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<Search><pages Count="71"><page Index="1"><![CDATA[1 
Annual report of the Bank Guarantee Fund 
 2020 
2020 
ANNUAL  
REPORT]]></page><page Index="2"><![CDATA[2 
Annual report of the Bank Guarantee Fund 
 2020 
1. Foreword from the Chairman of the Council and the President of the Management Board  
     of the Bank Guarantee Fund 
4 
2. Key abbreviations 
6 
3. General information 
8 
3.1 Legal grounds 
9 
3.2 Mission and tasks of the Bank Guarantee Fund 
10 
3.3 Organisation of the Bank Guarantee Fund 
10  
4. Guaranteeing deposits 
14 
4.1 Rules for guaranteeing deposits 
 15 
4.2 Reimbursement process of covered deposits 
17 
4.3 The fulfilment of the guarantee condition for banks in the case of which the Bank Guarantee Fund applied  
       to the competent court for the declaration of bankruptcy 
19 
4.4 Reimbursements of covered deposits  in 2020 
20 
4.5 Expiry of depositor claims 
21 
4.6 Guarantee activities in 1995–2020 
21 
4.7 Verification of data contained in bank and credit union calculation systems 
24 
4.8 Investigation and satisfaction of claims on account of the disbursement of guaranteed funds 
25 
5. Resolution 
26 
5.1 Rules for carrying out resolution 
27  
5.2 Resolution planning 
28  
5.3 Resolutions initiated 
29  
5.4 Resolution of Podkarpacki Bank Spółdzielczy w Sanoku 
29  
5.5 Resolution of Bank Spółdzielczy w Przemkowie 
32  
5.6 Resolution of Idea Bank S.A. 
33  
5.7 Other actions in the area of resolution 
34  
Contents 
Contents]]></page><page Index="3"><![CDATA[3 
Annual report of the Bank Guarantee Fund 
 2020 
6. Financial support and restructuring activities 
35 
6.1 Rules for the Fund’s support and restructuring activities 
36 
6.2 Restructuring of credit unions 
38 
6.3 Assistance from the cooperative banks’ restructuring fund 
39 
6.4 Monitoring of the implementation of agreements on the basis of which aid or support was provided 
40 
7. Analytical activity 
43 
8. Financing Fund activities 
45 
8.1 Fund’s financial resources 
46 
8.2 Determination of contributions 
47 
8.3 Investing activities 
49 
9. Other activities of the Fund 
51 
9.1 National and international cooperation 
52 
9.2 Information policy 
56 
9.3 HR matters 
59 
10. Summarised financial statements 
60 
10.1 Balance sheet of the Fund 
61 
10.2 Profit and loss account 
63 
10.3 Rules of preparing the summarised financial statements 
64 
10.4 Accounting principles 
64 
11. Independent statutory auditor’s opinion 
66 
Contents]]></page><page Index="4"><![CDATA[4 
Annual report of the Bank Guarantee Fund 
 2020 
1. Foreword from the Chairman of the Council  
  and the President of the Management Board  
   of the Bank Guarantee Fund 
Dear Sir/Madam, 
On behalf of the Council and the Management Board of the Bank Guarantee Fund, we have the honour and pleasure  
to present the Annual Report of the BFG for 2020. 
Guaranteeing deposits is one of the fundamental pillars of our business. We are always ready to reimburse  covered  
deposits if a bank or credit union (SKOK) goes bankrupt, but there was no such event in 2020. This does not mean that the  
past year was an uneventful one. Quite the contrary – there were a few important events. 
For several years, the Fund has been preparing for the role of a resolution authority. We have been building our own  
competences, creating teams of employees and preparing plans for the resolution. In 2020, it was time to act. In January  
we  started  the  resolution  of  Podkarpacki  Bank  Spółdzielczy  w  Sanoku.  In  late  April  and  early  May,  we  initiated  this  
procedure against Bank Spółdzielczy w Przemkowie, and on the last day of the year we started the resolution of Idea Bank  
S.A. Each of these processes was different, but in each case the poor situation of the banks required action. When the  
statutory conditions are met, the BFG must act and it did so in each of these cases. 
We  can  state  with  great  satisfaction  that  2020  confirmed  the  effectiveness  and  credibility  of  the  resolution  
as an instrument that ensures the stability of the financial sector in Poland, as well as the competence of the BFG as the  
resolution authority. This is all the more noteworthy as, in the case of Bank Spółdzielczy w Przemkowie and Idea Bank S.A.,  
we acted in the circumstances of an epidemic and concomitant unprecedented socio-economic situation. When summing  
up 2020, we can safely say that we have become the EU leader in the delicate, complicated and demanding process  
of resolution, which requires great competence and commitment. The success of these processes has been due to the  
hard work of many people in the Fund. We would like to thank them once again for their professionalism and commitment. 
When speaking about the resolution, it should be added that in 2020 the Fund reviewed resolution plans and carried  
out resolvability assessment for 13 commercial banks, 209 cooperative banks, 2 affiliating banks, 11 credit unions and  
7 investment companies. The Fund also updated the resolution plans for 2 cooperative banks. 
The Fund maintained its high efficiency in recovering amounts due to the liquidation of entities in respect of which the  
guarantee condition had been fulfilled. In 2020, the Fund recovered nearly PLN 131.5 million on that account. Overall,  
in the course of bankruptcy proceedings, the Fund recovered a total of PLN 1,004,781.2 million by the end of 2020, which  
is 15% of the Fund’s claims pending in bankruptcy proceedings. 
Contents]]></page><page Index="5"><![CDATA[5 
Annual report of the Bank Guarantee Fund 
 2020 
Mateusz Berger 
Chairman of the Council 
of the Bank Guarantee Fund 
Piotr Tomaszewski 
President of the Management Board 
of the Bank Guarantee Fund 
2020 was exceptional in many dimensions, including working arrangements: The Fund smoothly switched to remote  
working in order to minimise the risk of contagion in epidemic conditions. The uniqueness of the last year was also evident  
in the financial markets. Despite a very significant fall in interest rates, the Fund generated satisfactory results from its  
investment activities, achieving a total result on financial operations of PLN 287,609.1 thousand. 
We would like to encourage you to read the Annual Report of the Bank Guarantee Fund for 2020. 
Contents]]></page><page Index="6"><![CDATA[6 
Annual report of the Bank Guarantee Fund 
 2020 
2.  
Key abbreviations 
Contents]]></page><page Index="7"><![CDATA[7 
Annual report of the Bank Guarantee Fund 
 2020 
BFG, Fund 
Bank Guarantee Fund 
BN BFG 
Bank Nowy BFG S.A. 
BS 
Bank Spółdzielczy (Cooperative Bank) 
BRR Directive, BRRD 
Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the  
recovery  and  resolution  of  credit  institutions  and  investment  firms  and  amending  Council  Directive  82/891/EEC  and  
Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU  
of the European Parliament and of the Council and Regulations (EU) No 1093/2010 and (EU) No 648/2012 of the European  
Parliament and of the Council (OJ L of 12.6.2014, as amended) 
BRRD2 
Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending Directive 2014/59/EU  
as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/ 
EC (OJ L of 7.6.2019) 
DGS 
Deposit Guarantee Scheme  
DGS Directive 
Directive 2014/49/EU of the European Parliament and of the Council on deposit guarantee schemes of 16 April 2014 (OJ L  
of 12.6.2014) 
EFDI 
European Forum of Deposit Insurers 
EBA 
European Banking Authority 
ESPI 
Electronic Information Transfer System 
fośg 
Guaranteed Deposit Protection Funds 
GPW 
Giełda Papierów Wartościowych w Warszawie S.A. [Warsaw Stock Exchange] 
IADI 
International Association of Deposit Insurers 
KDPW 
Central Securities Depository of Poland 
KIR 
Krajowa Izba Rozliczeniowa S.A. [National Clearing House] 
KNF, UKNF 
Polish Financial Supervision Authority, Office of the Polish Financial Supervision Authority 
KSKOK, National  
Union 
National Cooperative Credit and Savings Union 
MF 
Ministry of Finance 
MREL 
Minimum requirement for own funds and eligible liabilities 
NBP 
National Bank of Poland 
PBS w Sanoku 
Podkarpacki Bank Spółdzielczy w Sanoku 
Council, BFG Council,  
Fund’s Council 
Council of the Bank Guarantee Fund 
SBRiR w Wołominie 
Spółdzielczy Bank Rzemiosła i Rolnictwa with its registered seat in Wołomin 
SKOK, credit and  
savings union 
Cooperative Credit and Savings Union 
SRB 
Single Resolution Board 
EWS 
Early Warning System 
TLAC 
Total Loss-Absorbing Capacity 
EU 
European Union 
UOKiK 
Office for Competition and Consumer Protection 
BFG 
The Act of 10 June 2016 on the Bank Guarantee Fund, the Deposit Guarantee Scheme and Resolution (Journal of Laws of  
2020, item 842, as amended). 
Management Board,  
BFG Management  
Board, Fund’s  
Management Board 
Management Board of the Bank Guarantee Fund 
ZBP 
Polish Banks Association 
Contents]]></page><page Index="8"><![CDATA[8 
Annual report of the Bank Guarantee Fund 
 2020 
3. 
  Informacje ogólne 
Contents]]></page><page Index="9"><![CDATA[9 
Annual report of the Bank Guarantee Fund 
 2020 
The BFG was established pursuant to the Act of 14 December 1994 on the Bank Guarantee Fund. Currently, the legal  
grounds for the Fund’s activities are laid out by the Act on the Bank Guarantee Fund of 10 June 2016, the deposit guarantee  
scheme and resolution, which has been in force since 9 October 2016 and has provided the Fund with broad powers and  
intervention mechanisms in case of a threat to the stability of the domestic financial system. 
The BFG Act introduced, into the domestic legal order, the provisions of Directive 2014/49/EU of the European Parliament  
and of the Council of 16 April 2014 on deposit guarantee schemes (so called DGSD or DGS Directive) and Directive 2014/59/ 
EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution  
of credit institutions and investment firms (so called BRRD or BRR Directive). 
3.1  Legal grounds 
Figure 1. 
Security network 
Bank Guarantee Fund 
The  
Bank Guarantee Fund (BFG) 
  is  an  institution  acting  for  the  stability  of  the  domestic  financial  system:  
in  particular  it  guarantees  deposits  gathered  in  banks  and  credit  unions,  being  responsible  for  the  resolution  
of financial institutions that are failing or likely to fail. 
The Bank Guarantee Fund, together with the National Bank of Poland, the Ministry of Finance and the Polish  
Financial Supervision Authority, forms part of the financial safety net in Poland. The President of the Management  
Board of the BFG is a permanent member of the Financial Stability Committee. 
Contents]]></page><page Index="10"><![CDATA[10 
Annual report of the Bank Guarantee Fund 
 2020 
3.3  Organisation  
of the Bank Guarantee Fund 
3.2  Mission and tasks   
of the Bank Guarantee Fund 
The Fund’s goal is to take action for the stability of the national financial system, in particular by ensuring  
the functioning of the mandatory deposit guarantee scheme and carrying out the resolution proceedings. 
The Fund’s key tasks are: 
  guaranteeing  deposits  in  a  bank  or  a  credit  union  up  to  the  statutory  limit  (equivalent  of  EUR  100,000  
in PLN) and making disbursements of the guaranteed funds – within 7 working days from the date of meeting  
the guarantee condition; in special cases and within a limited time, the depositor is entitled to guarantee  
protection in the amount higher than the equivalent of EUR 100,000; 
  verifying the correctness of data included in the calculation systems of the entities covered by the guarantee  
scheme; 
  restructuring    domestic  entities  and  other  institutions  if  they  are  subject  to  consolidated  supervision  
exercised  by  the  Polish  Financial  Supervision  Authority,  by  way  of  write-down  or  conversion  of  capital  
instruments; 
  preparing, reviewing and, if necessary, updating  resolution plans and carrying out resolvability assessments, 
  carrying out resolution proceedings; 
  collecting and analysing information on banks and credit unions; 
  preparing analyses and forecasts for early identification of threats in the banking and credit union sectors; 
  taking other measures for the stability of the domestic financial system. 
The  Fund’s  Council  consists  of  six  members,  all  appointed  by  the  institutions  comprising  the  financial  safety  net.  
A representative of the competent minister in charge of financial institutions is the Chairperson of the Fund’s Council. 
The statutory bodies of the Bank Guarantee Fund are the Fund’s Council and the Management Board.  
The role  
of the Management Board is to manage the Fund and represent it to third parties, while the Council supervises  
and controls the operations of the Fund’s Management Board. The terms of the Fund’s Council and of the Fund’s  
Management Board last 3 years. 
Contents]]></page><page Index="11"><![CDATA[11 
Annual report of the Bank Guarantee Fund 
 2020 
Leszek Skiba (MF) 
Chairperson of the Council  
(until 14 April 2020) 
Patryk Łoszewski (MF) 
Member of the Council 
Piotr Pawliczak (MF) 
Member of the Council   
(until 8 April 2020) 
Olga Szczepańska (NBP) 
Member of the Council 
Martyna Wojciechowska  
(NBP) 
Member of the Council 
Jacek Jastrzębski (KNF) 
Member of the Council 
Mirosław Panek 
President of the Management  
Board 
Krzysztof Broda 
Deputy President of the  
Management Board 
Tomasz Obal 
Member of the Management  
Board 
Sławomir Stawczyk 
Member of the Management  
Board 
Mateusz Berger 
Chairperson of the Council  
(from 14 April 2020) 
Patryk Łoszewski (MF) 
Member of the Council 
Krzysztof Budzich 
Member of the Council   
(from 8 April 2020) 
Olga Szczepańska (NBP) 
Member of the Council 
Martyna Wojciechowska  
(NBP) 
Member of the Council 
Jacek Jastrzębski (KNF) 
Member of the Council 
Piotr Tomaszewski 
President of the Management  
Board (from 10 March 2020) 
Sławomir Stawczyk 
Deputy President of the  
Management Board (from 10  
March 2020) 
Tomasz Obal 
Member of the Management  
Board 
From 1 January 2020 to 9 March 2020, the BFG Management Board was composed of: Mirosław Panek – President of the  
Management Board; Krzysztof Broda – Vice-President of the Management Board; Members of the Management Board:  
Tomasz Obal, Sławomir Stawczyk. 
