Information on important agreements and events with impact on Group's activity
- On 28 March 2014 the Bank issued 500,000 3-year bearer Bonds, with nominal value of PLN 1,000 each. The Bonds were issued in private placement and are unsecured. Interest rate on the Bonds is variable, based on the WIBOR 6M rate, plus a margin of 1.40% per annum. Interest shall be paid every six months. Since 23 April 2014 the bonds are listed in the Alternative Trading System, kept by BondSpot S.A. of Warsaw.
- In result of sale of the Bank’s shares in transactions concluded on 30 May 2014, Aviva Otwarty Fundusz Emerytalny Aviva BZ WBK reduced its stake in the total number of votes in the Bank below 5%. After concluding and settling the transactions mentioned above, as of 4 June 2014 Aviva OFE held 60,163,442 shares of the Bank, constituting 4.96% of shareholders’ equity. According to the Aviva OFE annual report, as at end of 2014 the fund held 4.8% of the Bank’s shareholders’ equity.
- On 24 October 2014 the Supervisory Board of the Bank selected PricewaterhouseCoopers sp. z o.o. with its registered office in Warsaw to audit financial statements of Bank Millennium and consolidated financial statements of the Bank Millennium Group for 2015.
- On 26 October 2014 the Polish Financial Supervision Authority informed about results achieved by 15 Polish banks, including Bank Millennium, in the Asset Quality Review and Stress Tests, carried out in 2014 in the context of EBA Recommendations on asset quality reviews, EBA/REC/2013.04 and based on uniform guidelines defined in the methodology published by the European Central Bank in March 2014 (Asset Quality Review, Phase 2, Manual March 2014). Results of both the Asset Quality Review as well as the Stress Tests were very positive for Bank Millennium. As regards the Asset Quality Review (AQR), the level of adjustments to the Common Equity Tier 1 Ratio (CET1) was minor and decreased the mentioned ratio by only 0,28 p.p. As regards tests under an adverse scenario, the adjusted CET1 Ratio reached 12.37%, which is more than double of the minimum threshold of 5.5% and only 0,99 p.p. lower than the CET1 ratio as of 31/12/2013 before adjustments.
In the opinion of the Bank’s Management Board, the Asset Quality Review (AQR) result and the relatively small size of adjustments are a confirmation of the sound principles that the Bank has been applying in terms of recognition of impaired exposures, collateral valuation and level of provisions. On the other hand, the stress tests results confirm the resilience and high level of solvency of the Bank even under adverse scenarios.