Current report No 19/2022
Execution of the first synthetic securitisation transaction
With reference to the information communicated in current report No 3/2022 dated 18 February 2022, Getin Noble Bank S.A. ("Bank") informs that on 24 June 2022 it executed a transaction of synthetic securitisation of the portfolio of loan agreements granted to housing communities ("Portfolio") with a total value of PLN 503 million ("Transaction").
As part of the Transaction, the Bank transferred a significant portion of the credit risk of the selected securitised Portfolio to the investor.
The risk was transferred by obtaining effective credit protection for the Portfolio in the form of a financial guarantee secured by a cash deposit placed with a third-party bank.
The Transaction helped significantly reduce capital requirements for the Portfolio. The expected post-transaction risk weight for the Portfolio is approx. 10.85% vs. a standard risk weight of 57.14% for receivables in this category.
The Transaction meets the STS (simple, transparent and standardised securitisation) requirements in accordance with Regulation (EU) 2017/2402. The selected securitised Portfolio will remain on the Bank's balance sheet.
Legal basis: Article 17(1) of Regulation No 596/2014 of the European Parliament and of the Council of 16 April 2014 – MAR.