Announcement: YE19 Earnings Call (March 5, 2020)
Group Annual Report 2019
05. March 2020
Publication of audited Group Annual Report 2019
Razvan Munteanu (CEO) and Johannes Proksch (CFO)
Webcast to discuss YE19 results
IR NEWS & AD-HOC
December 20, 2019: Announcement of MREL requirement
Addiko Bank AG received the decision of the SRB relating to MREL requirement.
Addiko Bank AG hereby informs that on December 17, 2019, Addiko Bank AG received from the Financial Market Authority (FMA) the formal decision of the Single Resolution Board (SRB) relating to the MREL requirement (minimum requirement for own funds and eligible liabilities), which amounts to 20.58% of Total Liabilities and Own Funds (TLOF) on consolidated level. The MREL requirement shall be reached by December 31, 2023 and from that date shall be met at all times.
As previously disclosed the decision for the MREL requirement is based on the Single Point of Entry (SPE) approach, while Addiko Bank AG is in preparation to meet all requirements for a Multiple Point of Entry (MPE).
December 06, 2019: Rating Action – Moody’s confirms Addiko Bank AG’s ratings (outlook stable) concluding the rating review for Addiko opened on 11 October 2019 and reflecting the bank’s announcement on 19 November 2019 to postpone a planned issuance of subordinated debt
November 19, 2019: Addiko Group publishes 3Q19 earnings
October 11, 2019: Rating Action – Moody’s places Addiko Bank AG’s deposit ratings on review for upgrade and assigns first time Ba3 rating to Subordinated Tier 2 Notes, on review for upgrade
October 10, 2019: Management hosted an investor and analyst call
August 20, 2019: Addiko Group publishes 1H19 financial report
August 12, 2019: Citigroup Global Markets Limited, acting as Stabilization Manager, exercised the Greenshoe in full (975,000 shares)
August 7, 2019: Timing and details for 1H19 results announcement published
October 4, 2019: Addiko Bank AG discloses draft SREP for 2020 (pdf)
Addiko Bank AG has received a draft SREP for 2020 indicating a Pillar 2 Requirement (P2R) of 4.3% (4.1% for 2019). In addition, a Pillar 2 Guidance (P2G) of 4% is foreseen by the draft decision. Addiko Bank AG will engage with the regulator on the basis of the draft decision, addressing a variety of technical aspects on both P2R and P2G.
October 1, 2019: Ruling by the Supreme Court of the Republic of Croatia regarding CHF clauses / Preliminary assessment (pdf)
The Issuer has published an ad hoc release on 17 September 2019 regarding the Croatian Supreme Court‘s ruling on the nullity of foreign exchange clauses used in CHF-denominated loans.
After further assessment, the Issuer expects that loan contracts which were not converted into EUR under the Croatian Consumer Credit Act 2015 are potentially affected by the ruling and could become the subject of individual claims for restitution. Addiko is prepared to avail itself of any legal recourse against individual claims filed.
As of the date hereof the management expects a potential provision, in the high single digit million Euro range, to be reflected in the third quarter 2019 financials dependent on the further evolvement of the circumstances.
September 17, 2019: Ruling by the Supreme Court of the Republic of Croatia regarding CHF clauses (pdf)
On September 17, 2019 the Supreme Court of the Republic of Croatia rendered a ruling in collective consumer protection claims against eight large banks in Croatia, including Addiko Bank d.d. (Zagreb), rejecting their revisions and deciding that CHF clauses used in loan agreements, linking payments in local currency to CHF, are null and void.
As a consequence of the judgment, consumers who concluded loan agreements with Addiko Bank d.d. (Zagreb) may have a right to claim nullity of the respective CHF clause with individually filed disputes.
Addiko Bank AG is currently analyzing the ruling and is assessing any impact related thereto as well as possible legal remedies.
ADDIKO INVESTOR RELATIONS CONTACT
Head of Investor Relations & Group Corporate Development
+43 (0) 50232 2070