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Allied Irish Banks, p.l.c (2023)
| Signing Date | 21 Oct 2021 |
| Region of Headquarters: | Europe |
| Current EPFI Reporting Year/Period: | 2023 |
| Institutional Reporting: | Link to Report - Link to Additional Report |
Please read the important notes and disclaimer for further information on ‘EPFI Reporting’, compliance and publication on the EP website.
Further information on this EPFI may be obtained through the Institutional Reporting hyperlink.
Project Finance Advisory Services
Total number mandated in the reporting period: 0
Project Finance Transactions
Total number that reached Financial Close in the reporting period: 13
| Equator Principles Category | A1 | B2 | C3 |
|---|---|---|---|
| Sector | |||
| Mining | |||
| Infrastructure | |||
| Oil & Gas | |||
| Power | 10 | 3 | |
| Others | |||
| Region | |||
| Americas | 6 | 1 | |
| Europe, Middle East & Africa | 4 | 2 | |
| Asia Pacific | |||
| Country Designation | |||
| Designated Country 4 | 10 | 3 | |
| Non Designated Country | |||
| Both | |||
| Independent Review | |||
| Yes | 10 | 3 | |
| No | |||
| Totals | 10 | 3 | |
1
Category A – Projects with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented.
2
Category B – Projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures.
3
Category C – Projects with minimal or no adverse environmental and social risks and/or impacts.
4
Designated Countries are those countries deemed to have robust environmental and social governance, legislation systems and institutional capacity designed to protect their people and the natural environment.
Project-related Refinance & Project-related Acquisition For Project Finance
This information is required under EP4. EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.
Project Name Reporting For Project Finance (And Project-related Refinance & Project-related Acquisition Finance For Project Finance)
Number of projects that were not disclosed as per the disclosure conditions specified in Annex B of the Principles: 13
Under EP4, project name reporting is required for Project Finance transactions that have reached Financial Close and encouraged for Project-Related Corporate Loans that have reached Financial Close.
Project-Related Corporate Loans
Total number that reached Financial Close in the reporting period: 0
Project-related Refinance & Project-related Acquisition For Project-related Corporate Loans
This information is required under EP4. EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.
Implementation of the Equator Principles
AIB signed up to the Equator principles in October 2021. As part of this commitment, we have implemented the Equator Principles in our procedures and standards for project financing and we will not finance loans in scope of the Equator Principles where the loan does not able comply with these principles.
AIB’s Approach to the compliance with the Equator Principles:
AIB’s approach to environmental and social risk is set out in our ESG Framework. Under the ESG Framework, all financing should adhere to international conventions and guidelines to respect human rights and the environment. AIB takes part in a number of voluntary commitments that focuses on ESG, including the Equator Principles. The ESG Framework sets the roles and responsibility for ESG risk across the bank.
AIB’s Group Credit Risk Policy includes an Exclusions List that identifies a number of sectors that AIB does not lend to. A number of these sectors, that are classified as Category A (i.e. potential significant environment and social risk projects) under the Equator Principles, are included in the Exclusion List; these sectors include, inter alia, exploration of Oil & Gas, Nuclear Power, Coal or Oil Fired Power generation, Natural Gas fracking etc.
As a signatory to the Equator Principles, all lending under AIB’s Group Project Finance Policy will be required to comply with the Equator Principles, and, therefore, the applicable business unit procedures have been updated to ensure that in-scope project-related finance transactions consider all aspects of the Equator Principles in relation to the identification, assessment, categorisation of environmental and social risk, and ongoing management and reporting requirements.
All Relationship Managers responsible for the identification of environmental and social risk within project finance transactions have undertaken Equator Principles training. In addition, we have developed and rolled out an EP Categorisation Assessment to assist Relationship Managers with the identification and categorisation of a project into Category A, B+, B & C. The EP Categorisation Assessment is essentially a checklist and guide to assist the affected business units to identify and classify potential environmental and social risk so that it can be pre-emptively and proactively managed by working with the client and ensuring the legal and technical scope of works for the project includes the Equator Principles.
Upon the identification of a Category A or Category B+ project, our process requires that an independent external review of the project’s environmental and social risk is carried out by an independent consultant to review the project’s compliance with the Equator Principles to ensure that issues identified have an appropriate remediation put in place & post transactional monitoring is adhered to. The Head of a Business Unit (or a senior delegate) is required to sign off on the assessment of each applicable project finance transaction against these principles.