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PSBC: first State-owned bank putting standardized green collateral to use
PSBC: first State-owned bank putting standardized green collateral to use
|China Post News|2022-10-08

Recently, the Postal Savings Bank of China (hereinafter referred to as PSBC) got access to China’s first standardized green cover pool launched by China Central Depository & Clearing Co. Ltd. (hereinafter referred to as CCDC), and successfully completed the first transaction of green bond pledged interbank deposit. This is the first time that such standardized green collateral-management products have ever been put to use in a large State-owned bank. It is also PSBC’s active practice in promoting green development.

With the supportive policy of the competent authorities, green and sustainable development has gained increasing attention, and thus the green bond market has been boosted. Against this background, following national green finance policies and relying on its advantage in concentrated depository and its managerial experience in green bond collateral, CCDC integrated scattered green bonds into a green cover pool with total assets of about 500 billion yuan (about 69.73 billion US dollars), and launched it to the market, thus creating a more efficient and secure channel for market institutions to engage in green finance. Through the green cover pool, market institutions can directly use the green bonds deposited in CCDC as collateral.

Through its successful access to standardized green collateral products, PSBC can help small and medium-sized financial institutions reduce financing costs, revitalize their green bonds and guide them to invest in more green bond products, so as to cut the green bond issue costs and create a favorable financing environment for the green development of the real economy. On the other hand, it reflects that PSBC has been embracing green development philosophy, and giving play to the exemplary and leading role as a large State-owned bank in the field of green finance to facilitate the green transition of the banking industry.

Since the beginning of this year, PSBC has used bonds as collateral to lend interbank clients over 20 billion yuan (about 2.79 billion US dollars). In the future, PSBC will leverage its strengths and continually promote the shift of performance bonds from straight bonds to green ones so as to boost green development.

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