Report No. 39/2025

27.11.2025 16:05

Minimum requirement for own funds and eligible liabilities (MREL) set for PKO Bank Polski S.A.

Legal basis:

Article 17. 1 of the MAR Regulation

The Report:

The Management Board of PKO Bank Polski S.A. ("Bank") informs that the Bank received a letter from the Bank Guarantee Fund ("BGF") dated 26 November 2025, regarding the minimum level of own funds and eligible liabilities ("MREL", the minimum requirement for own funds and eligible liabilities).

The designated MREL TREA requirement for the Bank, based on consolidated data, is 15.36% TREA and the MREL TEM requirement is 5.91% TEM (the same levels as in the 2024 BGF decision). The Bank should comply with both requirements simultaneously, with the respective subordination requirement, as soon as it is informed of the BGF designated MREL TREA and MREL TEM levels.

Due to the fact that the Bank's resolution group has been recognized as a Top Tier Bank, i.e., it has met the condition specified in Article 97h point 1 of the Act on the Bank Guarantee Fund, the Bank is obliged to comply with the MREL subordination requirement designated for a Top Tier Bank from 1 January 2027.

The MREL TREA requirement for the Bank on a consolidated basis should be fulfilled by own funds and eligible liabilities meeting a subordination requirement of 13.91% TREA from 1 January 2027 (versus 14.56% in 2024 BGF decision). Until then, the Bank is required to maintain own funds and eligible liabilities meeting a subordination requirement of not less than 13.53% TREA (versus 13.90% in 2024 BGF decision). The Bank's MREL TEM requirement on a consolidated basis should be fulfilled by own funds and eligible liabilities meeting a subordination requirement of 5.91% of TEM from 1 January 2027 (the same level as in the 2024 BGF decision). Until then, the Bank is required to maintain own funds and eligible liabilities meeting a subordination requirement of not less than 5.50% of TEM (versus 5.62% in 2024 BGF decision).

The adopted TREA and TEM levels have been adjusted to exclude PKO Bank Hipoteczny S.A. and Kredobank from consolidation.

MREL requirements are subject to annual updates.