Current Report no. 26 (2018)

The letter from Banking Guarantee Fund on determining the minimum requirement for own funds and eligible liabilities (MREL) for Bank Zachodni WBK S.A. Group.

The letter from Banking Guarantee Fund on determining the minimum requirement for own funds and eligible liabilities (MREL) for Bank Zachodni WBK S.A. Group

The Management Board of Bank Zachodni WBK S.A. ("the Bank") hereby informs that on 4th June 2018 it received the letter from Banking Guarantee Fund (Bankowy Fundusz Gwarancyjny, ("BFG") which notifies the Bank about the joint decision of resolution and recovery authorities, i.e. Single Resolution Board, Banking Guarantee Fund and Bank of England setting the minimum requirement for own funds and eligible liabilities ("MREL") for Bank's Group at 14,087% sum of total liabilities and own funds. This requirement has to be met by the 1st January 2023.

MREL was determined on the basis of data as at December 31st, 2016. At the same time BFG pointed out that, capital requirements determined by Polish Financial Supervision Authority (Komisja Nadzoru Finansowego) and amendments of those requirements could directly result in MREL changes.

Legal basis:
Art. 17 clause 1 MAR - inside information.