74. Information on securitization of lease portfolio and portfolio sale of receivables


In connection with the acquisition of Raiffeisen-Leasing Polska SA and its subsidiaries, on 1 December 2016 the Group consolidated a special purpose vehicle ROOF Poland Leasing 2014 DAC with its registered office in Ireland. The SPV is buying securitized receivables resulting from lease agreements sold by Raiffeisen-Leasing Polska SA (now PKO Leasing SA) under the securitization plan which was initiated in December 2014. The receivables acquired by the SPV were financed by an issue of securities. The objective and benefit of selling these receivables to the SPV was to obtain and diversify sources of long-term financing.

Annual report

The redemption of debt securities in the period from 1 January to 31 December 2018 according to their nominal values amounted to: PLN 70 million (redeemed on 2 January 2018), PLN 204 million (redeemed on 3 April 2018), PLN 178 million (redeemed on 2 July 2018) and PLN 165 million (redeemed on 2 October 2018).

Carrying amounts of the financial assets and financial liabilities covered by securitization are presented in the table below:

31.12.2018 Transaction value Amount of risk remaining in the Group
Carrying amount of assets 688 688
Carrying amount of liabilities 643 643
Net balance 45 45

31.12.2017 Transaction value Amount of risk remaining in the Group
Carrying amount of assets 1 381 1 381
Carrying amount of liabilities 1 261 1 261
Net balance 120 120

Moreover, in 2018 the Group performed sales of impaired loan portfolios (balance sheet and off-balance sheet receivables) of more than 25.7 thousand individual receivables from retail and business customers amounting to approximately PLN 1.4 billion (PLN 1.5 billion in 2017). The total carrying amount of the provision for potential claims on sale of impaired loan portfolios as at 31 December 2018 amounted to PLN 2 million (as at 31 December 2017 it was PLN 2 million). As a result of the sale of the receivables all risks and rewards were transferred as a result of which the Bank stopped recognizing these assets. The Bank did not receive any securities as a result of these transactions.

The Group did not receive any securities on account of the above-mentioned transactions.

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