Zielone obligacje o charakterze kapitałowym emitowane przez bank. Zagrożenia i perspektywy
Green bonds – threats and perspectives

Summary/Abstract: ESG stands for environmental, social and corporate governance factors. These elements form a base for creating non-financial assessments of companies, as well as other organizations or countries. Independently of the EU sustainability requirements and regulations themselves, a new type of bonds has developed in the market, the so-called green bonds. The capital obtained from them must be allocated to investments which are beneficial to the environment. However, the main problem concerns the issuance of green contingent convertibles, which are used to meet regulatory requirements for banks to maintain an adequate level of their own funds. This article analyzes a new type of hybrid bond, particularly in terms of fulfilling, through their built-in functions, their protective nature. This primarily refers to the protection of the bank against possible insolvency, especially at the stage immediately preceding the initiation of the resolution procedure and in a manner independent of it. The features of capital bonds are not only part of the bank’s protection, but also of the risk associated with their issuance. Definitively, more can be said about their usefulness after their initial verification. Also, the article brings attention to the practical use of new capital bonds in order to increase the effectiveness of the bank resolution procedure.

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