Report No. 12/2024

16.02.2024 17:03
Preliminary costs arising from legal risk connected with indexed and denominated CHF mortgage loans portfolio in 4Q 2023 financial results

Legal basis:

Article 17.1 MAR Regulation


the Report:

The Management Board of PKO Bank Polski S.A. (the “Bank”) informs that it decided on additional costs of legal risk related to mortgage loans denominated and indexed to CHF in the amount of PLN 1.128 billion. As a result of the decision of the Court of Justice of the European Union of 12 January 2024 in case C-488/23, concerning the question of the admissibility of a claim against a consumer for compensation consisting in the judicial valorisation of the capital paid out in the event that a credit agreement is declared invalid, and also taking into consideration ECJ decisions of December 2023 in Cases: C-140/22 of 7 December 2023, C-756/21 of 11 December 2023, C-28/22 of 14 December 2023, concerning the issue of calls for payment and the statutory interest for late payment calculated thereon, Bank implemented more conservative parameters of the model for estimating legal risk evaluation.

Thus, the preliminary, aggregated (indicated in this report and in the report No. 3/2024), unaudited costs of legal risk relating to the above-mentioned type of loans, recognized in Q4 2023 results, amounted to PLN 1.988 billion.