Integrated Report 2021

Cooperation with financial institutions

As at 31 December 2021, the Bank was a correspondent bank of ca. 1000 other banks and held 56 nostro accounts for 25 major currencies in other banks. 

In the first half of 2021, the Bank extended its activity in terms of maintenance of loro accounts by taking over accounts from BNP Paribas Branch in Poland. In the second half of the year, the Bank closed the only Bank’s LORO account outside the BNP Group, so currently the Bank maintains 33 LORO accounts denominated exclusively in PLN for foreign banks. LORO accounts maintained in the Bank’s books constitute an external source of sourcing cost-free working capital for the Bank’s operations. Such accounts are used mainly for purposes of customer and bank-to-bank transfers.

In 2021, the Bank continued its cooperation with other domestic and international financial brokers and banks, which enabled the conclusion of a wide range of treasury and deposit transactions. A number of contracts were concluded with new and existing contractors from these segments and actions were taken towards the signing of new contracts, in line with ISDA and Polish Bank Association recommendations.

Agreements with the National Bank of Poland concluded in 2021

In November 2021. The National Bank of Poland (hereinafter: NBP), on the basis of designated selection criteria, extended the term of the ” Agreements on performing the function of Money Market Dealer” (hereinafter: Agreement) concluded on 14 December 2020 between the NBP and the Bank. The renewed Agreement is valid from 1 January 2022 to 31 December 2022.

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