Significant contracts and important agreements with the central bank or supervisory authorities

  1. In 2011, PKO Bank Polski SA disclosed in its current reports all the agreements with clients for which the total value of services arising from long-term agreements with the given client met the criteria defined in the Decree of the Minister of Finance of 19 February 2009 on current and periodical information submitted by issuers of securities and the conditions of considering as equivalent the information required by law of a non-member country (Journal of Laws No. 33, item 259).
  2. In 2011, the Bank did not conclude any significant agreements with the central bank or with the regulators.
  3. As at the date of the financial statements, PKO Bank Polski SA is not aware of any agreements as a result of which changes may occur in the future in the proportions of shares held by the current shareholders.
  4. On 30 June 2011 the Bank concluded the agreements for opening letters of credit, concerning the opening for the Client of letters of credit totalling PLN 2 258 million for financing the Client’s activities. These agreements were concluded for a period from 30 June 2011, and the longest validity period of the letters of credit opened in accordance with the Agreement for opening letters of credit cannot be longer than until 30 June 2021. The Agreements for opening letters of credit were secured by paying a certain amount of money (deposit) to the Bank’s account. The amount of such a deposit shall be equal to the maximum combined amount of the letters of credit opened by the Bank for the Client under the Agreement for opening letters of credit, which are valid at the same time.
  5. On 30 June 2011 PKO Bank Polski SA signed a syndicated loan agreement concerning a syndicated loan granted to the Client by a consortium of five banks including PKO Bank Polski SA, which includes i.a. a tranche of an amortised investment loan of PLN 3 400 million, a tranche of a non-amortised investment loan of EUR 448 million and PLN 600 million, and a tranche of revolving working capital loan of PLN 600 million. The share of PKO Bank Polski SA in these tranches amounts to PLN 600 million, PLN 510 million and PLN 90 million respectively. The participation of PKO Bank Polski SA in the syndicated loan is limited to the above-mentioned tranches. The term of the syndicated loan provided by PKO Bank Polski SA is up to 6.5 years. The tranches bear interest based on the WIBOR/EURIBOR rate plus the Bank's margin. In accordance with the Syndicated Loan Agreement, the margin depends on the selected financial ratio of the Client. The liability resulting from the loan granted under the agreement was secured with registered pledges and transfers of receivables (among other things) (Current Report No. 37/2011).
  6. In connection with the a syndicated loan agreement referred to above, on 3 November 2011 the Bank signed an annex as part of which an additional tranche of the investment loan in the amount of PLN 1 753 million was introduced, and as part of the syndication process the Bank concluded an exposure transfer agreement resulting in increasing the exposure by PLN 400 million. At the same time, the Bank’s share in the remaining tranches decreased from PLN 1 200 million to PLN 1 000 million. The Bank’s total exposure in respect of the agreements concluded with the client is PLN 1 400 million. The lending period as part of the Additional Tranche is up to 84 months from the date of launching the Additional Tranche for the first time. The interest rate of the Additional Tranche is based on WIBOR plus the Bank’s margin (Current Report No. 73/2011).
  7. On 20 April 2011, KREDOBANK SA signed with the National Bank of Ukraine a two-year agreement. Information about the above mentioned agreement is included in the section on activities taken by PKO Bank Polski SA towards KREDOBANK SA.

The other PKO Bank Polski SA Group companies did not conclude any significant agreements with the Central Bank or with the regulators.

Neither did the PKO Bank Polski SA Group companies conclude any significant agreements in 2011.