PKO BANK POLSKI S.A. Legal basis:
Paragraph 5.1.5 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and the conditions for concerning information required by the law of a non-member state as equivalent
The report:
The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna ('PKO Bank Polski' or the 'Bank') hereby informs that on March 25th 2016 the Bank unilaterally terminated:
1) the guarantee agreement providing for unfunded credit protection with respect of a portfolio of selected corporate exposures of the Bank, within the meaning of the CRR regulation, entered into with a counterparty (the 'Counterparty' or the 'Guarantor') on January 29th 2016, and announced by the Bank in its current report no 7/2016 (the 'First Guarantee' and the 'First Guarantee Agreement' respectively);
2) the guarantee agreement providing for unfunded credit protection with respect of a portfolio of selected corporate exposures of the Bank, within the meaning of the CRR regulation, entered into with the Counterparty on February 29th 2016, and announced by the Bank in its current report no 15/2016 (the 'Second Guarantee' and the 'Second Guarantee Agreement' respectively).
The First Guarantee and Second Guarantee were unilaterally terminated by the Bank without giving a cause, pursuant to the provisions of the First Guarantee Agreement and Second Guarantee Agreement respectively and in accordance with their terms.
Pursuant to the First Guarantee Agreement and the Second Guarantee Agreement, as a consequence of their unilateral termination by the Bank, the First Guarantee and the Second Guarantee will expire with the end of March 2016.
In connection with unilateral termination of the First Guarantee Agreement and the Second Guarantee Agreement the Bank will not bear further cost of the First Guarantee and the Second Guarantee' premium payments.
PKO Bank Polski SA issued this content on 25 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 March 2016 14:47:32 UTC
Original Document: http://www.pkobp.pl/pkobppl-en/investor-relations/current-reports/current-report-no-232016-termination-of-material-agreements/
