Eika Boligkreditt’s main purpose is to ensure access to long-term and competitive funding by issuing covered bonds for the local banks in the Eika Alliance (the owner banks). The owner banks have transferred approximately NOK 90 billion in mortgages for funding through covered bonds and Eika Boligkreditt has issued about NOK 110 billion in bonds. Approximately 30 percent of the mortgages in Eika is financed through Eika Boligkreditt.
Eika has used Multiconsult as advisor to establish the criteria identifying the most energy efficient collateral for the mortgages in the cover pool. Based on Norwegian building codes and Energy Performance Certificates Eika Boligkreditt has identified about 15 percent of the mortgages in the cover pool funding green residential assets.
Issuance of green bonds is a good strategic fit in the 3 pillar sustainability approach in Eika: (i) sustainable local growth and change, (ii) sustainable financial products, and (iii) responsibility and sustainability in internal operations.
Eika has received a second party opinion from ISS ESG. The carbon foot print analysis is performed from Multiconsult.