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Annual
Report 2022

35. Subordinated liabilities

[Financial notes are presented in PLN thousand]

Significant accounting policies

Principles of classification and measurement are described in Note 5.4.

Financial data

On 30 October 2017, the Bank issued 10 years subordinated bonds with a total nominal value of PLN 1.25 billion. The funds from the issue were designated – after receiving the approval of the Polish Financial Supervision Authority on 21 December 2017 – to increase the Bank’s supplementary capital, pursuant to art. 127 para. 2 point 2 of the Banking Law and art. 63 of Regulation No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms. The bonds were introduced to trading on the ASO Catalyst market.

On 15 October 2018, the Bank issued 10 years subordinated bonds with a total nominal value of PLN 0.55 billion. The funds from the issue were designated – after receiving the approval of the Polish Financial Supervision Authority on 16 November 2018 – to increase the Bank’s supplementary capital, pursuant to art. 127 para. 2 point 2 of the Banking Law and art. 63 of Regulation No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms. The bonds were introduced to trading on the ASO Catalyst market.

On 15 October 2018, the Bank issued 15 years subordinated bonds with a total nominal value of PLN 0.20 billion. The funds from the issue were designated – after receiving the approval of the Polish Financial Supervision Authority on 18 October 2018 – to increase the Bank’s supplementary capital, pursuant to art. 127 para. 2 point 2 of the Banking Law and art. 63 of Regulation No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms. The bonds were introduced to trading on the ASO Catalyst market.

On 4 June 2019, the Bank issued 12 years subordinated bonds with a total nominal value of PLN 0.35 billion. The funds from the issue were designated – after receiving the approval of the Polish Financial Supervision Authority on 8 July 2019 – to increase the Bank’s supplementary capital, pursuant to art. 127 para. 2 point 2 of the Banking Law and art. 63 of Regulation No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms. The bonds were introduced to trading on the ASO Catalyst market.

On 4 December 2019, the Bank issued 12 years subordinated bonds with a total nominal value of PLN 0.40 billion. The funds from the issue were designated – after receiving the approval of the Polish Financial Supervision Authority on 10 December 2019 – to increase the Bank’s supplementary capital, pursuant to art. 127 para. 2 point 2 of the Banking Law and art. 63 of Regulation No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms. The bonds were introduced to trading on the ASO Catalyst market.

Subordinated liabilities by type

TYPE OF TRANSACTION NOMINAL AMOUNT CURRENCY INTEREST RATE ISSUE DATE MATURITY DATE SPECIAL TERMS BALANCE SHEET VALUE AS AT 31.12.2022
Subordinated bonds 1,250,000 PLN variable, WIBOR 6M + margin 30.10.2017 29.10.2027 Call option giving the Bank the right of early redemption within 5 years from the issue date, subject to the approval of the PFSA 1,269,475
Subordinated bonds 550,000 PLN variable, WIBOR 6M + margin 15.10.2018 16.10.2028 Call option giving the Bank the right of early redemption within 5 years from the issue date, subject to the approval of the PFSA 560,472
Subordinated bonds 200,000 PLN variable, WIBOR 6M + margin 15.10.2018 14.10.2033 Call option giving the Bank the right of early redemption within 10 years from the issue date, subject to the approval of the PFSA 203,915
Subordinated bonds 350,000 PLN variable, WIBOR 6M + margin 04.06.2019 04.06.2031 Call option giving the Bank the right of early redemption within 12 years from the issue date, subject to the approval of the PFSA 352,459
Subordinated bonds 400,000 PLN variable, WIBOR 6M + margin 04.12.2019 04.06.2031 Call option giving the Bank the right of early redemption within 12 years from the issue date, subject to the approval of the PFSA 402,811
Total 2,750,000 2,789,132
TYPE OF TRANSACTION NOMINAL AMOUNT CURRENCY INTEREST RATE ISSUE DATE MATURITY DATE SPECIAL TERMS BALANCE SHEET VALUE AS AT 31.12.2021
Subordinated bonds 1,250,000 PLN variable, WIBOR 6M + margin 30.10.2017 29.10.2027 Call option giving the Bank the right of early redemption within 5 years from the issue date, subject to the approval of the PFSA 1,255,225
Subordinated bonds 550,000 PLN variable, WIBOR 6M + margin 15.10.2018 16.10.2028 Call option giving the Bank the right of early redemption within 5 years from the issue date, subject to the approval of the PFSA 552,762
Subordinated bonds 200,000 PLN variable, WIBOR 6M + margin 15.10.2018 14.10.2033 Call option giving the Bank the right of early redemption within 10 years from the issue date, subject to the approval of the PFSA 201,111
Subordinated bonds 350,000 PLN variable, WIBOR 6M + margin 04.06.2019 04.06.2031 Call option giving the Bank the right of early redemption within 12 years from the issue date, subject to the approval of the PFSA 351,109
Subordinated bonds 400,000 PLN variable, WIBOR 6M + margin 04.12.2019 04.06.2031 Call option giving the Bank the right of early redemption within 12 years from the issue date, subject to the approval of the PFSA 401,267
Total 2,750,000 2,761,474

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