Owing to the fact that the Payment Services Act (PSA)1 of 19th August 2011 enters into force, BRE Bank introduces new rules for settling foreign payments subject to PSA, applicable as of 29th October 20122.In the case of outgoing foreign payments subject to PSA, the maximum settlement period will be 1 business day counting from the day on which the Bank executes the Client’s order (D+1). It means that the outgoing foreign payments subject to PSA, which have so far been executed in the ’STANDARD’ release mode, will now be executed in the ’URGENT’ release mode.Moreover, the fee due to the Bank for the execution of outgoing foreign payments subject to PSA can not decrease the original amount of the Client’s order. It means that the outgoing foreign payments subject to PSA will not be executed with charging option ’BEN’. The ’BEN’ option will be changed to option ’SHA’3.To ensure that the orders submitted by the Clients are correct, the Bank introduced the following facilities:validation of orders submitted electronically,new content of paper-based order forms (dedicated sections).At the same time, in the case of outgoing foreign payments in EUR, the Bank encourages the Clients to use the standardized payment form available in the electronic banking systems (iBRE and BRESOK), i.e. SEPA Credit Transfer, which fully comply with the PSA requirements.The incoming foreign payments subject to PSA which are settled automatically by the Bank (involving no need for manual intervention of the Bank) will be credited to the Clients’ accounts till the end of a given business day for the Bank.Additionally, please be informed that the changes will be reflected accordingly in the Tariff of Banking Fees and Commissions for Corporate Clients. For detailed rules for executing foreign orders go to www.brebank.pl/en/infoWhen implementing the Payment Services Act, the Bank made every effort to translate the PSA provisions into its offer of foreign payments in the most favourable way.We hope that you will be satisfied with the reduced settlement period for outgoing foreign payments in all the currencies covered by PSA and offered by the Bank, availability of electronic and traditional paper-based method of submitting orders, helpful guidelines and information, and the period of crediting incoming foreign payments extended till the end of a given business day for the Bank. We strongly encourage you to use the modern forms of foreign payments offered by the Bank.Transactional Banking Department 1 Journal of Laws of 2011, No. 199 item 1175. The Act implements Directive 2007/64/EC of the European Parliament and of the Council of 13th November 2007 on payment services (Payment Services Directive) aimed at creating a single market for payment services in the European Economic Area (EEA).2  BRE Bank SA recognises a foreign payment as a payment subject to PSA if the following conditions are met simultaneously: • the payment is addressed to a beneficiary or received from a principal from: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Spain, Netherlands, Ireland, Lithuania, Luxembourg, Latvia, Malta, Germany, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, Hungary, Great Britain, Italy, Norway, Iceland Lichtenstein, and• the payment currency is: CHF, CZK, DKK, EUR, GBP, HUF, NOK, PLN, RON or SEK.3 In the case of outgoing foreign payments addressed to the EEA countries, BRE Bank recommends using the charging option SHA, presenting the beneficiary’s account number in the IBAN standard, and giving the beneficiary’s bank name in the BIC format.