Poll

Notes to the consolidated financial statements

42. Sale of packages of receivables

In 2014 the Bank sold two packages of credit exposures and one individual credit exposure from the institutional segment. The former sale of credit exposure package was concluded on 10 June 2014, while the latter – on 21 November 2014. The indiviual credit exposure from the institutional segment was sold under an agreement of 15 October 2014. The exposure packages were acquired by securitization funds offering the highest prices in the tender proceedings. The institutional loan was acquired by a business entity (the nominal value of the principal amount was PLN 2.81 million, while the sales price for the exposure reached PLN 2.84 million).
Under the first sales transaction a package sold included 1 719 credit exposures whose substantial portion had been impaired, with the nominal value of the principal of PLN 7.35 million and interest with other expenses amounting to PLN 5.39 million. Following the sale, the Bank reduced its impairment loss on these assets by PLN 6.76 million. The gross profit on the sale of the first package of exposures was PLN 1.23 million and was recognized under Other operating revenue in the income statement.
Under the second sales transaction a package sold included 785 credit exposures with the nominal value of the principal of PLN 6.22 million and interest with other expenses amounting to PLN 2.70 million. Like in the first transaction, a considerable portion of the exposures had been impaired. Following the sale, the Bank reduced its impairment loss on these assets by PLN 5.64 million. The gross profit on the sale of the second package of exposures was PLN 619 thousand and was also recognized under Other operating revenue in the income statement.
Under both sales transactions in 2014 the Bank sold 2 504 credit exposures with the nominal value of the principal of PLN 13.57 million and interest with other expenses amounting to PLN 8.09 million. Following the two sales transactions in question the Bank reduced the impairment loss on these assets by PLN 12.40 million and generated the total gross profit on the sale of PLN 1.85 million.

Annual Report 2014 - Bank Pocztowy