PKO BANK POLSKI S.A. Legal basis:
Art. 56 section 1 point 1 of the Act of 29 July 2005 on the Public Offering, the Conditions Governing the Introduction of Financial Instruments to Organised Trading, and on Public Companies in connection with Article 154 of the Act on Trading in Financial Instruments of 29 July 2005
The report:
The Management Board of PKO Bank Polski S.A. ("Bank") hereby informs that on 19 May 2015 Fitch Ratings ("Fitch") published an information in which it informed that Fitch has downgraded Bank's support rating to '5' from '2'.
The downgrade of the Bank's support rating reflects Fitch's view that the EU's Bank Recovery and Resolution Directive (BRRD) is now sufficiently progressed to provide a framework for resolving banks that is likely to require senior creditors participating in losses, if necessary, instead of or ahead of a bank receiving sovereign support.
In accordance to the information available on the Government Legislation Centre website (www.rcl.gov.pl) the project of the Act on Banking Guarantee Fund, deposits guarantee system and compulsory restructuring, which will implement the regulations of the Bank Recovery and Resolution Directive (BRRD) in Poland, is in the phase of the legislative consultation process.
|
distributed by
|
