Recommendation of the Polish Financial Supervision Authority regarding suspension of dividend payment in the first half of 2021
Recommendation of the Polish Financial Supervision Authority regarding suspension of dividend payment in the first half of 2021
| Current Report | | |
| Drafted on: | 15.01.2021 |
| Current report No | 01/2021 |
| Legal basis: | |
| §| 17 Regulation (EU) No 596/2014 Of The European Parliament And Of The Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC |
| Contents: | |
| The Management Board of mBank S.A. (&ldquo|Bank"|) informs that the Bank received a letter from the Polish Financial Supervision Authority (&ldquo|PFSA"|) dated 13 January 2021, which in accordance with the resolution of the PFSA No. 386/2020 of 16 December 2020, regarding the PFSA position on the dividend policy of commercial banks in 2021, contains the following recommendations for the Bank: | 1. to withhold by the Bank payments of dividend in the first half of 2021, including undistributed profits from previous years,| 2. not to undertake by the Bank, in the first half of 2021, without prior consultation with the supervisory authority, other actions beyond the scope of current business and operational activities that may result in a reduction of the capital base, including buyback of own shares.| In addition the KNF informed that , the position of the PFSA on the dividend policy of commercial banks in the second half of 2021 will be presented separately following the analysis of the conditions of the banking sector in the first half of the year.| |
SIGNATURE OF THE PERSONS REPRESENTING THE COMPANY
| Senior specialist for investment supervision, Compliance Department | Jakub Cygański 15.01.2021 |
|
"