W In connection with the resignation from the BFG Management Board submitted by Mr Mirosław Panek and Mr Krzysztof  
Broda, the BFG Council, at its meeting on 9 March 2020, dismissed Mr Mirosław Panek and Mr Krzysztof Broda from the  
BFG Management Board as of 10 March 2020. At the same time, the Fund’s Council appointed Mr Piotr Tomaszewski  
as the President of the BFG Management Board. Mr Sławomir Stawczyk was appointed as Deputy President of the Fund’s  
Management Board. 
Table 1. 
Composition of the BFG Council   
at the start of 2020 
Table 3. 
Composition of the BFG Management  
Board at the start of 2020 
Table 2. 
Composition of the BFG Council   
at the end of 2020 
Table 4. 
Composition of the BFG Management  
Board in late 2020 
Contents]]></page><page Index="12"><![CDATA[12 
Annual report of the Bank Guarantee Fund 
 2020 
The organisational structure of the Bank Guarantee Fund includes the following  
organisational units: 
Internal Audit Office (BAW) -  
auditing the activities of the Fund in terms of compliance with the specified objectives, provisions  
of law and internal regulations; 
Management Board Office (BZ) -  
providing services to the bodies of the Fund and to the President of the Management Board,  
providing supporting activities related to domestic and foreign cooperation, publishing, promotional and educational activities; 
Administration  and  Procurement  Department  (DAZ)  -  
support  and  administration  aimed  at  ensuring  effective  
functioning, proper conditions for operation and the provision of proper administrative and technical services for the Fund, and  
carrying out procedures connected with the Fund’s procurement and purchases; 
Analysis and Early Warning Department (DAW) -  
analysing the banking and credit union sectors, early warnings, analyses  
and assessments of the economic and financial condition of individual banks, credit unions and investment firms, developing and updating  
methods of calculating risk-based contributions made by entities to guarantee and resolution funds as well as drafting applications with  
regard to the overall amount of such contributions for a given year and proposals for their distribution among individual entities; 
Security Department (DB) -  
protecting and securing data, people and property, providing ICT security and maintaining the  
business continuity plan of the Fund; 
Deposit Guarantee Department (DGD) -  
ensuring that the Fund reimburses covered deposits to depositors and auditing the  
correctness of data in the calculation systems of the entities covered by the statutory guarantee scheme; 
Information  Technology  Department  (DI)  -  
obtaining,  processing  and  providing  information  necessary  for  the  operation  
of the Fund’s Office, developing and maintaining the ICT and communication systems and ensuring the continued operation of the Fund’s ICT  
system; 
HR Department (DK) -  
matters relating to staff, employment and remuneration policies, as well as training; 
Department of Support Monitoring and Claim Pursuing (DMW) -  
managing the Fund’s liabilities, pursuing claims and  
monitoring the performance of the agreements associated with the granted financial aid and support; 
Resolution Planning Department (DPPR) -  
preparing resolution plans and group resolution plans, carrying out resolvability  
assessments , as well as providing analysis and opinions on new developments related to the financial safety net and financial stability; 
Legal Department (DP) -  
providing legal services to the bodies of the Fund, the President of the Management Board and the Fund’s  
Office; 
Resolution  Department  (DPR)  -  
carrying  out  resolution  proceedings,  providing  support  and  administration  of  entities  under  
resolution, executing the process of restructuring of credit unions; 
Accounting Department (DR) -  
providing accounting and financial management services to the Fund; 
Treasury Department (DS) -  
the investment activities of the Fund, managing the financial liquidity and analysing the macroeconomic  
situation in Poland and in the world; 
Operational Risk and Compliance Team (BRZ) -  
coordinating and supporting the process of managing operational risk and the  
risk of non-compliance in the organisational units of the Fund’s Office; 
Contents]]></page><page Index="13"><![CDATA[13 
Annual report of the Bank Guarantee Fund 
 2020 
Figure 2. 
 BFG organisational chart at the end of 2020 
President 
 of the Management Board 
Piotr Tomaszewski 
Vice-President  
of the Management Board 
Sławomir Stawczyk 
Member   
of the Management Board 
Tomasz Obal 
Internal Audit Office  
(BAW) 
Operational Risk  
and Compliance Office (BRZ) 
Administration  
and Procurement Department  
(DAZ) 
Management Board Office  
(BZ) 
Security Department  
(DB) 
Analysis and Early Warning  
Department (DAW) 
HR Department   
(DK) 
Department of Support  
Monitoring and Claim Pursuing  
(DMW) 
Deposit Guarantee  
Department (DGD) 
Resolution Planning  
Department (DPRR) 
Legal Department   
(DP) 
Information Technology  
Department (DI) 
Resolution Department  
(DPR) 
Accounting Department  
(DR) 
Treasury Department  
(DS) 
Council of the Bank Guarantee Fund 
Management Board of the Bank Guarantee Fund 
In addition, the BFG Office had the following committees: 
  Asset Management Committee; 
  Operational Risk and Compliance Committee; 
  Early Warning System Committee; 
  Resolution Committee (until 21 May 2020);  
  Committee for the Assessment of Requests for Assistance (until 21 May 2020). 
Contents]]></page><page Index="14"><![CDATA[14 
Annual report of the Bank Guarantee Fund 
 2020 
4. 
  Guaranteeing deposits]]></page><page Index="15"><![CDATA[15 
Annual report of the Bank Guarantee Fund 
 2020 
At the end of 2020, the guarantee covered deposits in all  
domestic banks, excluding Bank Gospodarstwa Krajowego  
and mortgage banks, and all credit unions, i.e.: 
25 commercial banks 
531 cooperative banks, and 
23 cooperative credit unions, 
The guarantees of the Bank Guarantee Fund cover deposits  
from the date of their transfer to the account, but not later  
than on the day prior to the date of the fulfilment of the  
guarantee  condition,  
up  to  the  PLN  equivalent  of  EUR  
100,000 
  (including  the  interest  accrued  until  the  date  
of the fulfilment of the guarantee condition). In the special  
cases enumerated in Article 24 (3) and (4) of the BFG Act,  
depositors’ funds are covered by guarantees in an amount  
exceeding  the  PLN  equivalent  of  EUR  100,000  within  
three months of crediting the account or from the moment  
in which the entitlement has arisen (for entities for which  
the guarantee condition was fulfilled after 8 October 2016).  
Higher  guarantees  apply,  for  example,  to  funds  on  the  
account obtained from the sale of certain types of real estate  
property, the payment of the insurance amount, damages  
or compensation. 
25 
Commercial  
banks 
23 
Cooperative   
credit unions, 
531 
Cooperative  
banks 
4.1 Rules for guaranteeing deposits 
The Bank Guarantee Fund becomes 
The  
Bank Guarantee Fund 
 becomes liable to a depositor on account of the deposit guarantee  
as of the day when  
the guarantee condition is fulfilled 
, i.e. on the day when the Polish Financial Supervision Authority suspends the  
activity of the bank or credit union and appoints receivership (at a bank) or a receiver (at a union), unless they were  
appointed earlier, as well as files for bankruptcy with a competent court, or as of the day when the Bank Guarantee  
Fund files for bankruptcy in respect of the bank or credit union undergoing resolution. 
Bankowy Fundusz Gwarancyjny 
The  
Bank Guarantee Fund 
 has been guaranteeing deposits collected at banks since 17 February 1995, and since  
29 November 2013 – also at credit unions. 
Contents]]></page><page Index="16"><![CDATA[16 
Annual report of the Bank Guarantee Fund 
 2020 
Funds covered by the BFG’s guarantee: 
In the case of a bank 
Cash held by the depositor on bank accounts in respect of which it is a party to an agreement, both  
in PLN and in foreign currencies, as of the date of the fulfilment of the guarantee condition, plus the  
interest accrued until the date of the fulfilment of the guarantee condition based on the interest rate  
indicated in the agreement, and: 
  other receivables of the depositor resulting from the maintenance of bank accounts by the bank, 
  receivables of the depositor resulting from the monetary settlements conducted by the bank, 
  receivables of the depositor resulting from the bank securities issued prior to 2 July 2014, if they are  
confirmed with registered documents issued by the issuer or with registered deposit certificates, 
  debts towards the bank on account of instruction in the case of death and on account of the costs  
of the funeral of the account holder, as long as those debts had become due and payable before the  
date on which the guarantee condition with respect to the bank was fulfilled. 
In the case of a credit union 
Cash held by the depositor in accounts in respect of which it is a party to an agreement, both in PLN  
and in foreign currencies, as of the date of the fulfilment of the guarantee condition, plus the interest  
accrued as of the beginning of the day on which the guarantee condition was fulfilled, based on the  
interest rate indicated in the agreement, and 
  other receivables of the depositor resulting from the maintenance of accounts by the union, 
  receivables of the depositor resulting from the financial settlements conducted by the union, 
  debts towards the union on account of instruction in the case of death and on account of the costs of funeral  
of the account holder, as long as those debts had become due and payable before the date on which the  
guarantee condition with respect to the union was fulfilled. 
Contents]]></page><page Index="17"><![CDATA[17 
Annual report of the Bank Guarantee Fund 
 2020 
4.2  Reimbursement process of covered deposits 
In the case of the fulfilment of the guarantee condition, the receivership of a bank or the receiver of a credit union  
determines the balance in the accounting books of the entity with respect to which the fulfilment of the guarantee  
condition  has  occurred  and  compiles  a  list  of  depositors,  which  is  then  submitted  to  the  Fund  no  later  than  within  
3 working days (from the day of the fulfilment of the guarantee condition). 
The  Fund  verifies  the  data  of  the  depositors  with  the  use  of  the  Guarantee  Execution  System,  and  then  prepares  
a disbursement list and conveys it to the entity that will carry out the disbursements on behalf of and for the Fund. 
Depositors are not obliged to report their claims to the Fund prior to receiving the coveres deposits. 
According to the BFG Act, depending on the decision of the Fund, the reimbursement of covered deposits may be carried  
out by the receivership (in the case of a bank) or the receiver (in the case of a credit union), or via a different entity, with  
which the Fund concludes an agreement for the reimbursement of covered deposits. 
In the past, the Fund signed agreements enabling reimbursements with four banks (agent banks). These are retail banks  
which have a significant branch network, which allows for carrying out disbursements throughout the country, providing  
depositors with easy access to covered deposits. 
Individuals who, for whatever reason, do not collect their due funds in the course of a pay-out carried out by an entity  
authorised by the Fund may approach the BFG directly to collect their due reimbursement within five years from the day  
of the fulfilment of the guarantee condition. After this period, the guarantee-related depositor claims expire. 
1 
  Three of those banks signed agreements extending the possible scope of disbursements by credit union depositors. 
The Fund is legally obliged to satisfy claims on account of the guarantee within 7 working days as of the fulfilment  
of the guarantee condition. 
Guarantee Execution System (SRG) 
 – the IT system of the Bank Guarantee Fund, which makes it possible to control  
the depositor lists effectively, verify the disbursement amounts and prepare depositor disbursement lists. 
Contents]]></page><page Index="18"><![CDATA[18 
Annual report of the Bank Guarantee Fund 
 2020 
Figure 3.  
The process of preparing reimbursements of covered deposits 
T+3 
T+7 
T 
Agent bank 
Disbursements are made by  
branches of agent banks 
The signed agreements with  
potential agent banks make  
over 2000 sites throughout the  
country available 
Receivership / Receiver 
Reconciliation of the books of the  
bank or credit union 
Preparing the list of depositors 
Providing data and financial  
resources to the agent bank 
Starting the disbursement 
Ongoing control over the  
preparation of the list of  
depositors 
Verifying the list of depositors  
in SRG 
The possibility of sending part  
of the data to be checked or  
supplemented 
Suspension of the operations of  
the bank or credit union 
Appointment of the receivership /  
receiver 
Submitting a bankruptcy  
petition 
Receivership / Receiver 
Providing the list of depositors  
to the BFG 
Contents]]></page><page Index="19"><![CDATA[19 
Annual report of the Bank Guarantee Fund 
 2020 
4.3 The fulfilment of the guarantee condition for  
    banks in the case of which the Bank Guarantee  
    Fund applied to the competent court for the  
    declaration of bankruptcy 
Podkarpacki Bank Spółdzielczy w Sanoku 
Following the Fund’s application to the District Court in Rzeszów on 30 June 2020 for the declaration of bankruptcy  
of PBS w Sanoku, on that day the guarantee condition with respect to the Bank was fulfilled. However, in view of the  
Fund’s earlier decision on the initiation of resolution against the Bank, write-down of the Bank’s capital instruments,  
application of resolution toolresolution tool against the Bank and appointment of the Bank’s administrator, pursuant  
to which all of the guaranteed funds accumulated in PBS w Sanoku were transferred to a bridge institution, i.e. Bank Nowy  
BFG S.A., the Fund abandoned activities related to the preparation and execution of disbursements of guaranteed funds  
to the Bank’s depositors. 
Bank Spółdzielczy w Przemkowie (BS w Przemkowie) 
On  29  October  2020,  the  Fund  applied  to  the  District  Court  in  Legnica  for  the  declaration  of  bankruptcy  of  BS  
w Przemkowie. Therefore, this day became the day of fulfilment of the guarantee condition with respect to the Bank.  
Performing the tasks set out in the decision of the Management Board of the Fund on the initiation of resolution against the  
Bank, write-down of the Bank’s capital instruments, application of the resolution tool against the Bank and appointment  
of the administrator of BS w Przemkowie, as of 2 May 2020 (i.e. before the date of fulfilment of the guarantee condition  
with respect to the Bank) as a result of applying the resolution tool in the form of takeover of the enterprise, all the funds  
of the Bank’s depositors constituting funds covered by the guarantee protection were taken over by SGB-Bank S.A. with  
its registered office in Poznań. In view of the above, the Fund abandoned its activities related to the preparation and  
execution of disbursements of guaranteed funds to the depositors of BS w Przemkowie. 
