customer stories
Spuerkeess, Luxembourg’s State bank, is working with Greenomy, a sustainable finance market infrastructure, to deliver sustainability reporting services to its Luxembourg-based corporate customers and measure its Green Asset Ratio as a bank.
Since its foundation in 1856, Spuerkeess has been solely owned by the Luxembourg State. The statutory missions of the Bank consist in promoting savings, facilitating access to housing and supporting the development of the national economy. Today, Spuerkeess is the leader in both the retail banking and domestic SME markets and is a universal and systemic bank, recognised well beyond the borders of the Grand Duchy of Luxembourg. The international rating agencies have awarded Spuerkeess AA+ (Standard & Poor’s) and Aa2 (Long-term Deposit Rating, Moody’s) ratings.
The magazine Global Finance ranks Spuerkeess among the safest banks in the world and has recognised it for many years with the «Safest Bank Award - Luxembourg». In 2021, the magazines The Banker and Global Finance named Spuerkeess «Best Bank 2021 - Luxembourg» and «Sustainable Finance 2022 – Country Award» respectively.
Spuerkeess was looking for an easy and efficient solution to screen the Green Asset Ratio of its loan books in compliance with EU Taxonomy rules. The EU Sustainable Finance regulations are complex and difficult to navigate, and Spuerkeess relied on in-house reporting by using Excel spreadsheets and manual data collection. This made the process labor-intensive and complicated as they needed to manually process their clients' reports to ensure they complied as a bank.
“The transition to a more sustainable economy is the challenge of the decade, Spuerkeess and Greenomy’s collaboration will help Luxembourg-based businesses transition to net zero. By connecting to the Greenomy infrastructure, we have not only simplified our task as a bank to comply with the new Sustainable Finance regulations but also improved our customers’ access to green financing.”
By working with Greenomy and connecting to the ecosystem, Spuerkeess has managed to streamline their reporting processes by making the data gathering and processing easier. Spuerkeess has also made the experience easier for their clients; by easily being able to generate their EU Taxonomy alignment reports, they have a better access to green financing.
Spuerkeess can now not only easily compute their Green Asset Ratio and, hence, comply with the regulations, but also is able to accelerate their clients’ transition to a net-zero future.
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