Norton Rose Fulbright has advised Bank Gospodarstwa Krajowego on amendments to the documentation regarding a CRR-compliant counter-guarantee between Bank Gospodarstwa Krajowego and Powszechny Zaklad Ubezpieczen in favor of Alior Bank.
According to Norton Rose, "the maximum commitment with respect to any guarantees that may be given under the guarantee agreement signed between Powszechny Zaklad Ubezpieczen and Alior Bank is PLN 4 billion (approximately USD 985 million). This limit applies for three years and is revolving, i.e., when a guarantee expires, the limit is topped up with the “released” amount minus any potential payments under the guarantee."
Additionally, pursuant to the related counter-guarantee agreement, "BGK is to give, at the request of PZU, counter-guarantees issued for the benefit of Alior Bank, with the available counter-guarantee limit as PLN 3.2 billion (approximately USD 788 million)."
The Norton Rose team included Partner Tomasz Rogalski, Senior Associate Daniel Popek, and Associate Karolina Majcher.