Contents]]></page><page Index="20"><![CDATA[20 
Annual report of the Bank Guarantee Fund 
 2020 
4.4  Reimbursements of covered   
deposits in 2020 
The Fund also made reimbursements to the depositors of 3 cooperative banks and 11 credit unions for which the guarantee  
condition was met between 2014 and 2019. The table provides information on all reimbursements made to the depositors  
of banks and credit unions (including pay-outs made through agent banks). 
Disbursements of guaranteed funds in 2014–2020*/** 
Lp. 
Name of entity 
Date on which  
the guarantee  
condition was met 
Number of  
depositors 
Liabilities due  
to depositors 
(million PLN) 
Total  
disbursements  
until the end  
of 2020 
(million PLN) 
Amount of  
liabilities at the  
end of 2020 after  
the expiry of the  
limitation period 
(million PLN) 
Disbursements  
completed at the  
end of 2020 
(%) 
1. 
BS  
w Grębowie 
15.07.2019 r. 
2,364 
22.9 
22.7 
0.2 
99.0% 
2. 
SKOK  
„Wybrzeże” 
15.09.2017 r. 
7,696 
120.8 
119.8 
1.1 
99.1% 
3. 
SKOK  
„Nike” 
02.06.2017 r. 
10,443 
114.4 
112.3 
2.1 
98.1% 
4. 
Twoja SKOK 
12.05.2017 r. 
14,019 
165.8 
163.5 
2.3 
98.6% 
5. 
SKOK  
Wielkopolska 
03.02.2017 r. 
39,574 
284.2 
279.9 
4.3 
98.5% 
6. 
BS  
w Nadarzynie 
24.10.2016 r. 
5,860 
145.9 
145.0 
0.8 
99.4% 
7. 
SKOK  
Skarbiec 
22.07.2016 r. 
8,348 
88.0 
87.6 
0.4 
99.6% 
8. 
SKOK  
Arka 
11.05.2016 r. 
13,947 
93.1 
92.2 
1.0 
99.0% 
9. 
SKOK  
Jowisz 
25.04.2016 r. 
7,380 
81.9 
80.7 
1.2 
98.5% 
10. 
SKOK  
Polska 
25.02.2016 r. 
8,343 
170.2 
169.0 
1.2 
99.3% 
11. 
SKOK  
Kujawiak 
08.01.2016 r. 
17,200 
183.9 
183.0 
0.9 
99.5% 
12. 
SBRiR  
w Wołominie 
23.11.2015 r. 
33,144 
2,036.9 
2,032.0 
      5.0*** 
99.8% 
13. 
SKOK  
w Wołominie 
12.12.2014 r. 
45,447 
2,246.5 
2,242.1 
       0.2*** 
99.8% 
14. 
SKOK  
Wspólnota 
18.07.2014 r. 
74,042 
817.5 
812.2 
       0.1*** 
99.4% 
Table 5. 
Disbursements of guaranteed funds in 2014–2020 
* 
The provided figures do not take account of the liabilities of the Fund included in the list of depositors that require confirmation of data accuracy. 
** 
For some of the entities, the differences between the values disclosed under Liabilities to depositors and the sum of the values disclosed under Total  
disbursements until the end of 2020 and the Liabilities at the end of 2020 result from the rounding of figures in these columns. 
*** 
Including claims that are time-barred from 31 December 2020. 
Contents]]></page><page Index="21"><![CDATA[21 
Annual report of the Bank Guarantee Fund 
 2020 
4.5  Expiry of depositor claims 
According  to  Article  24(8)  of  the  BFG  Act,  in  connection  with  the  expiry  of  the  5-year  period  in  2020  from  the  day  
of the fulfilment of the guarantee condition, the claims of the depositors of SBRiR w Wołominie expired as of the end  
of 2020. Based on Article 123 § 1(2) of the Civil Code, for some of the depositors of this Bank it was considered that the  
correspondence exchanged with them constituted recognition of their claim by the Fund, and resulted in the limitation  
period being interrupted. The reimbursements of covered deposits due to these depositors will continue in accordance with  
the individual limitation periods for their claims. 
The guarantee claims of those depositors of SKOK Wspólnota and SKOK w Wołominie for whom their individual limitation  
period expired on 31 December 2020 (for the majority depositors of SKOK Wspólnota and SKOK w Wołominie, the claims  
became time-barred at the end of 2019). 
The  financial  consequences  of  the  expiry  of  claims  of  depositors  of  SBRIR  w  Wołominie,  SKOK  Wspólnota  and  SKOK  
w Wołominie as of 31 December 2020 will be seen in 2021. The amounts of the expired claims will be reclassified to the  
Fund’s other operating revenues. 
4.6  Guarantee activities in 1995–2020 
Since the beginning of the Fund’s activity, the guarantee condition has been fulfilled with respect to 99 banks (including  
5 commercial banks and 94 cooperative banks) and 11 credit unions. 
Year 
Commercial 
banks 
Cooperative 
banks 
Cooperative credit and savings  
unions 
  1995* 
2 
48 
Guarantees for credit unions  
became effective  
as of 29 November 2013 
1996 
1 
30 
1997 
- 
6 
1998 
- 
4 
1999 
1 
- 
2000 
1 
- 
2001 
- 
1 
2002 – 2013 
- 
- 
- 
2014 
- 
- 
2 
2015 
- 
1 
- 
2016 
- 
1 
5 
2017 
- 
- 
4 
2018 
- 
- 
- 
2019 
- 
1 
- 
2020 
- 
2 
- 
Razem  
5 
94 
11 
Table 6. 
Fulfilment of the guarantee condition in 1995–2020 
* 
From 17 February 1995, i.e. the effective date of the Act of 14 December 1994 on the Bank Guarantee Fund. 
Contents]]></page><page Index="22"><![CDATA[22 
Annual report of the Bank Guarantee Fund 
 2020 
Between 1995 and 2020, PLN 360.2 million were allocated for the disbursement of guarantee funds for 3,022.0  
thousand eligible bank depositors. 
Funds allocated to guarantee disbursements (in PLN million) 
Including: 
Year 
Total 
from fośg* 
from liquid assets  
of bankruptcy  
estates 
from the  
bankruptcy estate  
recovery fund 
from the guarantee  
fund 
Number  
of depositors 
1995 
105.0 
85.9 
19.1 
0 
- 
89,939 
1996 
50.8 
47.3 
3.1 
0.4 
- 
59,420 
1997 
6.4 
4.7 
0.6 
1.1 
- 
10,418 
1998 
8.2 
4.1 
1.8 
2.3 
- 
6,775 
1999 
4.7 
0 
2.0 
2.7 
- 
1,572 
2000 
626.0 
484.1 
141.9 
0 
- 
147,739 
2001 
12.5 
0 
4.5 
8.0 
- 
2,658 
2002 
0.1 
0 
0.1 
0 
- 
46 
2003 
0.1 
0 
0.1 
0 
- 
27 
2004 
0.4 
0 
0.4 
0 
- 
124 
2005 
0.1 
0 
0.1 
0 
- 
99 
2006 
0.1 
0 
0.1 
0 
- 
5 
2007-2008 
0 
0 
0 
0 
- 
0 
2009 
0.004 
0 
0 
0.004 
- 
1 
2010-2014 
0 
0 
0 
0 
- 
0 
2015 
2,037.0** 
2,036.9 
- 
- 
- 
33,147** 
2016 
145.7** 
145.6 
- 
0.04 
0.03 
5,670** 
Total 
2,997.1 
2,808.6 
173.8 
14.5 
0.03 
357,640 
Funds for guarantee disbursements under the BFG Act applicable as of 9 October 2016 (in PLN million) 
Including: 
Year 
Total 
from the guarantee fund 
Fośg*** 
Number of  
depositors* 
2017 
0.2 
0.2 
0.0 
184 
2018 
0.002 
0.002 
0.0 
3 
2019 
24.7** 
24.7 
0.0 
2,382 
2020 
0.0 
0.0 
0.0 
0.0 
Total all years 
3,022.0 
24.9 
2,808.6 
360,209 
Table 7. 
Funds allocated to guarantee disbursements to bank depositors in 1995–2020 
* 
By the end of 2016, the funds for the protection of guaranteed funds constituted the basic source of financing the disbursement of guaranteed funds to  
depositors. Under the BFG Act, from 1 January 2017 to 31 December 2024, banks are obliged to create and maintain funds for the protection of guaranteed  
funds to satisfy the claims of depositors, but these funds may be used to disburse guaranteed funds only after the funds from the guarantee fund of banks,  
extraordinary contributions and funds from other own funds have been exhausted (excluding resolution funds). 
** 
The provided figures take account of the liabilities included in the list of depositors that require confirmation of data accuracy. 
*** 
Entities subject to the guarantee scheme are obliged to establish and maintain guaranteed deposit protection funds by 31 December 2024 to satisfy  
depositors’ claims. 
Contents]]></page><page Index="23"><![CDATA[23 
Annual report of the Bank Guarantee Fund 
 2020 
Between 2014 and 2020, PLN 246.5 million were allocated for the reimbursement of covered deposits for 4,366.6  
thousand eligible bank depositors. 
Funds allocated to guarantee disbursements (in PLN million) 
including from: 
Year 
Total* 
from the credit unions’  
guarantee fund 
payments 
from the National  
Credit Union 
aid fund 
Number of depositors* 
2014 
3,064.0** 
20.7 
32.8 
3,010.5 
119,509 
2015 
0.1 
0.1 
0.0 
0.0 
0 
2016 
617.2 
44.5 
0.007 
572.7 
55,226 
Total 
3,681.3 
65.3 
32.8 
3,583.2  
2 
174,735 
Funds for guarantee disbursements under the BFG Act applicable as of 9 October 2016 (in PLN million) 
including from the guarantee fund: 
Year 
Total* 
redit unions 
banks 
Number of depositors* 
2017 
685.2 
58.2 
627.0 
71,738 
2018 
(-)0.02 
(-)0.02 
0.0 
0 
2019 
0.09 
0.09 
0.0 
2 
2020 
0.0 
0.0 
0.0 
0 
Total all years 
4,366.6 
123.6 
627.0 
246,475 
Table 8. 
Funds allocated to guarantee disbursements to credit union depositors in 2014–2020 
2 
  Z uwagi na fakt, że kwota zobowiązań Funduszu z tytułu środków gwarantowanych przekroczyła środki funduszu kas do wykorzystania oraz wartość  
środków  funduszu  stabilizacyjnego  przekazanych  przez  Kasę  Krajową  –  zgodnie  z  decyzją  Rady  Funduszu  –  pozostałą  kwotę  pokryto  ze  środków  
przekazanych z funduszu pomocowego BFG. 
* 
The provided figures take account of the liabilities included in the list of depositors that require confirmation of data accuracy. 
** 
Including a liability in the amount of PLN 73 thousand resulting from the BFG Management Board’s resolution, adopted on 9 February 2015, concerning the  
disbursement of the guaranteed funds to the depositors of SKOK w Wołominie after supplementation of the depositor list. 
Contents]]></page><page Index="24"><![CDATA[24 
Annual report of the Bank Guarantee Fund 
 2020 
4.7  Verification of data contained in bank  
and credit union calculation systems 
Banks and credit unions are obliged to  
have  calculation  systems.  The  calculation  
systems, thanks to the computerised process  
of determining the value of guaranteed  
funds  for  each  individual  depositor  and  
the  possibility  of  providing  data  to  the  
Fund, allow a quick calculation of the value  
of  such  funds.  These  systems  organise  
the  data  based  on  the  Single  Customer  
View  standard,  allowing  to  display  all  the  
information on a given client.  
The BFG carries out the audits of the data included in the calculation systems of the entities covered by the guarantee scheme,  
pursuant to Article 32(1) of the BFG Act. The audits are carried out both at the Fund with regard to the data provided by the data  
subjects from the calculation systems and at the premises of the operators on the basis of the provided documentation. 
The purpose of the audit is to minimise the risk of preparing a list of depositors with incorrect or incomplete data and  
to enable prompt execution of potential disbursements if the guarantee condition is fulfilled with respect to an entity  
covered by the guarantee scheme. For this purpose, the adjustment of calculation systems to the appropriate requirements  
regarding the scope of data, the manner of their presentation and proper data designations associated with the definitions  
of the depositor and guaranteed funds included in the provisions of the BFG Act are verified. In addition, the scale of the  
change in the quality of the data in relation to the state identified by the previous audits of the Fund is assessed. 
The table below presents information on the number of the audits of the data included in the calculation systems of the  
entities covered by the guarantee scheme, executed in 2020. 
The Fund periodically analyses the results of audits of the data included in the calculation systems of banks and credit unions.  
The analysis of data quality in the calculation systems of entities covered by the guarantee scheme has revealed that they take  
measures to improve data quality. Comparing the results of the audits carried out in 2020 to those carried out in these entities  
in earlier years, a reduction in errors was identified as a result of, among other things, the information provided by the Fund  
following the previous audits, which helped the audited entities to quickly identify and rectify the errors. 
Table 9.  
Number of data audits conducted in 2020 
Type of audit 
Commercial banks 
Cooperative banks 
Credit unions 
Total 
in the Fund * 
10 
132 
4 
146 
in the bank/credit union** 
0 
2 
1 
3 
Total 
10 
134 
5 
149 
Calculation system 
The IT system in a bank or credit union that allows the provision to  
the BFG of detailed data on depositors at the bank or the credit union  
with  the  amounts  of  guaranteed  funds  calculated  for  them  (Single  
Customer View). The details of the calculation systems are specified  
in the Regulation of the Minister of Finance of 26 September 2016  
on  the  requirements  for  the  calculation  systems  maintained  in  the  
entities covered by the statutory guarantee scheme (Journal of Laws  
of 2016, item 1642). 
* 
Audit performed based on automatic audit algorithms and expert analysis of data sets. 
** 
Verification of the data included in the calculation systems against source documents. 
