Bank Millennium to launch recovery plan

Bank Millennium to launch recovery plan

In the third quarter of this year, Bank Millennium’s capital ratios may fall below the levels required by the Financial Supervisory Commission.

The bank estimates that the credit vacations will cost it up to PLN 1.78 billion if all eligible customers took advantage of them. Of this amount, about 75-90 percent will be thrown into Millennium’s third-quarter results. As a result, the institution’s capital ratios could be affected. The bank expects to have a net loss in the third quarter. Therefore, it has decided to launch a recovery plan. It has notified the FSC and the Bank Guarantee Fund (BFG). Its goal is to bring capital ratios above minimum requirements. The bank wants to achieve this through a combination of further improvements in operating profitability and initiatives that aim to optimize capital, such as risk-weighted asset management.

Source: https://obligacje.pl/pl/a/bank-millennium-uruchamia-plan-naprawy-z-powodu-wakacji-kredytowych

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