Brief: Addiko Bank Decides To Use Legal Remedies Against New Slovenian Law

Addiko Bank AG

02/02/2022 17:12

Feb 2 (Reuters) - ADDIKO BANK AG  ADKO.VI :
    * SLOVENIA: RETROACTIVE CHF LAW PASSED; PRELIMINARY IMPACT
ASSESSMENT CONDUCTED
    * TODAY, NATIONAL ASSEMBLY OF SLOVENIA PASSED "LAW ON
LIMITING AND
DISTRIBUTING CURRENCY RISK AMONG CREDITORS AND BORROWERS OF
LOANS IN SWISS FRANCS"
    * HAS DECIDED TO USE LEGAL REMEDIES AGAINST NEW LAW
    * HAS CONDUCTED A PRELIMINARY IMPACT ASSESSMENT, ACCORDING
TO
WHICH IT ASSESSED A NEGATIVE IMPACT CAUSED BY IMPLEMENTATION OF
NEW LAW IN RANGE OF APPROXIMATELY EUR 100 TO 110 MILLION, BASED
ON ITS OWN INTERPRETATION AND ASSUMING A WORST-CASE SCENARIO
    * SUCH NEGATIVE IMPACT WOULD RESULT IN A NET LOSS FOR
FINANCIAL
YEAR 2022
    * CONSEQUENTLY, NO DIVIDENDS ARE EXPECTED TO BE PAID OUT FOR
FINANCIAL YEARS 2021 AND 2022
    * REITERATES EXPECTATION THAT BOTH ADDIKO BANK AG AND ADDIKO
GROUP
WILL REMAIN WELL ABOVE MANDATORY CAPITAL REQUIREMENTS AND ITS
EXISTING CAPITALISATION WILL BE SUFFICIENT TO COVER IMPACT FROM
IMPLEMENTATION OF LAW
    * 2021 FY PRELIM TRANSITIONAL CET1 RATIO OF ADDIKO GROUP
IMPROVED
TO 21.8% ON A TRANSITIONAL BASIS AND 21.2% IFRS 9 FULLY-LOADED
COMPARED TO Q3 2021

Source text for Eikon:  ID:nPexQMc0Ha 
Further company coverage:  ADKO.VI 

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