Contents]]></page><page Index="25"><![CDATA[25 
Annual report of the Bank Guarantee Fund 
 2020 
4.8  Investigation and satisfaction of claims on  
account of the disbursement of guaranteed funds 
As of 31 December 2020, the BFG participated in 15 bankruptcy proceedings as a creditor on account of the disbursement  
of guaranteed funds, with a total commitment of PLN 5,749,988.83 thousand. Three procedures concerned banks and the rest  
were conducted against bankrupt credit unions. In Q3 2020, the bankruptcy proceedings against BS w Łaniętach (bankruptcy  
declared in 1997) were completed. 
In 2020, the Fund monitored the progress of bankruptcy proceedings, analysing their efficiency and further prospects, and made  
comments in case of objections to the actions of receivers. 
Satisfaction of the Fund’s claims 
In 2020, the Fund satisfied its claims from bankruptcy proceedings in the amount of PLN 131,454.0 thousand, i.e. 3%  
of the Fund’s total recognised claims in pending proceedings. 
Overall, in the course of bankruptcy proceedings, the Fund recovered a total of PLN 1,004,781.2 million by the end  
of 2020, which is 15% of the Fund’s claims pending in bankruptcy proceedings, including PLN 280 thousand recovered  
in bankruptcy proceedings against BS Łanięta, which were terminated in 2020. 
Table 10. 
List of bankruptcy proceedings against banks and credit unions in which the BFG participates 
No. 
Bankrupt entity 
Bankruptcy declaration  
date 
Guaranteed funds 
(PLN thousand) 
Claims of the BFG (PLN thousand)  
capital 
interest 
2014 r. 
817,483.30 
432,753.60 
0.0 
1. 
SKOK Wspólnota 
26.09.2014 
817,483.30 
432,753.60 
0.0 
2015 r. 
4,283,475.10 
4,264,495.00 
22,815.00 
2. 
SKOK Wołomin 
05.02.2015 
2,246,531.50 
2,246,531.50 
6,893.10 
3. 
Spółdzielczy Bank  
Rzemiosła i Rolnictwa  
w Wołominie (SK Bank) 
30.12.2015 
2,036,943.60 
2,017,963.50 
15,921.90 
2016 r. 
761,957.0 
487,505.33 
7,278.80 
4. 
SKOK „Polska” 
13.04.2016 
170,239.10 
106,650.10 
0.0 
5. 
SKOK Kujawiak 
31.05.2016 
183,877.90 
130,738.50 
5,041.60 
6. 
SKOK „Jowisz” 
02.06.2016 
81,930.00 
30,511.40 
0.0 
7. 
SKOK „Arka” 
12.07.2016 
93,145.70 
39,540.40 
1,089.70 
8. 
SKOK „Skarbiec” 
29.09.2016 
88,000.00 
58,038.03 
1,147.50 
9. 
BS w Nadarzynie 
19.12.2016 
144,764.33 
122,026.90 
0.0 
2017 r. 
685,238.7 
392,827.60 
658.50 
10. 
Wielkopolska SKOK  
28.02.2017 
284,199.96 
105,381.2 
0.0 
11. 
Twoja SKOK  
19.06.2017 
165,781.80 
60,773.20 
0.0 
12. 
SKOK „Nike” 
03.07.2017 
114,445.89 
114,445.89 
658.50 
13. 
SKOK „Wybrzeże” 
21.11.2017 
120,811.10 
122,340.30 
0.0 
2019 r. 
22,922.33 
22,922.33 
215.40 
14. 
BS Grębów 
03.09.2019 
22,922.33 
22,922.33 
215.40 
2020 r. 
0.0 
108,374.18 
30.10 
15. 
PBS Sanok 
06.08.2020 
0.0 
108,374.18 
30.10 
Total 
6,571,076.4 
 5,749,988.83 
Contents]]></page><page Index="26"><![CDATA[26 
Annual report of the Bank Guarantee Fund 
 2020 
5. 
  Resolution]]></page><page Index="27"><![CDATA[27 
Annual report of the Bank Guarantee Fund 
 2020 
5.1  Rules for carrying out resolution 
The BFG Act sets out the principles for carrying out the resolution against banks, credit unions and certain investment  
firms, including, inter alia, a set of instruments and powers necessary to intervene quickly and effectively with respect  
to an entity at risk to ensure the continuous performance of its functions that are of key importance for the customers and  
for the economy (critical functions), to protect financial stability and covered deposits, and to limit the use of public funds. 
The Fund carries out resolution in a situation where the following conditions have been met cumulatively: 
  an entity is failing or likely to fail, 
  there is no reasonable prospect that any available supervisory measures and alternative private sector measures would  
prevent the failure of the institution within a reasonable timeframe, 
  measures must be taken in the public interest . 
3 
As part of the resolution proceedings, the Fund may apply one or several tools described in detail in the BFG Act: 
  sale of business, 
  bridge institution, 
  write-down or conversion of liabilities (bail-in), 
  asset separation (only jointly with another resolution tool). 
Before  applying  any  of  the  resolution  tools  referred  to  in  Article  110(1)  of  the  BFG  Act,  the  Fund  shall  write  down  
or convert the capital instruments of the entity subject to the resolution. In addition, for the purpose of applying resolution  
tools, the Fund ensures that the valuation referred to in Article 137(1) of the BFG Act is prepared . After the use of the  
instrument, the Fund additionally ensures that the valuation referred to in Article 241 of the BFG Act is prepared. 
3 
  Measures are taken in the public interest when the bankruptcy of the institution might have serious adverse effects on the safety of its customers and  
their funds, financial stability (including the operation of financial markets or the economy), continuity of critical functions performed by the entity or its  
bankruptcy would entail the need to use (or increase the use) the public funds to meet the abovementioned objectives. 
4 
  These estimates are, depending on the scope of information contained therein, referred to in the Report as Estimate 1, Estimate 2 or Estimate 3. 
Resolution consists 
Resolution consists in the restructuring financial institution that are failing or likely to fail where its bankruptcy could  
have a serious negative impact on its customers, the functioning of the financial markets or the economy. 
Contents]]></page><page Index="28"><![CDATA[28 
Annual report of the Bank Guarantee Fund 
 2020 
Shareholders of the institution under the resolution cover the losses and bear the cost of the resolution in the first  
instance. For the purpose of providing supplementary financing for resolution, resolution funds were also created (one  
for banks and investment firms and another for credit unions), to which contributions are made by all the entities covered  
by the subjective scope of the BFG Act. As a result, the risk of having to commit public funds, which means taxpayers  
incurring costs, was mitigated. The BFG may support resolution financially, provided that such support is in line with the  
State Aid Rules. 
In a resolution plan, the Fund specifies the preferred resolution tool, the application of which will make it possible to meet  
the resolution objectives to the greatest extent possible. In practice, one cannot rule out the need to take supplementary  
measures, not envisaged in the resolution plan, as market conditions or the structure of a given institution can change  
to such a significant degree that any scenarios adopted ex ante at the resolution planning stage plan may prove less  
effective in a given situation. 
In 2020, after consulting the Polish Financial Supervision Authority on the amount of the designated MREL level, the Fund  
adopted reviews of resolution plans and resolvability assessments for 209 cooperative banks, 2 affiliating banks, 11 credit  
unions, 13 commercial banks and 7 investment firms. 
In addition, the Fund adopted updates of resolution plans and resolvability assessments  for two cooperative banks. 
The Fund, acting as a group resolution authority, signed joint decisions on the adoption (update) of the group resolution  
plan and determination of MREL for one of the banking groups. 
In 2020, the BFG adopted a resolution plan for a brokerage house which, as a result of the extension of the brokerage  
licence for this entity by the KNF in January 2020, gained the status of an investment firm within the meaning of Article  
2(14) of the BFG Act. 
Moreover, in the reporting period, the Fund issued 44 opinions on the expected impact of the implementation of recovery  
plans on resolution, including 11 opinions for 10 cooperative banks (in the case of one cooperative bank, an opinion on  
the recovery plan was issued twice), 2 opinions for an institutional protection scheme, 10 opinions for investment firms,  
11 opinions for 10 commercial banks (in the case of one commercial bank, an opinion on the recovery plan was issued  
twice), and 10 capital groups. 
The BFG is involved in the activities of resolution colleges established for EU cross-border groups carrying out activities  
in the territory of the Republic of Poland through subsidiaries being banks or investment firms. 
5.2  Resolution planning 
Pursuant to Article 89 of the BFG Act, the Fund shall review resolution plans and group resolution plans as well  
as carry out resolvability assessments at least once a year. 
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Annual report of the Bank Guarantee Fund 
 2020 
In 2020, representatives of the Fund participated in the meetings of four resolution colleges for banking groups. 
The Fund was involved in reaching joint decisions on adopting group resolution plans for five banking groups. 
The Fund prepared a package of actions to mitigate the adverse effects of the Covid-19 pandemic on the banking sector,  
assuming that: 
  in the 2020 planning cycle, the MREL amounts assigned to banks will be updated, taking into account the removal  
of the systemic risk buffer; 
  the mid-term MREL targets set for domestic institutions identified as resolution entities at the end of 2020 will not  
be treated as mandatory; 
  in the 2020 planning cycle, the extended MREL target date of 1 January 2024 will be applied and 1 January 2022 will be  
set as the first binding intermediate target date. 
The Fund, based on the proposed implementation of the BRRD2 to the BFG Act, also developed a proposed methodology  
for determining the MREL to be applied from 2021. The assumptions of the methodology were presented, inter alia, at the  
meeting of the Financial Stability Committee on macroprudential supervision on 21 September 2020. 
In 2020, the BFG carried out three resolution processes: two against cooperative banks and one against a commercial  
bank. In two cases, the sale of business tool was applied. In one case, the bridge institution tool was used. 
Proceedings for issuing a decision on the initiation of resolution of Podkarpacki Bank  
Spółdzielczy w Sanoku. 
In  the  course  of  the  proceedings  concerning  the  decision  on  the  initiation  of  the  resolution  of  Podkarpacki  Bank  
Spółdzielczy w Sanoku (PBS w Sanoku), the Fund, pursuant to Article 137 of the BFG Act, had ensured the preparation  
of the valuation of the Bank’s assets and liabilities conducted by PwC Advisory Spółka z ograniczoną odpowiedzialnością  
sp. k. (PwC Advisory). The estimate included an assessment of the financial situation of PBS w Sanoku, indicating that the  
prerequisites for initiating resolution were met, and of the instruments of resolution that could be possibly applied. 
In connection with the results of the estimate prepared by PwC Advisory on behalf of the BFG, confirming the negative  
equity of PBS w Sanoku and confirming the fulfilment of the prerequisites referred to in Article 101(7)(1-3) of the BFG  
Act, on 15 January 2020, the Management Board of the BFG issued a decision on the initiation of resolution against PBS  
w Sanoku, the appointment of an administrator, the write-down of capital instruments and the application of the bridge  
institution instrument, as well as a decision on the suspension of the activities of PBS. 
5.3 Resolutions initiated 
5.4 Resolution of Podkarpacki Bank Spółdzielczy  
    w Sanoku 
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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. 
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Annual report of the Bank Guarantee Fund 
 2020 
As of the date of delivery of the decision, the enforcement procedure against the bank accounts held by the entity under  
resolution was suspended. 
When the resolution was initiated, an administrator was appointed in the entity under resolution. The administrator  
submitted reports to the Fund on the conducted activities. They described, inter alia, meetings held, letters received and  
addressed to financial institutions concerning fees/applications for waiving fees/reporting obligations, court cases with  
former employees, agreements signed with law firms for legal services and legal opinions received, agreements signed and  
expenses incurred, significant events in subsidiaries, including general meetings and meetings of shareholders of affiliated  
entities. 
The administrator carried out the actions planned in relation to PBS related entities aimed at initiating the process of sale  
or liquidation of these entities. 
On 30 June 2020, the Fund, after the administrator had prepared the reports required by law, sent a bankruptcy petition  
for PBS w Sanoku to the Regional Court in Rzeszów. The court declared bankruptcy on 6 August 2020. The decision was  
published in Monitor Sądowy i Gospodarczy on 17 September 2020 (item 47445). With the declaration of bankruptcy  
of PBS w Sanoku, the administrator appointed by the Fund ceased to perform the function. 
The Fund, in accordance with Article 241 of the BFG Act, took steps to prepare Estimate 3. According to its results, the  
creditors and owners had been satisfied as a result of the resolution to an extent not lower than they would have been  
satisfied in the bankruptcy proceedings conducted in the event that, on the date of the decision to initiate the resolution,  
the court had declared PBS w Sanoku bankrupt. 
The  decision  of  the  BFG  on  the  resolution  of  PBS  w  Sanoku  was  appealed  to  the  Voivodship  Administrative  Court  
in Warsaw, which, on 4 December 2020, dismissed all complaints. 
Bank Nowy BFG S.A. 
Immediately after the takeover of the enterprise of PBS w Sanoku by Bank Nowy BFG S.A., steps were  
taken to sell the bridge institution in accordance with the requirements of the BFG Act. 
The Fund sought and cooperated with entities interested in acquiring shares of Bank Nowy BFG S.A.  
or its enterprise in its entirety or selected assets. 
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Annual report of the Bank Guarantee Fund 
 2020 
5.5  Resolution of Bank Spółdzielczy  
w Przemkowie 
Proceedings for issuing a decision on the initiation of resolution  
of Bank Spółdzielczy w Przemkowie 
In the course of the proceedings concerning the decision to initiate the resolution of Bank Spółdzielczy w Przemkowie  
(BS w Przemkowie), the Fund conducted operational activities. 
Before the decision on the resolution of BS w Przemkowie was made, in accordance with Article 137 of the BFG Act,  
the Fund had ensured the preparation of the valuation of the Bank’s assets and liabilities. For this purpose, the Fund  
cooperated with Deloitte Advisory spółka z ograniczoną odpowiedzialnością sp. k. (Deloitte Advisory), the entity preparing  
Valuation 1 and Valuation 2. The results of the valuation showed negative equity of BS w Przemkowie and confirmed the  
fulfilment of the conditions referred to in Article 101(7)(1)-(3) of the BFG Act. 
The process of resolution of Bank Spółdzielczy w Przemkowie 
On 30 April 2020, under the decision of the BFG of 28 April 2020, resolution was initiated against BS w Przemkowie and the  
sale of business tool was applied. The acquiring bank was SGB-Bank S.A. The acquiring bank was chosen in accordance with the  
principles set out in Article 178(1) of the BFG Act. 
