Report No. 18/2019

Legal basis:

Article 17. 1 of the MAR Regulation

Report content:

The Management Board of PKO Bank Polski S.A. ("Bank") informs that it received a letter from the Bank Guarantee Fund ("BGF") regarding the minimum level of own funds and eligible liabilities ("MREL").

The MREL requirement set for the Bank on the consolidated level is 14.376% of the sum of own funds and total liabilities ("TLOF"), which corresponds to 22.807% of the total risk exposure ("TRE"). The MREL determined for the Bank based on standalone data is 13.726% of TLOF, which corresponds to 23.014% of TRE. This requirement should be met by December 31, 2022. BGF set a linear path to reach the limit and at the end of 2020 and 2021, respectively, the MREL requirement in relation to TLOF is 11.002% and 12.689% on the consolidated level and 10.524% and 12.125% on the standalone level.

MREL was calculated based on data as at December 31, 2018.