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Millennium BCP's Polish unit books legal risk provision on forex mortgages

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Millennium BCP's Polish unit books legal risk provision on forex mortgages

Millennium BCP unit Bank Millennium SA set aside a 150 million Polish zloty provision on legal risks stemming from its forex mortgage loans.

The provision will affect the lender's pretax results for the last quarter of 2019. Additional information regarding legal risks stemming from Bank Millennium's forex mortgage portfolio and the provision itself will be provided in its 2019 financial report, which is due to be published Feb. 14, the bank noted.

The lender set the provision aside in response to the October 2019 verdict of the European Court of Justice, which could affect the financial performance of banks operating in Poland. Banco Santander SA unit Santander Bank Polska SA and Commerzbank AG unit mBank SA also recently increased their provisions on forex mortgage portfolios, which will be included in their fourth-quarter results.

As of Jan. 16, US$1 was equivalent to 3.80 Polish zlotys.