Banks and Supervisors Network for the Greening of the Financial System, the MNB intends to play an active role in the international fora in the above fields and in particular in the development of the sustainable finance landscape in the EU.