Millennium Bank, controlled by BCP, estimates that the approval of the moratorium access regime for zloty home loans in Poland could have a maximum effect of PLN 1,779 million (EUR 368.6 million at current exchange rates), the bank points out. Miguel Maya in a statement to CMVM on Friday.
Millennium Bank also says it expects to “early recognize expenses based on 3rd quarter results
2022, given a range of 75 to 90% of the above amounts. [276,4 milhões a 331,7 mlhões de euros]”.
“Based on the costs incurred as a result of the application of the aforementioned Law, it can reasonably be assumed that the bank will present a negative net result in Q3 2022 and, therefore, its capital ratios may be below current requirements. established by the Polish Financial Supervisory Authority (“PFSA”),” the bank also notes.
The risk of not meeting “appropriate capital ratios” prompted Poland’s BCP bank to decide to “activate the recovery plan by notifying PFSA and the Bank Guarantee Fund”.
Bank Millennium “intends to increase capital adequacy ratios to above the minimum required through a combination of improved operating profitability and capital optimization initiatives such as risk-weighted asset management (including securitization),” he concludes in the document.