SGB-Bank  S.A.  took  over,  with  the  effect  specified  in  Article  176(1)  of  the  BFG  Act,  the  business  of  the  entity  under  
resolution, including all the property rights and the liabilities, including all liabilities relating to the activities of the entity  
under resolution, except for the exemptions indicated in the decision. 
To cover the losses set out in the valuation, the following capital instruments and liabilities referred to in Article 72(1)  
of the Act on the BFG were written down, together with accrued interest: 
  shares of members of BS w Przemkowie recorded in the register of cooperative members; 
  subordinated debt. 
On 11 May 2020, in connection with the resolution of BS w Przemkowie, the Fund paid a subsidy to SGB-Bank S.A. in the  
amount of PLN 81,660.0 thousand. 
On 13 May 2020, the Fund’s Management Board adopted a resolution on the justification of the decision of the BFG  
of 28 April 2020 on the initiation of resolution against BS w Przemkowie, write-down of capital instruments, application  
of the resolution tool and appointment of an administrator. 
After the decision on the resolution of BS w Przemkowie was made, in accordance with Article 241 of the BFG Act, the  
Fund had valuation 3 prepared. The purpose of the valuation is to determine whether shareholders and creditors had been  
satisfied as a result of the resolution to a lesser extent than they would have been satisfied in the bankruptcy proceedings  
conducted if, at the date of the decision to initiate the resolution, the court had declared BS w Przemkowie bankrupt. 
On 29 October 2020, the Fund’s Management Board, after the administrator had prepared the reports required by law,  
adopted a resolution on applying for the declaration of bankruptcy of BS w Przemkowie. On the same day, the application  
to declare BS w Przemkowie bankrupt was submitted to the District Court in Legnica. By the end of 2020, the Court had  
not referred to the content of the application. 
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Annual report of the Bank Guarantee Fund 
 2020 
5.6  Resolution of Idea Bank S.A. 
The process of resolution of Idea Bank S.A. 
On 31 December 2020, the Fund’s decision was delivered to Idea Bank. Thus, on 31 December 2020, the resolution  
process  against  Idea  Bank  was  initiated.  Also  on  that  date,  Idea  Bank’s  capital  instruments  were  written  down  and  
an administrator was appointed in Idea Bank. 
In addition, according to the decision, on 3 January 2021, the property rights of the entity under resolution and selected  
liabilities were transferred to Bank Pekao S.A. 
Proceedings for issuing a decision on the initiation of resolution of Idea Bank S.A. 
Before the decision on the resolution of Idea Bank S.A. was made, in accordance with Article 137 of the BFG Act, the  valuation  
of the Bank’s assets and liabilitieshad been carried out. For this purpose, the Fund cooperated with PwC Advisory spółka  
z ograniczoną odpowiedzialnością sp. k. (PwC Advisory), the entity preparing Valuation 1 and Valuation 2. The Fund, based  
on Valuation 1 prepared by an independent valuer, ascertained that the amount of equity of Idea Bank as of 31 August 2020  
was negative and amounted to PLN - 482,794 thousand, which confirms the conditions mentioned in Article 101(3)(2) of the  
BFG Act, stating that the assets of Idea Bank S.A. were not sufficient to cover its liabilities. 
Considering the above, and after confirming that the conditions referred to in Article 101(7)(1)-(3) of the BFG Act had been  
met, as well as after the Fund’s receiving a binding offer to take over the property rights and selected liabilities of Idea Bank  
S.A., on 30 December 2020 the Fund’s Management Board adopted a resolution on initiating the resolution process against  
Idea Bank S.A., write-down of the capital instruments of Idea Bank S.A., applying the resolution tool against Idea Bank S.A., and  
appointing the administrator of Idea Bank S.A. 
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Annual report of the Bank Guarantee Fund 
 2020 
5.7  Other actions in the area of resolution 
Fulfilment of the trustee function in respect of Idea Bank S.A. 
The Fund in 2020 continued to carry out the trustee function in Idea Bank S.A. based on the decision of the KNF  
of 15 May 2019 on the appointment of a trustee in Idea Bank pursuant to Article 144(1) of the Banking Law. The purpose  
of the appointment of the trustee was to improve the Bank’s situation by, inter alia, undertaking activities related to the  
participation in and supervision of the process of preparation and implementation of the updated recovery plan, which  
should aim to restore the Bank’s viability. 
As part of fulfilling the trustee’s obligations, the Fund analysed the decisions made by the bodies of Idea Bank. As a result  
of those works and on the basis of the results of analyses carried out by audit companies commissioned by the BFG,  
showing that some planned transactions would have a negative impact on the financial results of Idea Bank, the Fund  
lodged objections to selected resolutions of the Management Board and Supervisory Board of Idea Bank S.A. 
The Fund submitted monthly reports to the KNF on its activities as the supervisor of Idea Bank. 
On 31 December 2020, the resolution procedure was initiated against Idea Bank. As a result, on the same date, the  
decision appointing the Fund as the trustee of Idea Bank expired. At the same time, the powers of attorney granted to the  
supervisor’s attorneys also expired. 
Bridge institutions 
In 2020, the Fund remained the sole shareholder of three bridge institutions  
operating under the name: 
  Pierwszy Bank BFG S.A. 
  Drugi Bank BFG S.A. 
  Bank Nowy BFG S.A. 
Among the above entities, only Bank Nowy BFG S.A. started its operations with the Fund’s decision to apply the resolution  
tool in the bridge institution tool with respect to PBS w Sanoku. 
In Q4 of 2020, the Fund began analytical work related to the liquidation of bridge institutions that had not yet started  
operations. 
Notifications 
The Fund held discussions with the European Commission on the 4th prolongation and modification (5th prolongation) of  
the State aid SA.46575 (2016/N) - Poland - resolution scheme for cooperative banks and small commercial banks, notified  
by the EC on 20 December 2016 with subsequent extensions. The 4th prolongation of the scheme was implemented on  
the basis of the EC decision of 29 April 2020. 
On 23 December 2020, the European Commission sent a confirmation of the change in the conditions of the aid scheme  
for cooperative banks and small commercial banks. 
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Annual report of the Bank Guarantee Fund 
 2020 
6.  
Financial support  
and restructuring activities 
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Annual report of the Bank Guarantee Fund 
 2020 
6.1  Rules for the Fund’s support   
and restructuring activities 
Pursuant to the BFG Act, in the field of the restructuring credit unions at risk of insolvency, the Fund is responsible for:: 
  granting repayable financial aid, 
  purchasing debts of credit unions, 
  providing support to entities taking over credit unions, taking over certain property rights or selected liabilities of credit  
unions, or to purchaser of the enterprise of a credit union in liquidation, the organised part thereof or certain property  
rights. 
Financial aid in the form of loans, guarantees and sureties may be granted to a credit union that implements a recovery  
programme positively evaluated by the KNF. Financial aid may be earmarked only for removing the threat of insolvency. 
The Fund grants aid provided that, in particular: 
  the Fund’s Management Board recognises the results of an audit of the financial statements presented by a credit  
union requesting aid as regards its activities, 
  the credit union presents a positive opinion of the KNF on the recovery programme, 
  the credit union demonstrates that the amount of the aid requested by the credit union would be not higher than the  
total amount covered deposits in that credit union, calculated as the sum of covered deposits on the accounts of the  
credit union’s depositors, 
  the credit union requesting aid uses its existing own funds to cover losses, 
  in the case of repayable financial aid, securing claims on account of the aid granted to guarantee the repayment of the  
full aid amount with interest thereon. 
The Fund must consult measures taken as part of the restructuring as well as obligations imposed on a credit union with  
the KNF. 
Financial aid may be granted provided that it is consistent with the state aid scheme in force or provided that the applicant,  
i.e. the credit union, obtains a positive decision from the European Commission on granting aid within the individual aid  
notification process. 
The Fund may also grant aid in the form of purchasingclaims  of credit unions at risk of insolvency. At the same time,  
according to the Regulation of the Minister of Development and Finance of 1 December 2016 on trading by the Bank  
Guarantee Fund in receivables purchased from cooperative savings and credit unions in which the risk of insolvency  
has arisen (Journal of Laws 2016, item 1969), these can be only undue claims resulting from loans and credits granted,  
classified by credit unions in the “regular” category, for which there are no delays in repayment and the economic and  
financial situation of the debtor does not pose a threat to further timely repayment of the debt. 
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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. 
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Annual report of the Bank Guarantee Fund 
 2020 
6.2  
Restructuring of credit unions 
For the purpose of preparing restructuring processes of credit unions, the Fund monitored the economic and financial  
situation of credit unions, in particular those at which the KNF appointed receivers or with respect to which the KNF  
instituted proceedings with a view to appointing receivers and those the situation of which had deteriorated. 
Among other things, analyses focused on the possibility of providing potential support in the processes of acquiring credit  
unions characterised by a worse financial situation. 
In 2020, the Fund did not provide any support following the resolution of credit unions. 
No. 
Bank 
Acquired credit union 
Year of granting 
Net value of the acquired  
property rights as of the  
acquisition date in the  
Credit Union’s books 
Initial value of support  
(grant) 
1. 
Alior Bank S.A. 
SKOK im. św. Jana z Kęt* 
2014 
25 873,95 
15 895,75 
SKOK im. Stefana  
Kardynała Wyszyńskiego  
2016 
110 002,86 
52 533,74 
Powszechna SKOK  
2016 
24 982,44 
9 310,12 
SKOK Jaworzno 
2019 
143 217,94  
110 000,00 
2. 
Bank Pekao S.A. 
SKOK im. Mikołaja  
Kopernika  
2015 
221 696,40 
101 926,31 
3. 
PKO BP S.A. 
SKOK „Wesoła” 
2015 
219 465,09 
278 858,41 
4. 
Śląski Bank Spółdzielczy  
„SILESIA” 
SKOK „Profit”  
2017 
1 909,15 
115,84 
5. 
ING Bank Śląski S.A. 
SKOK Bieszczadzka  
2018 
27 810,24 
11 824,76 
6. 
BS we Wschowie 
SKOK Lubuska  
2018 
6 527,00 
1 877,63 
7. 
BGŻ BNP Paribas S.A. 
Rafineria SKOK 
2018 
34 405,80 
41 082,26 
8. 
Bank Millennium S.A. 
SKOK PIAST 
2019 
127 251,62 
67 492,28 
Total 
943 142,49 
690 917,10 
Table 11. 
Support provided in the form of grants and loss coverage guarantees in 2014–2020   
(in thousands of PLN) 
* 
Agreement ended 
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Annual report of the Bank Guarantee Fund 
 2020 
6.3  Assistance from the cooperative  
banks’ restructuring fund 
Applications for financial aid 
Pursuant to the Act of 7 December 2000 on the Operation of Cooperative Banks, their Affiliation, and  
Affiliating Banks (Journal of Laws of 2018, item 613 as amended), in 2020 the BFG provided financial aid  
to cooperative banks from the cooperative banks’ restructuring fund established in 2001. 
Aid may be granted only to banks which are not at risk of insolvency and their situation allows, in the  
opinion of the Fund, the loan to be repaid. 
The Management Board of the Fund, within the financial resources available in 2020, accepted 65 applications from  
cooperative banks for loans from the cooperative banks’ restructuring fund, including: 
  58 applications for financing of expenses related to joining the BPS Association Protection System in the total amount  
of PLN 12,271.0 thousand, 
  7 applications for financing investments related to merger processes in the total amount of PLN 4,428.0 thousand. 
At the same time, in 2020 the Management Board of the BFG refused to provide financial aid to one cooperative bank  
to finance merger processes due to the exhaustion of funds accumulated under the cooperative banks’ restructuring fund. 
Applications for waiving debts resulting from  financial aid 
According to the Act on the Operation of Cooperative Banks, their Affiliation, and Affiliating Banks,  
receivables and amounts due to the Fund on account of the granted financial assistance may be waived  
in whole or in part in cases justified by the public interest or having an impact on increasing financial  
stability. 
The BFG Council, at the request of the Management Board, accepted applications submitted by 93 cooperative banks.  
The total amount of the remitted loans was PLN 21,879.1 thousand, of which: 
  83 applications for financing expenditures related to the participation in the protection schemes – in the amount of PLN  
17,045.0 thousand, 
  10 applications for financing expenditures related to the merger process in the amount of PLN 4,834.1 thousand. 
Since  2016,  the  Fund  has  only  provided  loans  for  expenses  related  to  the  participation  in  the  protection  schemes  
or for expenses related to the implementation of the merger processes initiated by the protection scheme management  
body or by the KNF. Due to the remission of all loans granted between 2016 and 2020, only PLN 626.3 remained in the  
cooperative banks’ restructuring fund as of 31 December 2020. This form of aid provided by the BFG was thus exhausted  
and ended. 
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Annual report of the Bank Guarantee Fund 
 2020 
6.4  Monitoring of the implementation  
of agreements on the basis of which  
aid or support was provided 
Support from the credit unions’ guarantee fund 
At the end of 2020, the monitoring process covered six commercial banks (receiving the support in connection with the  
acquisition of eight credit unions) and two cooperative banks (receiving the support in connection with the acquisition  
of two credit unions), to which the BFG provided support in 2014–2020 in connection with the resolution of credit unions. 
Name of the bank 
Acquired credit union 
Period of support  
(coverage of  
losses, reversal of  
income)  
Period of support  
(share in revenues,  
reversal of losses) 
Total value of  
guaranteed funds  
as of the date  
of acquisition  
(maximum value  
of support) (PLN  
thousand)  
Value of support  
granted as of  
31.12.2020 
(PLN thousand) 
SKOK im. Stefana Kardynała  
Wyszyńskiego with its  
registered office in Września  
/Wyszyński/ 
31.12.2020 
31.12.2020  
(revenues)  
31.12.2022 (loss  
reversals) 
164,385.34 
51,279.15 
Alior Bank S.A. 
