Legal basis:
Art. 17.1 of the MAR Regulation
The report:
The Management Board of PKO Bank Polski (the "Bank") informs about the preliminary result on hedging the currency position, which it recognized in the amount of approximately PLN 14.2 billion in the standalone and consolidated financial statements for 2020 related to the intention of the Bank – confirmed by the Extraordinary General Meeting resolution dated 23 April 2021 - to conclude settlements with consumers who have signed FX mortgage loans with the Bank.
The bank informs that at the end of April 2021 it fully hedged this currency position by opening and then closing option transactions that gave the bank the right to purchase foreign currencies, and the conclusion and settlement of a series of foreign exchange transactions, under which the Bank purchased foreign currencies for zlotys. As a result of these transactions, in the financial results for 2021, the Bank will recognize an additional positive exchange result in the amount of approximately PLN 320-330 million, of which approximately PLN 145-155 million in the first quarter of 2021.
At the same time, the Bank informs that following the hedging of the currency position, the capital requirement for market risk has decreased significantly.
The information on the final result on hedging the currency position will be provided by the Bank in the Bank’s consolidated quarterly report for the first quarter of 2021, the publication date of which was set by the Bank to 28 May 2021 (report No. 13/2021).