Page 30
P. 30
30
Annual report of the Bank Guarantee Fund
2020
Resolution of Podkarpacki Bank Spółdzielczy w Sanoku
On 17 January 2020, resolution was initiated against PBS w Sanoku and the bridge institution tool was applied. The bridge
institution was established in Q4 2019 under the name Bank Nowy BFG S.A. The Fund equipped Bank Nowy BFG S.A.
with an initial capital of PLN 100 million from the resolution fund. The Fund also applied to the WSE to suspend trading
in bonds issued by PBS w Sanoku.
On 20 January 2020, the business of the entity under resolution, including all the property rights and all the liabilities
relating to the activities of the entity under resolution, except for the exemptions indicated in the decision, were
transferred to the bridge institution.
As the value of the transferred liabilities as determined in the valuation exceeded the value of the transferred property
rights, the gap was covered by the subsidy from the resolution fund. The payment of the consideration for the purchased
property righrs of the entity under resolution was made by Bank Nowy BFG S.A. in the form of assumption of the
liabilities of the entity under resolution. To cover the losses of the entity under resolution as determined by the estimate,
resulting in a decrease of the equities of the entity under resolution, the capital instruments of the entity under resolution,
such as members’ shares recorded in the register of cooperative members and subordinated bonds, were written down
as of the date of the initiation of the resolution.
Pursuant to Article 113(1) and (3) of the BFG Act, upon the commencement of resolution:
the right to adopt resolutions on matters reserved by the law and the articles of association to the competence of the
bodies of the entity under resolution was devolved to the Fund;
the powers of the supervisory board were suspended, subject to Article 103 (5) and Article 216(7) of the BFG Act;
the management board of the entity under resolution was dissolved and the mandates of its members expired;
the proxies and powers of attorney granted previously expired, except for the powers of attorney granted by the entity
under resolution following its participation in a payment or settlement system;
the competences of other bodies of the entity under resolution were suspended, subject to Article 216(6)
of the BFG Act;
On 17 January 2020, under the decision of the BFG of 15 January 2020, the activities of PBS w Sanoku were suspended.
During the period of suspension, the entity under resolution:
did not settle its liabilities, except for those related to incurring justified costs of its current operations;
did not conduct banking activities, except for debt collection and execution of transfer orders to the accounts of tax
authorities for the receivables referred to in Article 55(1) of the Payment Services Act of 19 August 2011;
did not pay out funds coming from balance surplus or interest on deposits.
Contents
Annual report of the Bank Guarantee Fund
2020
Resolution of Podkarpacki Bank Spółdzielczy w Sanoku
On 17 January 2020, resolution was initiated against PBS w Sanoku and the bridge institution tool was applied. The bridge
institution was established in Q4 2019 under the name Bank Nowy BFG S.A. The Fund equipped Bank Nowy BFG S.A.
with an initial capital of PLN 100 million from the resolution fund. The Fund also applied to the WSE to suspend trading
in bonds issued by PBS w Sanoku.
On 20 January 2020, the business of the entity under resolution, including all the property rights and all the liabilities
relating to the activities of the entity under resolution, except for the exemptions indicated in the decision, were
transferred to the bridge institution.
As the value of the transferred liabilities as determined in the valuation exceeded the value of the transferred property
rights, the gap was covered by the subsidy from the resolution fund. The payment of the consideration for the purchased
property righrs of the entity under resolution was made by Bank Nowy BFG S.A. in the form of assumption of the
liabilities of the entity under resolution. To cover the losses of the entity under resolution as determined by the estimate,
resulting in a decrease of the equities of the entity under resolution, the capital instruments of the entity under resolution,
such as members’ shares recorded in the register of cooperative members and subordinated bonds, were written down
as of the date of the initiation of the resolution.
Pursuant to Article 113(1) and (3) of the BFG Act, upon the commencement of resolution:
the right to adopt resolutions on matters reserved by the law and the articles of association to the competence of the
bodies of the entity under resolution was devolved to the Fund;
the powers of the supervisory board were suspended, subject to Article 103 (5) and Article 216(7) of the BFG Act;
the management board of the entity under resolution was dissolved and the mandates of its members expired;
the proxies and powers of attorney granted previously expired, except for the powers of attorney granted by the entity
under resolution following its participation in a payment or settlement system;
the competences of other bodies of the entity under resolution were suspended, subject to Article 216(6)
of the BFG Act;
On 17 January 2020, under the decision of the BFG of 15 January 2020, the activities of PBS w Sanoku were suspended.
During the period of suspension, the entity under resolution:
did not settle its liabilities, except for those related to incurring justified costs of its current operations;
did not conduct banking activities, except for debt collection and execution of transfer orders to the accounts of tax
authorities for the receivables referred to in Article 55(1) of the Payment Services Act of 19 August 2011;
did not pay out funds coming from balance surplus or interest on deposits.
Contents
