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Notes to the consolidated financial statements

43. Related parties

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The Group’s related parties are:

  • Parent: Poczta Polska S.A.;
  • entity exercising significant influence on the Bank: PKO Bank Polski S.A.;
  • other entities from the Poczta Polska Capital Group;
  • other subsidiaries of PKO Bank Polski S.A.;
  • key management personnel: members of the Management and Supervisory Board, directors of the Bank;
  • key management personnel of the Bank’s Parent.

In accordance with IAS 24, the Group treats the subsidiaries of the State Treasury of the Republic of Poland as its related parties, since the State Treasury controls the Bank through its majority shareholder. For the purposes of 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 2014, 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:

  • agreements concerning financial intermediation services provided 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 concluded with Poczta Polska S.A. on 2 September 2011;
  • agreements related to financial intermediation services provided by the Bank on behalf of and for a related party – Poczta Polska S.A. (including a bank account agreement with additional products);
  • a package of agreements regarding financial services peformed by the Bank, in particular with regard to cash processing (agreement with Poczta Polska S.A. on cash services for the Bank’s own sales outlets);
  • 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 sales outlet 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.

*) including transfer payments, Social Security payments and standard payments


*) including transfer payments, Social Security payments and standard payments

 

 

Receivables, liabilities, revenue and costs of transactions with State Treasury entities and local authorities excluding companies from the Poczta Polska Capital Group and PKO Bank Polski S.A. Capital Group.



Transactions with subsidiaries of the State Treasury other than those from the Poczta Polska S.A. Capital Group and PKO Bank Polski S.A. Capital Group are related to banking operations (funding, deposits).
 

 

Loans and advances provided to members of the Management and Supervisory Board of the Bank and the Bank's Parent

Transactions with the management are in line with the standard product offering.

 


 

 

 

 

 

  

Remuneration paid or due to the Management and Supervisory Boards of the Bank and its subsidiaries

 

Remuneration paid or due to other senior management of the Bank and its subsidiaries


 

 

Annual Report 2014 - Bank Pocztowy