Powszechna SKOK with its  
registered office in Knurów  
/Powszechna/ 
31.12.2020 
31.12.2022 
35,506.83 
9,485.44 
SKOK Jaworzno with its  
registered office in Jaworzno 
31.03.2027 
31.03.2027 
319,796.18 
110,000.00 
Bank Pekao S.A. 
SKOK im. Mikołaja Kopernika  
with its registered office in  
Ornontowice /Kopernik/ 
21.12.2019 
31.12.2019  
(revenues)  
31.12.2021 (loss  
reversals) 
397,002.46 
65,899.98 
PKO BP S.A. 
SKOK Wesoła with its  
registered office in Mysłowice  
/Wesoła/ 
30.06.2020 
30.06.2020 
591,745.55 
291,206.91 
Śląski Bank Spółdzielczy  
„SILESIA”  
SKOK Profit with its registered  
office in Rybnik /Profit/ 
30.11.2019 
30.11.2021 
2,629.05 
113.62 
ING Bank Śląski S.A. 
Bieszczadzka SKOK with its  
registered office in Sanok 
31.07.2025 
31.07.2025 
40,835.22 
13,172.60 
Bank BNP Paribas S.A. 
SKOK Rafineria with its  
registered office in Gdańsk 
30.04.2026 
30.04.2026 
77,666.40 
41,082.26 
Bank Spółdzielczy  
we Wschowie 
Lubuska SKOK with its  
registered office in Zielona  
Góra 
31.10.2021 
31.10.2021 
9,455.03 
1 877.63 
Bank Millennium S.A. 
SKOK PIAST with its  
registered office in Tychy 
30.09.2026 
30.09.2026 
198,816.79 
67,492.28 
Total 
1,837,838.85 
651,609.87 
Table 12. 
Banks benefiting from the credit unions’ guarantee fund 
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Annual report of the Bank Guarantee Fund 
 2020 
On the basis of the financial statements and the data contained in the EWS, the Fund monitored the economic and financial  
situation of these banks and the fulfilment of the obligations under the support agreements concluded, in particular with regard  
to the settlement of loss coverage guarantee agreements. 
Settlement of loss coverage guarantee agreements (GPS) 
In 2020, as a result of the settlements of loss coverage guarantee agreements: 
  the Fund’s receivables from Beneficiaries amounted to PLN 22,272.89 thousand; 
  the Fund’s liabilities towards Beneficiaries amounted to PLN 2,222.14 thousand. 
The Fund’s accumulated receivables and liabilities from the beginning of the existing loss coverage  
guarantee agreements until the end of 2020 amounted respectively to: 
  PLN 37,283.13 thousand; 
  PLN 13,844.66 thousand 
Bank 
Savings and credit union (SKOK) 
Maximum liabilities of the Fund  
(PLN thousand) 
Alior Bank S.A. 
SKOK Wyszyńskiego 
27,652.27  
Alior Bank S.A. 
Powszechna SKOK 
4,380.25  
Alior Bank S.A. 
SKOK Jaworzno 
143,217.94  
Pekao S.A. 
SKOK im. Mikołaja Kopernika 
9,228.91  
PKO BP S.A. 
SKOK Wesoła 
58,841.91  
Śląski Bank Spółdzielczy SILESIA 
SKOK Profit 
92.69  
ING Bank Śląski S.A. 
Bieszczadzka SKOK 
7,924.50 
Bank Spółdzielczy we Wschowie 
Lubuska SKOK 
1,037.77 
BNP Paribas Bank Polska S.A. 
SKOK Rafineria 
14,723.25 
Bank Millennium S.A. 
SKOK PIAST 
49,352.14 
Total 
PLN 316,451.63 
Table 13. 
Maximum value of liabilities under loss coverage guarantee agreements 
The  maximum  liability  of  the  Fund  as  of  31  December  2020,  calculated  on  the  basis  of  the  value  of  assets  covered  
by guarantees of loss coverage resulting from the settled statements of banks, amounted to PLN 316,451.63 thousand. This  
is the potential liability that would arise if there was a need to cover the loss in respect of all the property rights taken over.  
On the basis of current analyses, it can be stated that such a risk does not exist. 
Contents]]></page><page Index="42"><![CDATA[42 
Annual report of the Bank Guarantee Fund 
 2020 
In  2020  the  Fund  conducted  scheduled  audits  in  three  banks,  the  subject  of  which  was  the  correct  implementation  
of the terms and conditions of support agreements, the quality of managing the acquired property rights as well as of the  
information provided in settlement reports compared to the banks’ books. 
Monitoring of aid from the cooperative banks’ restructuring fund 
As of 31 December 2020, there were no active loans from the cooperative banks’ restructuring fund. 
Throughout 2020, 102 banks benefited from financial aid in the form of loans from the cooperative  
banks’ restructuring fund (105 loans), where: 
  12 loans were fully repaid in June and July 2020; these were loans granted in 2015 for planned  
investments unrelated to the merger process and for the purchase of shares in an affiliating bank; 
  the remaining loans were remitted; in this group, two banks repaid the remaining principal of the  
loans from the cooperative banks’ resolution fund, which due to the de minimis limit was not  
subject to remission. The last loans were written off on 21 December 2020. 
Monitoring of repayments and collaterals 
In  2020,  the  timeliness  of  repayments  of  capital  and  interest  instalments  on  the  loan  granted  
from the banks’ restructuring fund was systematically monitored, and the timeliness and value  
of the collateral provided was controlled. The loan was secured by a financial pledge on credit  
receivables, assignment of credit receivables, financial pledge on the rights to cash accumulated  
on bank accounts, and joint mortgage on real estate. 
The documents related to the established collaterals and the form of collaterals complied with the  
provisions of the concluded agreements, and their value was higher than the required minimum  
level of collateral. 
At the end of each quarter, receivables due to the financial aid provided to the bank were reviewed  
and classified. 
Classification of receivables 
As of 31 December 2020, there were no delays in the repayment of principal and interest, and the  
economic and financial situation of the beneficiary bank did not indicate any threat to the repayment  
of the loan and interest payments. Due to the timeliness of repayments as well as the assessment  
of the economic and financial situation of the bank, the receivable was classified in the “normal”  
category. 
102 
Bank’s 
Loans 
105 
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Annual report of the Bank Guarantee Fund 
 2020 
7.  
Analytical activity 
Contents]]></page><page Index="44"><![CDATA[44 
Annual report of the Bank Guarantee Fund 
 2020 
On the basis of the available information on banks and credit unions, the Fund prepared, on a quarterly and monthly basis,  
analyses concerning the economic and financial situation of the banking sector and individual banks, as well as of the  
credit unions’ sector and individual credit unions, indicating the areas of potential risks. 
The following issues, inter alia, were discussed at monthly meetings of the Early Warning System Committee: 
  results of the assessment of commercial and cooperative banks, with special attention paid to banks in a bad and  
deteriorating economic and financial situation; 
  economic and financial situation of banks and credit unions considered to be a high risk and included in watchlists; 
  information on selected entities, including but not limited to problematic inspections carried out by the UKNF in selected  
banks,  BION  assessment,  and  other  information  submitted  by  the  UKNF,  reports  and  publicly  available  reports,  with  
particular attention to the impact of the effects of the Covid-19 pandemic on their financial situation; 
  current economic and financial situation in the banking sector; 
  current situation in the credit unions’ (SKOK) sector, with a special focus on the situation of the largest of SKOKs. 
The EWS Committee meetings also presented: 
  reasons for placing individual banks on the watch list and the changes in the situation of these entities since their  
inclusion on the watch list; 
  revision of the watch list and the list of high-risk banks based on updated data; 
  impact of the Covid-19 pandemic on the commercial banking sector and the cooperative banking sector, including on  
the area of efficiency, on the basis of data from the Reporting Information System as of 30 June 2020 and on the basis  
of an analysis of the financial statements published by commercial banks for the first half of 2020; 
  information on banks operating outside the institutional protection schemes; 
  general  principles  of  operation  of  institutional  protection  schemes:  BPS  Association  Protection  System  and  SGB  
Cooperative Protection System; 
  functions of affiliating banks and their economic and financial situation; 
  financial situation of cooperative banks with special attention to two groups of these banks: those with the largest  
balance sheet total and those showing the fastest asset growth over the last five years; 
  summary of the results of the review of the auditors’ opinions on the banks’ financial statements for 2019; 
  review of information on cooperative banks obliged to implement merger processes. 
Other analytical work included, inter alia, monthly calculation and monitoring of the ratio of coverage of guaranteed funds in  
banks and credit unions with the available financial resources of the BFG funds and the degree of achievement of the minimum  
and target levels of funds for financing the deposit guarantee scheme and resolution. 
The basic objective of the analytical activities of the Fund is to assess the financial condition of the banking sector  
and of the individual banks, as well as the credit unions’ sector and of the individual credit unions, to allow early  
identification of entities with a deteriorating economic and financial condition, and to get ready in advance for the  
potential resolution activities or for the reimbursement of covered deposits. The Fund conducts a broad range  
of analytical works with the use of the information and data from the National Bank of Poland, the Polish Financial  
Supervision Authority, banks and the National Cooperative Savings and Credit Union. 
Contents]]></page><page Index="45"><![CDATA[45 
Annual report of the Bank Guarantee Fund 
 2020 
8.  
Financing Fund  
activities 
Contents]]></page><page Index="46"><![CDATA[46 
Annual report of the Bank Guarantee Fund 
 2020 
8.1  Fund’s financial resources 
The Fund collects financial resources earmarked for protecting deposits collected in banks and credit unions as well  
as for financing resolution. 
Pursuant to the BFG Act, the sources of financing the Fund’s activities include: 
  contributions to the statutory deposit guarantee scheme made by banks, branches of foreign banks credit unions, 
  contributions to finance resolution made by banks, branches of foreign banks, investment firms and credit unions, 
  extraordinary contributions made by banks, branches of foreign banks and credit unions to the statutory guarantee scheme in the  
event where funds from the deposit guarantee scheme are insufficient to disburse guaranteed funds, 
  extraordinary contributions made by banks, branches of foreign banks, investment firms and credit unions to finance  
resolution in the event where funds to finance resolution are insufficient to finance such proceedings, 
  proceeds from the Fund’s financial assets, including loans and guarantees granted by the Fund, 
  funds obtained as part of non-repayable foreign aid, 
  funds from grants awarded at the request of the Fund from the state budget on the rules specified in the provisions  
on public finances, 
  funds from the short-term loan granted by the National Bank of Poland, 
  funds from loans granted from the state budget, 
  funds obtained from loans, loans and bond issues, 
  funds obtained from loans granted by the officially recognised deposit guarantee schemes and entities managing  
resolution funds from the Member States other than the Republic of Poland on the basis of the concluded agreements, 
  benefits obtained from the bridge institution and the asset management company, including dividends and interest,  
and also revenues from the disposal or liquidation of the bridge institution and the asset management company, 
  funds obtained as a result of satisfying the Fund’s claims on account of the disbursement of guaranteed funds and  
support provided to the acquiring entity, 
  other proceeds obtained by the Fund. 
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Annual report of the Bank Guarantee Fund 
 2020 
The Bank Guarantee Fund’s own funds constitute: 
  the statutory fund, 
  the cooperative banks’ restructuring fund, 
  the banks’ guarantee fund, 
  the credit unions’ guarantee fund, 
  the banks’ resolution fund, 
  the credit unions’ resolution fund, 
  own  funds  reduction  in  the  case  of  fulfilment  of  the  guarantee  condition  or  in  the  case  of  using  the  resolution  
mechanisms (negative value), 
  the revaluation fund. 
For the disbursement of guaranteed resources to bank depositors, the source of ex post financing, after the own resources  
referred to in Article 56 of the BFG Act have been exhausted, is formed by the resources collected by banks in the form  
of funds for the protection of guaranteed resources. The value of the fośg updated as of 1 July 2020 by banks for 2020  
(based on the basis for calculating the amount of obligatory reserves for April 2020) amounted to PLN 5 857.0 million.  
The value of the fośg created by banks as of 31 December 2020 has not changed with respect to the value of the fośg  
updated by banks as aof 1 July 2020. 
In Q1 2020, the total amounts of contributions to the guarantee funds of banks and credit unions as well as the resolution  
funds of banks and credit unions for 2020 were determined in the following amounts: 
8.2  Determination of contributions 
1 575 
mln PLN  
1 600 
 mln PLN 
910  
thousand  
PLN 
27 
mln PLN  
For the banks’  
guarantee fund 
For the banks’  
resolution fund 
For the credit unions’  
guarantee fund 
For the credit unions’  
resolution fund 
Contents]]></page><page Index="48"><![CDATA[48 
Annual report of the Bank Guarantee Fund 
 2020 
Based on the total amounts of contributions to the individual funds determined by the Fund’s Council, the following  
contributions were established during the reporting period: 
  due from banks and credit unions for individual quarters of 2020 to guarantee funds, 
  due from banks, investment firms and credit unions for 2020 to resolution funds. 
The breakdown of the total amounts for individual entities was made in accordance with: 
  methods approved by the Polish Financial Supervision Authority – in the case of guarantee funds of banks and credit  
unions, 
  the respective regulations of the European Commission, the Minister of Development and Finance, and resolutions  
of the Council – in the case of resolution funds of banks and credit unions. 
The calculation of the contributions to the banks’ guarantee fund took into account adjustments to the contributions  
made by banks due to corrections made by some of these entities to the data on the amount of guaranteed funds.  
As regards the calculation of the contributions to the banks’ resolution fund for 2020, it took into account adjustments  
to the contributions made by banks and investment firms for 2019, which was due to some entities making adjustments  
to the data underlying the determination of the contribution to the banks’ resolution fund for 2019. 
The Fund sent a letter to all entities obliged to make a contribution to the guarantee funds and resolution funds with  
details of the amount of contributions due, the payment date thereof and the maximum share of contributions in the form  
of commitments to pay. In the case of contributions to the banks’ guarantee fund due from banks participating in the  
institutional protection scheme and taking advantage of the relief on account of the participation, the Fund also provided  
the calculated amount which those banks should contribute to the protection scheme. 
