RNS Number : 2281C
Bank Pekao S.A.
15 October 2020
UNOFFICIAL TRANSLATION
14.10.2020
Report 45/2020
Letter from the Bank Guarantee Fund on establishing the minimum requirement for own funds and eligible liabilities (MREL) for Bank Polska Kasa Opieki S.A.
Bank Polska Kasa Opieki S.A. ("Bank") informs that on 13th October 2020 it received the letter from Banking Guarantee Fund ("BFG") regarding change of minimum requirement for own funds and eligible liabilities ("MREL") about which the Bank informed in current report No. 37/2019 of 17th December 2019.
Based on consolidated data as of 31st December 2019, BFG set target minimal level of MREL requirement at the level of 12.88% of the sum of own funds and total liabilities ("TLOF"), which corresponds to 19.04% of the total risk exposure ("TRE"). Target minimal level of MREL for the Bank based on standalone data at the abovementioned date is 12.23% in relation to TLOF, which corresponds to 19.02% in relation to TRE. Abovementioned requirement will be binding for Bank starting from 1st January 2024.
BFG set a path to reach the limit both on standalone and consolidated basis. On consolidated level as of 31st December 2021, 31st December 2022 and 31st December 2023, MREL in relation to TLOF should be respectively at least at the level of 10.25%, 11.56% and 12.88%, and in relation to TRE should be respectively at least at the level of 15.16%, 17.10% and 19.04%. On standalone level as of 31st December 2021, 31st December 2022 and 31st December 2023 MREL in relation to TLOF should be respectively at least at the level of 9.74%, 10.99% and 12.23%, and in relation to TRE should be respectively at least at the level of 15.14%, 17.08% and 19.02%.
The previously set MREL value as at 31st December 2020, on standalone and consolidated basis, about which the Bank informed in current report No. 37/2019 of 17th December 2019, will not be treated by the BFG as obligatory.
As at 30th June 2020 Bank meets the target level of MREL requirement set by BFG at the standalone level. On consolidated level Bank meets the minimal level of MREL set by BFG for 31st December 2022.
Legal basis: Article 17 (1) of MAR - inside information
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