Millennium Bank under repair
The institution reported a billion zloty loss in the third quarter. As a result, it does not meet minimum capital requirements.
Bank Millennium reported as much as one billion zlotys of loss in the third quarter of this year. This result was influenced by making provisions for a portfolio of loans in francs and the cost of credit vacations. Such a large loss caused the bank to cease meeting minimum capital requirements. In order to rebuild its capital base, the institution has launched a recovery plan.
Millennium Bank’s management says it wants to come out ahead through a combination of further improvements in operating profitability and initiatives aimed at capital optimization. One example is risk-weighted asset management. During the recovery procedure, the bank will not be charged with paying bank tax.