In Q4, after the BFG Council adopted a relevant resolution, banks were also informed about the rate of establishment  
of funds for protection of guaranteed sums for the year 2021, defined as 0.35% of the sum of cash accumulated in the  
bank on all accounts, constituting the basis for calculating the mandatory reserve for October 2020. 
In 2020, changes were made to the methods of calculating contributions to the banks’ guarantee fund due from banks and  
for the credit unions’ guarantee fund. The new consolidated text of the method of calculating contributions to the banks’  
guarantee fund due from banks was approved by the KNF in a resolution of 18 February 2020. 
The changes to the method of calculating contributions to the banks’ guarantee fund concerned: 
  definition of one of the additional risk indicators due to the amendment to the BION methodology, 
  modification of the provisions setting out the procedure for the adjustment of contributions – extension of the time  
limit from 7 to 10 days for the Fund to make an adjustment to contributions after banks have submitted their adjustment  
to the data on guaranteed sums, 
  making  the  provision  on  the  amount  of  relief  available  to  banks  participating  in  institutional  protection  schemes  
(IPS) more flexible by introducing a reference to the Regulation of the Minister of Development and Finance of 27  
December 2016 on the manner of determining the risk profile of banks and branches of foreign banks and taking this  
profile into account in determining contributions to the banks’ guarantee fund. 
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Annual report of the Bank Guarantee Fund 
 2020 
The Regulation of the Minister of Finance of 23 March 2020 amending the Regulation on the manner of determining the risk  
profile of banks and branches of foreign banks and taking this profile into account in determining contributions to the banks’  
guarantee fund entered into force on 1 April 2020. The change consisted in increasing the reduction of the contribution paid  
to the banks’ guarantee fund by banks participating in the IPS by increasing the obligatory discount for the total risk weight  
from 50% to 80%. Such a change was proposed by the Fund and its purpose was to strengthen the supporting function  
of the protection schemes. 
As a result of the aforementioned regulation, the increased IPS relief applied to contributions to the banks’ guarantee fund  
starting from Q2 2020. 
As for the method of calculating contributions to the credit unions’ guarantee fund, the changes resulted only from changes  
in their reporting and consisted in modifying the definitions of selected risk indicators accordingly. The changes in the  
method of calculating contributions to the credit unions’ guarantee fund were adopted by way of a resolution of the Fund’s  
Management Board. Changes in the definitions of risk indicators resulting from changes in reporting do not require the  
Commission’s approval; however, the Fund is obliged to inform the KNF about them within one month from the day they  
were made. 
In connection with the negative impact of the Covid-19 pandemic on the situation of the banking sector, the Fund analysed  
possibilities of reducing the burden of banks’ contributions to the BFG. Implementing the recommendation of the Fund’s  
Council, information material was prepared on the amount of future contributions to the banks’ guarantee fund and the  
banks’ resolution fund, assuming different scenarios for constructing the financial resources of the BFG, including changes  
in the amount of the target levels of individual funds and the dates of their achievement. 
In October, the Fund submitted a letter to the President of the NBP, in his capacity as Chairman of the Financial Stability  
Committee on macroprudential supervision (KSF-M), to place the issue of the level of contributions to the guarantee and  
resolution funds on the agenda of the December meeting of the KSF-M. After discussing the proposals presented by the  
BFG at that meeting, the KSF-M recommended that the working group develop a recommendation on extending the  
period for achieving the target level of the deposit guarantee scheme funds in banks, which would allow for a reduction  
in 2021 – as compared to 2020 – of contributions to the banks’ guarantee fund 
5 
.  
In 2020, the Fund carried out investment activities in accordance with the 2020 Investment Policy, the main objective  
of which was to provide financial resources for possible interventions and to safeguard the Fund’s portfolio of securities  
against the risk of adverse changes in market yields, while achieving optimum profitability. These activities were conducted  
pursuant  to  the  BFG  Act,  under  which  the  Fund  may  acquire  securities  issued,  guaranteed  or  underwritten  by  the  
State Treasury, the NBP and the governments or central banks of EU Member States or the Organisation for Economic  
Co-operation and Development (OECD). Furthermore, the Fund may acquire participation units in money market funds and  
open deposits at the NBP and the Minister of Finance. 
8.3  Investing activities 
5 
  On 18 January 2021, the Financial Stability Committee adopted a resolution on recommendations to reduce the burden of financing the banks’ guarantee  
fund. The recommendations are addressed to the Bank Guarantee Fund and the Minister of Finance. 
Contents]]></page><page Index="50"><![CDATA[50 
Annual report of the Bank Guarantee Fund 
 2020 
At the end of 2020, the yield on the Fund’s total securities portfolio was 0.97%, while the duration was 0.95 years (compared  
to a yield of 2.05% and duration of 0.61 years at the end of 2019). The decrease in the profitability of the Fund’s portfolio  
was mainly due to a significant reduction in the profitability of NBP money bills and the decrease Warsaw Interbank Offered  
Rate (WIBOR) as a result of the Monetary Policy Council’s decision to make successive reductions in the reference rate.  
Thanks to the investment policy pursued in previous years and the purchases of floating rate bonds in periods of increasing  
spreads between the profitability of the bonds and derivatives in question, which made it possible to obtain an additional  
margin, the profitability of the bonds in the BFG portfolio remained at a relatively high level (1.38%), significantly exceeding  
the profitability of Treasury bonds with a 10-year maturity. 
In Q4 2020, the Investment Policy of the Bank Guarantee Fund in the area of investing financial resources in securities  
in the period from 1 January to 31 December 2021 was also prepared. As part of it, the process of adjusting the maintained  
security to the financial condition of entities from the banking and cash sector was optimised and a multivariant approach  
to the Fund’s investment activities was presented, with particular attention to fluctuations in the market prices of securities.  
As a result, the aim of the Investment Policy in 2021 will be to maintain high liquidity in the securities portfolio held and  
to make investments in such a way as to limit interest rate risk while achieving the best possible financial results. 
Share in the portfolio 
Type 
31.12.2019 
31.12.2020 
NBP money bills 
49.9% 
29.8% 
Treasury bills 
[-/-] 
4.3% 
Bonds 
50.1% 
65.9% 
Total 
100.0% 
100.0% 
Table 14. 
BFG’s securities portfolio as of 31.12.2019 and 31.12.2020 
The  total  result  on  financial  transactions  at  the  end  of  2020  was  PLN  287,609.1  thousand,  which  is  PLN  
49,003.8 thousand more than expected. 
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Annual report of the Bank Guarantee Fund 
 2020 
9.  
Other activities  
of the Fund 
Contents]]></page><page Index="52"><![CDATA[52 
Annual report of the Bank Guarantee Fund 
 2020 
9.1  National and international cooperation 
National cooperation 
Acting  to  support  and  maintain  the  stability  of  the  domestic  financial  system,  the  Fund  actively  
cooperated with the institutions of the financial security network, i.e. the MF, NBP and KNF, including  
participation in the meetings of the Financial Stability Committee, which is the competent authority  
for macro-prudential supervision in Poland. 
The President of the Fund’s Management Board is a member of the Financial Stability Committee  
in the scope of crisis management of the financial system (KSF-K) and macroprudential supervision  
(KSF-M). 
Representatives  of  the  Fund  participated  in  the  meetings  of  the  Committee  for  Public  Finance,  
including in the works of the Parliamentary Committee for Public Finance concerning the presentation  
by the MF, the KNF, the NBP and the BFG of information on the possibility of the sale of SKOK  
w Wołominie at a loss to the State Treasury, in particular concerning the adoption by the Council  
of Creditors of SKOK w Wołominie by the votes of the BFG and the NBP of a resolution to refrain  
from selling the enterprise as a whole. 
Furthermore, the representatives of the BFG participated in the works of the Parliamentary Committee  
on PBS w Sanoku under resolution and the Parliamentary Committee on Local Government and  
Regional Policy. 
As part of the work related to the statutory requirements, the Fund participated in many meetings,  
among others with representatives of commercial banks, cooperative banks, credit unions, the SGB  
Cooperative Protection System and the BPS Association Protection System, as well as with the ZBP,  
PBS and SGB associations, and the Insurance Guarantee Fund. 
Cooperation within the European Banking Authority 
The  representative  of  the  BFG  represented  the  Fund  at  five  meetings  of  the  European  Banking  
Authority’s Standing Resolution Committee (ResCo). 
As part of the cooperation with the EBA, BFG representatives participated in the following meetings  
organised by the EBA: 
  Subgroup on Resolution Execution (SGRE); 
  Subgroup  on  Resolution  Planning  and  Preparedness  (SGRPP);  In  2020,  the  GSCPP  meetings  
primarily discussed issues related to the draft delegated acts whose delegations were included  
in BRRD2; 
  Task force on Deposit Guarantee Schemes (TFDGS). 
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Annual report of the Bank Guarantee Fund 
 2020 
Cooperation within the European Commission 
As regards cooperation with the EC, representatives of the BFG took part in the following meetings and  
teleconferences organised within the framework of the expert group called Commission Expert Group  
on Banking, Payments and Insurance (EGBPI): 
  a meeting in Brussels on 27 January 2020, which discussed possible amendments to the DGS  
Directive  resulting  from  the  current  stage  of  its  review  and  from  the  conclusions  identified  
by the EBA in three of its opinions (Opinion on eligibility of deposits, coverage level and cooperation  
between deposit guarantee schemes, Opinion on deposit guarantee scheme payouts, Opinion  
on deposit guarantee schemes’ funding and uses of DGS funds); 
  a teleconference on 23-24 June 2020, which continued the discussion on proposals to amend and  
update selected provisions of the DGS Directive, 
  a  teleconference  on  16  July  2020,  which  included  a  presentation  and  discussion  of  the  EBA  
Opinion  on  the  eligibility  of  deposits,  coverage  level  cooperation  between  DGSs  and  issues  
concerning the assessment of public interest in planning the resolution process; 
  a teleconference on 28 September 2020 on issues related to triggers for initiating the bankruptcy  
process  of  a  credit  institution  and  the  revision  of  Article  32b  of  the  BRRD.  The  group  also  
continued its discussion on the harmonisation of ranking rules in bankruptcy proceedings and  
on issues concerning the cost assessment of the use of DGS funds for purposes other than the  
disbursement of guaranteed funds in the light of Articles 11(3) and (6) of the DGS Directive; 
  a teleconference on 15 October 2020 to present and discuss, inter alia, issues concerning the  
assessment of public interest in resolution planning, sources of financing as part of crisis management  
of banks, further harmonisation of ranking rules in bankruptcy proceedings and possible guarantee  
protection for depositors’ funds held by payment service providers and e-money institutions; 
  a  teleconference  on  12  November  2020,  which  presented,  inter  alia,  the  results  of  a  survey  
among Member States on the use of DGS funds for purposes other than for the disbursement  
of guaranteed sums in the light of Articles 11(3) and (6) of the DGS Directive and least cost  
tests. The issues discussed included also the use of DGS funds in the resolution process and  
the  draft  EBA  Report  on  the  monitoring  of  the  TLAC/MREL  eligible  liabilities  instruments  
of EU institutions. 
A representative of the Fund also participated in the workshops on the implementation of the BRR2  
Directive and the SRM2 Regulation, which took place on 13 February (stationary meeting in Brussels)  
and 1 July (remote meeting). 
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Annual report of the Bank Guarantee Fund 
 2020 
Collaboration with the IADI 
In 2020, there were four meetings of the Executive Council (EXCO) of the International Association  
of  Deposit  Insurers  (including  one  of  the  EXCO-BIS)  and  accompanying  meetings  of  standing  
committees  (including  the  Core  Principles  and  Research  Council  Committee,  CPRC),  technical  
committees, working groups and regional committees (including the Europe Regional Committee,  
ERC).  The  meetings  were  attended  by  representatives  of  the  BFG.  The  EXCO  meetings  elected,  
among others, the chairs of the Standing and Regional Committees, approved the new composition  
of the Standing Committees, ratified the appointment by acclamation of the new EXCO Vice Chair,  
and welcomed new IADI members. 
6 
This time it was called EGM - the Extraordinary General Meeting - due to the fact that it was the first time in the history of the IADI that it was held remotely. 
In  October  2020,  the  19th  Annual  General  Meeting  (AGM)  of  the  IADI  took  place.  The  President  of  the  BFG  Board  
of Directors was elected as a member of the IADI Executive Council. He was elected for a 3-year term of office, starting  
as of 8 December, at the AGM, by postal ballot, on 9 November 2020. Moreover, the President of the Russian Depository  
was elected IADI President and Chairman of the Executive Council for a 2-year term. The meetings were also accompanied  
by committee meetings. 
Due to the dissatisfaction of IADI members with the reforms carried out in the association so far, including the differentiation  
and  increase  of  the  membership  fees,  the  SPWG  (Strategic  Planning  Working  Group)  was  established  together  with  
the Fee Options Subgroup by decision of the EXCO. The President of the Management Board of the BFG was elected  
as a member of the SPWG, while the Director of the Management Office became a member of the Fee Options Subgroup.  
The group and the subgroup are responsible for developing solutions to implement reforms in the association. The role  
of the SPWG is to analyse and make recommendations in the main areas of the organisation’s activities by, among other  
things, developing new strategic objectives for the IADI for the period 2022-2026 and analysing the existing functioning  
of the organisation and the principles of financing the association. The role of the Sub-Group is to focus on analysing the  
current manner of calculating the association’s annual fees. During the reporting period, a questionnaire was sent out  
to all IADI members, asking them about their expectations and directions for further reforms. Further, a work schedule  
was  set  and  the  next  steps  were  determined.  Among  other  things,  several  potential  scenarios  of  proposed  ways  
of calculating membership fees were developed, a SWOT analysis of the association was conducted, and a matrix of the  
association’s strategic goals for the next years and how to achieve them was prepared; numerous comments and remarks  
were also collected. Further meetings of the SPWG and Fee Subgroup are scheduled for early 2021, as well as the official  
submission of the report on works to the EXCO. During the reporting period, there was one meeting initiating the work  
of both groups, and 3 virtual meetings each of the SPWG and Fee Subgroup; there were also virtual meetings of the  
SPWG with willing EXCO members, where the progress of work was reported on an ongoing basis. 
