Notes to the consolidated financial statements
44. Related parties
The Group’s related parties are:
- Parent: Poczta Polska S.A.;
- entity exercising significant influence on the Group: PKO Bank Polski S.A.;
- other entities in the Poczta Polska S.A. Capital Group: Pocztowa Agencja Usług Finansowych S.A., Post-Tel Sp. z o.o., Postdata S.A., Pocztowe Towarzystwo Ubezpieczeń Wzajemnych, Pocztylion-Arka PTE S.A., Poczta Polska Usługi Cyfrowe Sp. z o.o., Pocztowe Likwidacja Szkód Sp. z o.o., Pocztowe Życie Sp. z o. o. in formation;
- key management personnel: members of the Management and Supervisory Board, directors of the Bank and its subsidiaries;
- key management personnel of Poczta Polska S.A.
In accordance with IAS 24, the Group treats the subsidiaries of the State Treasury of Poland as its related parties, since the State Treasury controls the Bank through its majority shareholder. For the purposes of these consolidated financial statements, subsidiaries of the State Treasury are companies wholly-owned by the State Treasury, state-owned enterprises and entities with the State Treasury as the majority shareholder, whose list is published on the website of the Ministry of State Treasury, as well as local government entities.
In 2013 and 2012, non-standard, significant related-party transactions whose nature and terms were not related to ongoing business operations were not concluded. All transactions were concluded on the arm’s length basis.
Presented below is the nature of significant agreements with related parties:
- a set of agreements concerning financial intermediation services provided by Poczta Polska S.A. on behalf of and for the Bank in respect of a wide array of products and services of the Bank, including, in particular, the Agency Agreement of 2 September 2011;
- agreements related to financial intermediation services provided on behalf of and for a related party – Poczta Polska S.A. (including a bank account agreement with additional products);
- a set of agreements related to the Bank’s financial services, including, in particular, the cash processing agreement;
- a cooperation agreement concerning the launch and operation of the Bank’s Micro-Branches (MB) in the network of Poczta Polska S.A. offices;
- a lease agreement setting out the terms and conditions of leasing/sub-leasing space or premises to be used as the Bank’s branches as part of the infrastructure of Poczta Polska S.A.;
- an agreement on the lease of hardware, use of an operating system and databases.
Receivables, liabilities, revenue and expenses arising from related-party transactions have been presented below.
Balance as at 31 December 2013 |
Parent | Entity exercising significant influence on the Group |
Key management personnel |
Other entities in the Poczta Polska S.A. Capital Group |
---|---|---|---|---|
PLN ‘000 | PLN ‘000 | PLN ‘000 | PLN ‘000 | |
Receivables | 43,251 | 25 | 10,535 | 364 |
Nostro accounts | 0 | 25 | 0 | 0 |
Originated loans | 0 | 0 | 10,535 | 341 |
Other receivables | 43,251 | 0 | 0 | 23 |
Liabilities | 1,008,516 | 0 | 2,691 | 58,556 |
Deposits received | 900,085 | 0 | 2,691 | 49,929 |
Liabilities due to sold securities (repo) |
0 | 0 | 0 | 8,182 |
Other liabilities | 108,431 | 0 | 0 | 445 |
Off-balance sheet transactions |
73,753 | 2,374 | 308 | 205 |
Off-balance sheet contingent liabilities |
73,753 | 2,374 | 308 | 205 |
- originated | 73,753 | 0 | 308 | 205 |
- received | 0 | 2,374 | 0 | 0 |
Period from 1 January 2013 to 31 December 2013 |
Parent | Entity exercising significant influence on the Group |
Key management personnel |
Other entities in the Poczta Polska S.A. Capital Group |
---|---|---|---|---|
PLN ‘000 | PLN ‘000 | PLN ‘000 | PLN ‘000 | |
Revenue | 22,785 | 0 | 530 | 28,803 |
- interest income | 0 | 0 | 500 | 48 |
- fees | 22,360 | 0 | 29 | 28,721 |
- other revenue | 425 | 0 | 1 | 34 |
Expenses | (64,310) | (619) | (20,502) | (1,759) |
- interest expense | (17,138) | 0 | (108) | (968) |
- fees | (28,700) | (609) | (49) | 0 |
- non-personnel expenses | (18,472) | (10) | 0 | (770) |
- personnel expenses | 0 | 0 | (20,345) | (21) |
Balance as at 31 December 2012 (restated) |
Parent | Entity exercising significant influence on the Group |
Key management personnel |
Other entities in the Poczta Polska S.A. Capital Group |
---|---|---|---|---|
PLN ‘000 | PLN ‘000 | PLN ‘000 | PLN ‘000 | |
Receivables | 75,497 | 42 | 2,826 | 2,469 |
Nostro accounts | 0 | 42 | 0 | 0 |
Originated loans | 0 | 0 | 2,826 | 1,160 |
Other receivables | 75,497 | 0 | 0 | 1,309 |
Liabilities | 1,136,826 | 0 | 1,086 | 27,025 |
Deposits received | 1,009,974 | 0 | 1,078 | 26,802 |
Other liabilities | 126,852 | 0 | 8 | 223 |
Off-balance sheet transactions |
