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Annual report of the Bank Guarantee Fund
2020
Support may be granted to entities taking over the activities or a part of activities of a credit union or to purchasers
of the enterprise or assets of a credit union in liquidation by:
acquiring shares of the acquiring bank,
granting a loan or a guarantee,
loss sharing arrangements,
providing a subsidy.
The Fund grants support provided that, in particular:
the Fund’s Management Board recognises the results of an audit of the financial statements presented by the acquirer
or the purchaser regarding its activities,
the acquirer or the purchaser presents the Fund’s Management Board a positive opinion of the KNF on the advisability
of the acquisition and the absence of risk to the safety of depositors’ funds collected at a credit union with respect
to which the Polish Financial Supervision Authority has issued the decision on acquisition or liquidation, and at the
assuming or acquiring bank or credit union,
the acquirer or the purchaser demonstrates that the amount of funds committed by the Fund to support the acquirer
or the purchaser would not be higher than the total amount of covered deposits at the credit union with respect
to which the KNF issued a decision on acquisition or liquidation, calculated as the sum of covered deposits in the credit
union’s depositors’ accounts being acquired,
own funds of the credit union being acquired or liquidated have been used to cover losses,
Fund’s claims have been secured, guaranteeing the repayment of the full amount of the support with interest thereon
in the case of support in the form of a loan or a guarantee.
Similarly, as in the case of granting financial aid, measures related to granting support for the resolution of credit unions
may be undertaken and implemented by the Fund after obtaining a decision from the European Commission on consistency
with the rules of granting state aid.
Contents
Annual report of the Bank Guarantee Fund
2020
Support may be granted to entities taking over the activities or a part of activities of a credit union or to purchasers
of the enterprise or assets of a credit union in liquidation by:
acquiring shares of the acquiring bank,
granting a loan or a guarantee,
loss sharing arrangements,
providing a subsidy.
The Fund grants support provided that, in particular:
the Fund’s Management Board recognises the results of an audit of the financial statements presented by the acquirer
or the purchaser regarding its activities,
the acquirer or the purchaser presents the Fund’s Management Board a positive opinion of the KNF on the advisability
of the acquisition and the absence of risk to the safety of depositors’ funds collected at a credit union with respect
to which the Polish Financial Supervision Authority has issued the decision on acquisition or liquidation, and at the
assuming or acquiring bank or credit union,
the acquirer or the purchaser demonstrates that the amount of funds committed by the Fund to support the acquirer
or the purchaser would not be higher than the total amount of covered deposits at the credit union with respect
to which the KNF issued a decision on acquisition or liquidation, calculated as the sum of covered deposits in the credit
union’s depositors’ accounts being acquired,
own funds of the credit union being acquired or liquidated have been used to cover losses,
Fund’s claims have been secured, guaranteeing the repayment of the full amount of the support with interest thereon
in the case of support in the form of a loan or a guarantee.
Similarly, as in the case of granting financial aid, measures related to granting support for the resolution of credit unions
may be undertaken and implemented by the Fund after obtaining a decision from the European Commission on consistency
with the rules of granting state aid.
Contents
