Regulatory environment
In 2014, the financial and organizational condition of the Group was affected by the following amendments of law:
| Regulation | Change description | Effect on the Group |
|---|---|---|
|
1. Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (CRD IV) 2. Regulation of the European Parliament and of the Council (EU) no. 575/2013 of 29 June 2013 on prudential requirements for credit institutions and investment firms and amending the Regulation (EU) no. 648/2012 (CRR Regulation). |
CRD IV regulates issues regarding among others incorporation of banks, capital buffers, supervision, corporate management and corporate governance in banks and investment firms. CRR Regulation includes provisions regarding among others own funds, capital requirements, liquidity and leveraging. CRD IV as a Directive is transposed to domestic regulations by member states, while CRR as an EC Regulation has been directly effective as of 1 January 2014 including transition periods, which reach as far as to 2021 and monitoring periods for selected areas. Further, CRD IV and CRR obligate European Banking Authority (EBA) to prepare a number of technical standards to be an integral part of the regulation and be published in EU Official Journal. |
Capital adequacy, liquidity of the Bank, corporate governance, remuneration policy Transaction settlement, capital adequacy |
| Regulation of the European Parliament and of the Council (EU) no. 648/2012 of 2 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR) | The Regulation determines requirements regarding settlement services and mutual risk management for OTC derivatives, requirements regarding notification of derivative contracts and unified requirements regarding operations of central counterparties and transaction repositories. | Additional obligatory reporting regarding operations of central counterparties. Reporting on transaction repositories shall come into force as of 1 July 2015. |
| Resolution No. 41/2013 of the Banking Guarantee Fund Council of 22 November 2013 determining the rate of the 2014 annual fee payable to the Banking Guarantee Fund through entities subject to the obligatory guarantee system. | The Resolution has determined the annual fee for 2014 as 0.1% of the total of capital requirements pertaining to each risk type and to the exceeding of limits and other standards determined in the Banking Law multiplied by 12.5. | Administrative costs |
| Resolution No. 42/2013 of the Banking Guarantee Fund Council of 22 November 2013 determining the rate of the 2014 annual fee payable to the Banking Guarantee Fund through entities subject to the obligatory guarantee system. | The Resolution has determined the annual fee for 2014 as 0.037% of the total of capital requirements pertaining to each risk type and to the exceeding of limits and other standards determined in the Banking Law multiplied by 12.5. | Administrative costs |
| Act of 30 August 2013 amending the act on payment services (Journal of Laws of 2013 item 1271). | The Act determines the maximum interchange rate for payment transactions using payment cards at 0.5% of the value of an individual payment transaction and eliminates mechanisms that restrict competition on the market of payment card services. The Act entered into force as of 1 January 2014. |
Fee and commission income |
| Resolution No. 7/2013 of the Polish Financial Supervision Authority dated 8 January 2013 on issuing Recommendation D concerning management of IT technology and information technology environment security in banks (Official Journal of the Polish Financial Supervision Authority of 2013, item 5). | The Recommendation contributed to improved quality of management and IT security level in banks, and improved supervision of these areas. Provisions have been introduced regarding among others principles of cooperation between business and technical support areas, data management (including quality assurance), management information system in IT and security and cloud computing, strategic planning regarding IT and security, implementation and modification of existing IT solutions, cooperation with external service suppliers. The Polish Financial Supervision Authority expected that the recommendation would have been implemented by 31 December 2014. |
Legislation and organizational work regarding IT and business areas |
| Resolution No. 148/2013 of the Polish Financial Supervision Authority dated 18 June 2013 on issuing Recommendation S on good practices in managing mortgaged credit exposures (Official Journal of the Polish Financial Supervision Authority of 2013, item 23). | The Recommendation has introduced changes regarding in particular currency loans, maximum loan period, maximum period included in the calculation of creditworthiness, limits imposed in Dtl and LtV, the minimum own contribution and clients with irregular or unstable income. According to PFSA guidance, since January 2014 the minimum own contribution required for real property purchases credited by banks was 5% of the property value. The Polish Financial Supervision Authority expected that the recommendation would be implemented by 1 January 2014 at the latest, except for recommendations 6, 9.1, 12, 14.10, 15.8 and 20, which should enter into force by 1 July 2014. |
Interest income Net impairment losses |
Annual Report 2014 - 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