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36. Subordinated liabilities

As at 31 December 2014 Nominal value in currencyNominal valueCurrencyInterest rate  (%)Maturity dateBalance
Subordinated bonds 1,600,700 1,600,700 PLN 4.13% 14.09.2022 1,619,833
Subordinated loan 224,000 780,013 CHF 3.16% 24.04.2022 794,152
Total x 2,380,713 x x x 2,413,985
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As at 31 December 2013 Nominal valueCurrencyInterest rate  (%)Maturity dateBalance
Subordinated bonds 1,600,700 PLN 4.37% 14.09.2022 1,620,857
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As at 31 December 2014 the Bank held subordinated liabilities relating to:

  • Own issue of subordinated bonds with ten-year maturity carried out on 14 September 2012 with the Bank’s right to a premature redemption of all debt securities from this programme, during 5 years from the issue date. A nominal value of the bonds is PLN 1 600 700 thousand. The proceeds obtained from new issue were, with the approval of the Polish Financial Supervision Authority, used for increasing the Bank’s supplementary funds.
  • Subordinated loan acquired by PKO Bank Polski SA from Nordea Bank Polska SA with a nominal value of CHF 224 000 thousand received from Nordea Bank AB (publ) under an agreement signed in April 2012, with 10 years maturity. The loan is included in the Bank’s supplementary funds, in accordance with the decision of the Polish Financial Supervision Authority issued on 27 December 2012.

Change in subordinated liabilities20142013
As at the beginning of the period 1,620,857 1,631,256
Increases (of which): 1,109,642 83,305
  take of control over a subsidiary 1,000,115 -
  accrued interest 81,391 83,131
  currency translation differences 28,013 -
  other 123 174
Decreases (of which): (316,514) (93,704)
  repayment of loan (232,098) -
  repayment of interest (83,935) (93,704)
  other (481) -
Subordinated liabilities as at the end of the period 2,413,985 1,620,857
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