28,044 | 1,409 | 81 | 3,170 |
Off-balance sheet contingent liabilities |
28,044 | 1,409 | 81 | 3,170 |
- originated | 28,044 | 0 | 81 | 3,170 |
- received | 0 | 1,409 | 0 | 0 |
Period from 1 January 2012 to 31 December 2012 (restated) |
Parent | Entity exercising significant influence on the Group |
Key management personnel |
Other entities in the Poczta Polska S.A. Capital Group |
---|---|---|---|---|
PLN ‘000 | PLN ‘000 | PLN ‘000 | PLN ‘000 | |
Revenue | 29,650 | 285 | 193 | 6,665 |
- interest income | 0 | 285 | 185 | 123 |
- fees | 29,484 | 0 | 7 | 6,487 |
- other revenue | 166 | 0 | 1 | 55 |
Expenses | (77,447) | (538) | (21,888) | (1,856) |
- interest expenses | (33,607) | (49) | (36) | (1,548) |
- fees | (24,189) | (470) | (1) | (18) |
- non-personnel expenses | (19,651) | (19) | 0 | (290) |
- personnel expenses | 0 | 0 | (21,851) | 0 |
Balance as at 31 December 2013 |
Balance as at 31 December 2012 (restated) |
|||
---|---|---|---|---|
Companies with interest of the State Treasury |
Local government entities |
Companies with interest of the State Treasury |
Local government entities |
|
PLN ‘000 | PLN ‘000 | PLN ‘000 | PLN ‘000 | |
Receivables | 40,899 | 356,680 | 61,213 | 413,558 |
Originated loans | 14 | 356,673 | 40,970 | 413,535 |
Other receivables | 40,885 | 7 | 20,243 | 23 |
Liabilities | 36,649 | 98,747 | 1,080 | 226,052 |
Deposits received | 36,649 | 98,746 | 1,046 | 226,052 |
Other liabilities | 0 | 1 | 34 | 0 |
Off-balance sheet transactions |
0 | 0 | 67,592 | 6,446 |
Off-balance sheet contingent liabilities |
0 | 0 | 67,592 | 6,446 |
- originated | 0 | 0 | 0 | 6,446 |
- received | 0 | 0 | 67,592 | 0 |
period from 1 January 2013 to 31 December 2013 |
period from 1 January 2012 to 31 December 2012 (restated) |
|||
---|---|---|---|---|
Companies with interest of the State Treasury |
Local government entities |
Companies with interest of the State Treasury |
Local government entities |
|
PLN ‘000 | PLN ‘000 | PLN ‘000 | PLN ‘000 | |
Revenue | 95 | 386 | 2,143 | 24,816 |
- interest income | 95 | 382 | 490 | 23,736 |
- fees | 0 | 4 | 105 | 1,080 |
- other revenue | 0 | 0 | 1,548 | 0 |
Expenses | (443) | (42) | (1,147) | (7,663) |
- interest expenses | (1) | (39) | (735) | (7,662) |
- fees | (416) | 0 | 0 | (1) |
- non-personnel expenses | (26) | (3) | (412) | 0 |
- personnel expenses | 0 | 0 | 0 | 0 |
Transactions with subsidiaries of the State Treasury other than those from the Poczta Polska S.A. Capital Group are related to banking operations (funding, deposits).
Loans and advances provided to members of the Management and Supervisory Board
Transactions with the management are in line with the standard product offering.
As at 31 December 2013, the Bank did not have any credit exposure to Members of its Management or Supervisory Board, Members of the Supervisory Board of the Bank’s subsidiaries or Members of the Supervisory Board of the Bank’s Parent.
As at 31 December 2013, the Bank’s credit exposure to two Members of the Management Board of its subsidiaries amounted to PLN 851 thousand and to one Member of the Management Board of the Parent amounted to PLN 91 thousand.
As at 31 December 2012, the Bank did not have any credit exposure to Members of its Management or Supervisory Board or Members of the Supervisory Board and Management Board of its subsidiaries, either. The Bank’s credit exposure to a Member of the Management Board of its Parent amounted to PLN 29 thousand.
Remuneration paid or due to the Management and Supervisory Boards of the Bank and its subsidiaries
Balance as at 31 December 2013 |
Balance as at 31 December 2012 (restated) |
|
---|---|---|
PLN ‘000 | PLN ‘000 | |
Management Board | 2,650 | 3,018 |
Short-term employee benefits (payroll, bonuses and payroll charges) |
2,556 | 2,963 |
Termination benefits | 94 | 55 |
Supervisory Board | 2,138 | 1,968 |
Short-term employee benefits (payroll, bonuses and payroll charges) |
2,138 | 1,968 |
Remuneration paid or due to other senior management of the Bank and its subsidiaries
Balance as at 31 December 2013 |
Balance as at 31 December 2012 (restated) |
|
---|---|---|
PLN ‘000 | PLN ‘000 | |
Short-term employee benefits (payroll, bonuses and payroll charges) |
15,487 | 16,706 |
Termination benefits | 70 | 159 |
Total | 15,557 | 16,865 |
Annual Report 2013 - Bank Pocztowy
Corporate Governance
- Corporate governance: principles and scope of application
- Control system in the process of preparing financial statements
- Entity authorized to audit financial statements
- Shareholding structure and share capital
- Key information regarding Poczta Polska S.A.
- Cooperation with Poczta Polska S.A.
- Investor relations
- By-laws amending principles
- Activities of the corporate bodies of the Bank