Term Deposits Auctions for the first time in Poland in Bank Millennium

The first auction of term deposits in the Millenet Internet banking system of Bank Millennium will start on 27 June 2005. The auction will continue for four days. After its conclusion the participants will get information via Millenet about the auction result.
 
The auctions will be held regularly. The minimum deposit amount declared by a participant in the auction is PLN 500 and the deposit term is 15 days. During the bidding the funds declared for the deposit do not have to be available on the source account. The funds should only be made available on the customer's account on the day of closing the auction – in the case of the first auction this will e.g. be Thursday.
 
An auction participant may submit many bids in a single auction. The bids should contain the chosen interest rate, declared deposit amount and indication of the source account. To take part in an auction one needs to be a user of Millenet, have a unique MilleKod and P@ssword 1.
 
Persons who have not yet used Internet banking of Bank Millennium may open a bank account visiting their nearest Millennium branch.
 
"We are proud that Poland is the first country in this part of Europe where persons using Internet banking can take part in an auction of term deposits" – said Ricardo Campos, Director of the Internet Banking Department of Bank Millennium.
 
"Bank Millennium, in the Millenet system, provides customers with increasingly modern products and services, which are thus safe and easier to use. These also include the term deposits auction. We are confident that it will be a hit with our Customers " – Mr Campos added.
 
After logging into Millenet the customer may read the terms and conditions of the deposits auction (concerning e.g. the maximum interest rate, minimum bid amount, bidding period) as well as its rules and regulations. A Millenet User can also check in which auctions he can take part – these have the "Running" status, and which will only start and have the status – "Announced".

Next the customer should select the auction, in which he wants to take part and accept its rules and regulations. He can then place his bid, declaring:

• The source account, which is to feed the deposit in case of a winning bid,
• Bid amount – the customer sees the minimum bid amount and the maximum amount of all his bids,
• Offered interest rate – in the brackets between the maximum interest rate of the auction and the standard rate of an Auctions Deposit
• Whether in case of a losing bid the funds should remain on the source account or whether an Auctions Deposit should be created with standard interest rate .

When the customer wants to see all his bids and their status, placed in all available auctions, he should select the "My bids" option. In the "Term Deposits Auctions" option, having selected the desired auction, the participant will see how many bids were placed at the given time by all participants. Until the bidding period is over a person participating in an auction may add, modify or cancel his/her bids.
 
After the end of an auction each participant will get a message via Millenet with information about the results. If the person's bid or bids win, then in the "Messages" section there will be a message about the win and the number of the new deposit/deposits.
 
The term deposits auction in Millenet (www.millenet.pl) is the latest proposal of the Bank, addressed to private customers using the Internet banking system of Bank Millennium. Today there are over 200 000 users of Millenet i.e. one out of four customers of Bank Millennium.
 
Bank Millennium Internet banking system