Millennium Bank, which is controlled by BCP, estimates that approval of Poland’s housing loan freeze access regime could have a maximum impact of 1,779 million zlotys (€368.6 million at the current exchange rate), notes the bank led by Miguel Maya at Statement to CMVM on Friday.
Millennium Bank also stated that it expects to “recognize costs up front in its third-quarter results.”
2022, taking into account a range between 75-90% of the above amounts [276,4 milhões a 331,7 mlhões de euros]”.
“Based on the costs resulting from the application of the above-mentioned law, it can reasonably be assumed that the Bank will present a negative net result in the third quarter of 2022 and, accordingly, the capital ratios may be lower than the current requirements. set by the Polish Financial Supervisory Authority (“PFSA”) ),” the bank notes, too.
The risk of non-compliance with the “relevant capital ratios” leads the Polish bank of BCP to decide “to activate the payback scheme, notify the PFSA and the Bank Guarantee Fund”.
It concludes that Millennium Bank “intends to increase its capital ratios to levels comfortably above the required minimum, through a combination of improved operating profitability and capital improvement initiatives, such as risk-weighted asset management (including securitization)”.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
