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ING's Polish unit faces interest result drop in 2020 due to coronavirus measures

The Polish central bank's decision to reduce interest rates and change reserve requirements will have a negative impact of between 50 million zlotys and 80 million zlotys on ING Bank Śląski SA's consolidated interest result in 2020, the bank said.

The actual impact of the decision will depend on the profitability curve and delivery of business assumptions. ING Groep NV's Polish unit also said March 27 the government's decision to lift the systemic risk buffer to help banks deal with the economic consequences of the new coronavirus outbreak reduced minimum required capital ratios for the lender to 9% for Tier 1 capital and 11% for total capital.

ING Bank Śląski said it was not able to estimate the impact of the coronavirus epidemic on the Polish economy and its financial results.

As of March 27, US$1 was equivalent to 4.09 Polish zlotys.

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