Financial and
ESG report 2020

35a. Subordinated debt

31.12.2020 31.12.2019
Amount of subordinated bonds in PLN – BKMO_071227R 700 000 700 000
Currency PLN PLN
Interest rate 2,55% 4,09%
Maturity 07.12.2027 07.12.2027
Interest 1 174 1 883
Amount of subordinated bonds PLN in PLN – BKMO_300129W 830 000 830 000
Currency PLN PLN
Interest rate 2,58% 4,09%
Maturity 30.01.2029 30.01.2029
Interest 9 035 14 322
Balance sheet value of subordinated debt 1 540 209 1 546 205

The Management Board of the Bank on 17 January 2019 took the decision in the matter of issue by Bank on 30 January 2019, under provisions of the Act of 15 January 2015 on bonds, subordinated bonds W-series. Bonds were issued by Bank under the existing Third Bond Issue Program, approved in 2015, with nominal value not greater than PLN 3,000,000,000 (or the equivalent of this amount in EUR, USD or CHF).

On 30th January 2019 the issue of 1,660 series W subordinated bonds of the Bank was settled. All bonds in the total amount of PLN 830,000,000 were acquired by bondholders. Maturity of the bonds is on 30th January 2029. The issuer may decide to redeem the bonds on 31st January 2024 only after obtaining prior assent of Polish Financial Supervision Authority for earlier redemption of the bonds, if such assent is required. The interest rate on the bonds is variable, based on WIBOR 6M plus a margin of 2.30% per annum.

The bonds constitute instruments in the Bank’s Tier 2 capital in the meaning of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012.

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