Financial and
ESG report 2020

35b. Change of subordinated debt

01.01.2020 – 31.12.2020 01.01.2019 – 31.12.2019
Balance at the beginning of the period 1 546 205 701 883
Increases, on account of: 51 441 991 066
issue of subordinated bonds 0 830 000
Merger with Euro Bank S.A. 0 100 130
interest accrual 51 441 60 936
Reductions, on account of: (57 437) (146 744)
Settlement of subordinated debt of Euro Bank S.A. 0 (100 000)
interest payment (57 437) (46 744)
Balance at the end of the period 1 540 209 1 546 205

The increase in subordinated debt recorded in 2019 resulting from the acquisition of Euro Bank was fully offset by a cash collateral deposit of the same amount made by Bank Millennium at date of acquisition of Euro Bank with the subordinated lender, Societe Generale. Both transactions were finished and settled in October 2019.

During 2020 and 2019 the Group did not have any delays in the payment of principal and interest instalments, nor did it infringe any contractual provisions resulting from its subordinated liabilities.

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