diff --git a/target/s390x/cpu.h b/target/s390x/cpu.h
index a4028fb315..532a4a075c 100644
--- a/target/s390x/cpu.h
+++ b/target/s390x/cpu.h
@@ -315,7 +315,7 @@ void s390x_cpu_debug_excp_handler(CPUState *cs);
 #define PSW_MASK_IO             0x0200000000000000ULL
 #define PSW_MASK_EXT            0x0100000000000000ULL
 #define PSW_MASK_KEY            0x00F0000000000000ULL
-#define PSW_SHIFT_KEY           56
+#define PSW_SHIFT_KEY           52
 #define PSW_MASK_MCHECK         0x0004000000000000ULL
 #define PSW_MASK_WAIT           0x0002000000000000ULL
 #define PSW_MASK_PSTATE         0x0001000000000000ULL
diff --git a/target/s390x/translate.c b/target/s390x/translate.c
index 5a00279016..6ebfb97424 100644
--- a/target/s390x/translate.c
+++ b/target/s390x/translate.c
@@ -3753,7 +3753,7 @@ static ExitStatus op_spka(DisasContext *s, DisasOps *o)
 {
     check_privileged(s);
     tcg_gen_shri_i64(o->in2, o->in2, 4);
-    tcg_gen_deposit_i64(psw_mask, psw_mask, o->in2, PSW_SHIFT_KEY - 4, 4);
+    tcg_gen_deposit_i64(psw_mask, psw_mask, o->in2, PSW_SHIFT_KEY, 4);
     return NO_EXIT;
 }