In 2020, the Europe Regional Committee (ERC) held three meetings. These meetings discussed, among other things, the  
change in the way of calculating the IADI membership fees, the common position on the implementation of the review  
of the changes made in the association so far and the manner of carrying out reforms in the IADI. The Fund was also  
involved in IADI’s work within the Research and Guidance Technical Committee. 
In the reporting period, the BFG staff participated in a webinar entitled Core Principle 15: payout time, process, and  
information requirements organised by the LARC (Latin America Regional Committee IADI), discussing the basic principles  
of effective deposit guarantee schemes in the context of the payout process. 
An IADI survey on the Covid-19 pandemic was conducted in the spring of 2020. The chairs of the regional committees  
reported on the situation in their respective regions. Forty-two participants took part in the survey. The survey revealed  
that the financial sector had taken numerous measures to mitigate the adverse economic impact of the pandemic. Most  
institutions also decided not to increase the amount of guaranteed funds. In addition, the disbursement of guaranteed  
funds and the readiness to carry out the resolution process became a priority for DGSs. 
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Annual report of the Bank Guarantee Fund 
 2020 
Collaboration with the EFDI 
In September 2020, the Annual General Meeting of the Members of the European Forum of Deposit  
Insurers (EFDI AGM) was held. It was attended by the President and a Member of the Management  
Board of the BFG, as well as the Fund’s staff. At the meeting, new members of the Board of Directors  
and  members  of  the  EU  Management  Executive  (EUME)  were  elected.  An  Associate  Members  
Observer  (AMO),  representing  EFDI’s  affiliated  institutions,  was  also  elected.  The  meeting  also  
adopted the official EFDI Sustainability Charter, a document outlining the association’s framework  
and priorities. 
As  part  of  its  cooperation  with  the  European  Forum  of  Deposit  Insurers,  the  Fund  was  also  
represented at the meetings: 
  H2C EFDI Group; 
  EFDI EU Committee; 
  EFDI EU Monthly Coffee Club. 
International agreements 
In  implementing  the  EBA  guidelines,  the  European  deposit  guarantee  institutions  (including  the  
BFG) signed a multilateral cooperation agreement regarding cross-border payments to depositors  
of branches established by credit institutions in another Member State. This agreement provides  
for the possibility of clarifying provisions in the form of bilateral agreements (bilateral specifications  
including complementary or alternative provisions not incompatible with the multilateral agreement).  
During the reporting period, a consultation process was initiated on a draft bilateral agreement on  
cross-border disbursements between the BFG and the German DGS. 
In view of the Covid-19 pandemic, the BFG also conducted its own survey among IADI and EFDI members on the possible  
suspension of mandatory contributions from credit institutions and on the measures taken by countries for the banking  
sector. Only a few countries decided at that time to suspend the collection of contributions. 
Fund representatives participated in a teleconference on 22 and 24 September 2020 on the current and expected impact  
of the Covid-19 pandemic crisis on the activities of deposit guarantee schemes and resolution authorities. 
Other 
During the reporting period, BFG staff participated in the following international meetings: 
  Resolution Board 2020 SRB Induction Training; 
  meeting  with  representatives  of  the  European  Commission  (DG  COMP);  the  meeting  was  
attended by representatives of the MF, BFG, KNF, NBP, and UOKiK. 
Contents]]></page><page Index="56"><![CDATA[56 
Annual report of the Bank Guarantee Fund 
 2020 
9.2  Information policy 
Crisis communication strategy 
The year 2020 was characterised by very intensive activities related to the processes of resolution  
of PBS w Sanoku, BS w Przemkowie and Idea Bank S.A. 
While  preparing  for  the  resolution  processes,  the  Fund  each  time  developed  an  individual  
crisis  communication  strategy,  including  all  key  elements,  e.g.:  messages,  Q&A  materials,  crisis  
communication  strategy,  as  well  as  messages  for  the  hotline  of  the  BFG  and  the  entity  under  
resolution, as well as materials to be used in internal communication in the entity under resolution. 
In each case, on the day the resolution was initiated, the actions were carried out in accordance  
with a pre-defined plan, so that the media covered the Fund’s position explaining the reasons for the  
resolution. The main purpose of the communication activities was each time to reassure the clients  
of the bank under resolution and to explain the Fund’s actions to the public. 
During the resolution of PBS w Sanoku, the BFG Communication Department was in regular contact  
with the national and regional media. As regards the resolution of BS w Przemkowie, the focus was  
primarily on the regional media. In the case of Idea Bank S.A., activities were conducted with the  
national media. The Fund’s Communications Department monitored the situation and reacted on  
an ongoing basis to information requiring correction or clarification. 
In the case of the resolution of Idea Bank S.A., one of the elements of communication was organising  
an online briefing for the media. 
Cooperation with the media 
In  2020,  questions  from  the  media  mainly  concerned  the  resolution  of  PBS  w  Sanoku,  
BS w Przemkowie and Idea Bank S.A., the actions of the BFG as the supervisor of Idea Bank S.A. and  
the bankruptcy of BS w Grębowie in 2019, which was investigated by the popular programme on the  
Polish public channel, “Sprawa dla Reportera”. 
Questions were also answered that concerned the level of contributions to the BFG and the manner  
of determining the MREL levels. 
In 2020, interviews and statements by the President of the BFG were published in Dziennik Gazeta  
Prawna, the Polish Press Agency, and Magazyn Bank, among others. 
The aim of the Fund’s information activity is to disseminate knowledge in the society about the functioning of the  
deposit guarantee scheme in Poland, resolution and the role of the BFG in the structure of the financial security  
network. 
Contents]]></page><page Index="57"><![CDATA[57 
Annual report of the Bank Guarantee Fund 
 2020 
BFG Helpline 
The BFG’s free helpline at  
800 569 341 
 allows persons interested in the deposit guarantee scheme  
in Poland to contact directly the Fund’s staff. In 2020, the BFG’s staff operating the helpline answered  
3.7  thousand  customer  enquiries  (the  highest  number  of  daily  telephone  calls  was  48).  Enquires  
from customers mainly concerned the scope of guarantees in banks and credit unions, information  
sheets  received  by  customers  from  banks  and  credit  unions  and  the  principles  of  disbursement  
of guaranteed funds to depositors of banks and credit unions. The customers’ interest in the principles  
of deposit guaranteeing was connected, among others, with the epidemic state introduced in Poland,  
as a result of which certain restrictions and prohibitions were imposed. 
Apart from questions concerning deposit guaranteeing, the helpline and the BFG Communication  
Department  answered  telephone  enquiries  concerning  resolution.  A  particularly  large  number  
of calls was received on the day the resolution of PBS w Sanoku was initiated. 
In  2020,  replies  and  explanations  were  also  provided  to  written  enquiries  submitted  to  the  BFG  
concerning issues such as guarantees for depositors of banks or credit unions as part of direct  
customer service at the Fund’s Office. 
Website 
Information  about  the  Polish  deposit  guarantee  scheme  and  about  the  activities  of  the  Fund  
is available at  
www.bfg.pl 
, which is the basic source of information about its activities, and which  
raises public awareness of the deposit guarantee rules. Immediate provision of information to the  
public, especially in situations where the guarantee condition is met or where resolution has been  
initiated, serves primarily to prevent confusion for bank and credit union customers. 
In 2020, the Fund published current information on the activities of the BFG, including, inter alia, the  
initiated processes of resolution, the level of contributions set for 2020, as well as information related  
to the performed function of the supervisor of Idea Bank S.A. The Fund’s website also provides  
access  to  archival  materials  and  documents  as  well  as  to  the  BFG’s  Public  Information  Bulletin.  
It is available in three languages: Polish, English and Ukrainian. 
The highest daily number of visits to the Fund’s website in 2020 was 7 thousand. In the entire year,  
there were a total of approx. 358.9 thousand visits. 
7 
thousand 
Daytime 
visits 
website 
358 
thousand 
Year-round  
visits website 
Contents]]></page><page Index="58"><![CDATA[58 
Annual report of the Bank Guarantee Fund 
 2020 
Survey of public awareness of the role of the BFG 
In  2020,  a  survey  of  the  image  of  the  banking  sector  in  Poland  was  conducted  once  again  
in  collaboration  with  the  ZBP.  This  project  involved,  among  other  things,  surveying  the  public  
awareness of the deposit guarantee scheme and the role of the BFG. 
The  results  of  the  opinion  poll  indicate  that  the  public  awareness  of  the  existence  of  the  BFG  
is low in each group by age, education and place of residence. Only 31% of respondents declare that  
they know the institutions that guarantee the recovery of individual customers’ money in the event  
of bankruptcy of a bank or savings and credit union (SKOK) in Poland. Considering the results of the  
public opinion poll, the Fund launched broader educational activities. 
In November 2020, the BFG launched a several-month educational campaign aimed at increasing  
the awareness of various social groups about the national deposit guarantee scheme for banks and  
SKOKs. The Fund was also involved in work coordinated by the MF on the concept of preparing  
a national financial education strategy. 
Other information and promotion activities 
2020 saw the 18th edition of the competition organised by the Fund for the best bachelor’s, master’s  
and  doctoral  thesis  on  deposit  guarantee  schemes,  resolution  or  orderly  liquidation  of  financial  
institutions, regulatory infrastructure of the financial system, issues of financial security of banks  
and financial stability. 
6 doctoral theses, 12 master’s theses and 8 bachelor’s theses were submitted for the competition.  
The competition jury selected two winners in each category. 
Fund’s publications 
In  2020,  four  issues  of  the  Bezpieczny  Bank  magazine  (Safe  Bank)  were  published.  About  
30 articleszand studies in total were published in the magazine. They dealt with broadly defined  
issues of the impact of the market structure and bank size on the stability of the banking sectors  
in  the  EU  countries,  the  systemic  risk  and  the  macroprudential  policy,  regulatory  infrastructure  
as well as issues related to the risk of the activities of banks and the impact of the Covid-19 pandemic  
on the economy. Study results and reviews of books on economy were also published. 
Issue 3 (80) of the magazine was an anniversary issue, dedicated to the 25th anniversary of the BFG.  
It contains review articles by Prof. Jan Szambelańczyk entitled “25 years of operation of the Bank  
Guarantee Fund in Poland” and by Tomasz Obal, Member of the Management Board of the BFG,  
entitled “Guaranteeing deposits in Poland in 1995-2020. Axiology, selected regulations, practice.” 
 Bezpieczny Bank, keeping 20 points in the scoring of scientific magazines awarded by the Minister  
of Science and Higher Education, was one of the best-rated publications on the financial market  
and the stability of the banking system in Poland. The magazine also obtained funding as part of the  
Ministry of Science and Higher Education’s funding programme for scientific magazines. 
The Fund, as every year, prepared the Annual Report of the BFG for 2019 in Polish and English. 
Contents]]></page><page Index="59"><![CDATA[59 
Annual report of the Bank Guarantee Fund 
 2020 
Training and other activities 
In 2020, after training activities had been reorganised and went online, the staff expanded their  
knowledge by participating in training courses and seminars on such topics as: 
  MDR tax scheme reporting; 
  court and administrative proceedings, 
  supervisory requirements regarding the capital adequacy of banks; 
  changes in labour law in connection with crisis regulations; 
  changes in the Public Procurement Law; 
  the use of electronic services, including handling the electronic document flow on the ePUAP platform; 
  liquidation and resolution proceedings, 
  development of the ICT security systems, 
In Q2 2020, the BFG completed the process of changing the manager of the Employee Pension Scheme. Actions were to ensure  
more favourable conditions for running the Scheme. 
Employment 
The Bank Guarantee Fund employed 209 people (204.3 FTEs) as of 1 January 2020 and 221 people  
(214.76 FTEs) as of 31 December 2020. 
9.3  HR matters 
221  
People 
214 
Posts 
Contents]]></page><page Index="60"><![CDATA[60 
Annual report of the Bank Guarantee Fund 
 2020 
10.  
Summarised financial  
  statements]]></page><page Index="61"><![CDATA[61 
Annual report of the Bank Guarantee Fund 
 2020 
10.1 Balance sheet of the Fund 
ASSETS 
31.12.2020 
31.12.2019 
Cash 
229,752,525.22 
9,977,820.16 
Cash in hand 
32,450.57 
15,537.98 
Cash on current accounts 
97,202.31 
50,300.79 
Deposits 
229,389,000.00 
9,829,000.00 
Cash of the Company Social Security Fund 
233,872.34 
82,981.39 
Receivables from financial institutions 
2,427,184,729.54 
1,641,019,682.01 
Receivables from banks on account of: 
2,425,413,954.54 
1,639,248,907.01 
- commitments to pay 
2,425,413,954.54 
1,637,091,163.35 
- loans granted 
0.00 
2,157,743.66 
Receivables from cooperative savings and credit unions on account of: 
1,770,775.00 
1,770,775.00 
- commitments to pay 
1,770,775.00 
1,770,775.00 
Other receivables and claims 
80,779.61 
2,264,634.13 
Securities and other financial assets 
23,582,735,028.06 
21,129,980,902.67 
Debt securities: 
20,682,735,028.06 
19,929,980,902.67 
- of banks 
7,499,446,950.72 
9,952,669,462.85 
- of the State Treasury 
13,183,288,077.34 
9,977,311,439.82 
Shares 
2,900,000,000.00 
1,200,000,000.00 
- in financial institutions 
2,900,000,000.00 
1,200,000,000.00 
Property, plant and equipment 
49,868,950.57 
50,589,458.83 
Intangible assets 
863,942.96 
1,108,367.19 
Accruals 
1,101,315.37 
626,723.76 
TOTAL ASSETS 
26,291,587,271.33 
22,835,567,588.75 
Table 15. 
Balance sheet as of 31 December 2020 and as of 31 December 2019 (PLN) 
Contents]]></page><page Index="62"><![CDATA[62 
Annual report of the Bank Guarantee Fund 
 2020 
LIABILITIES 
31.12.2020 
31.12.2019 
Liabilities 
25,577,062.24 
38,499,817.24 
Liabilities due to depositors 
22,596,385.11 
33,687,482.81 
Other liabilities 
2,980,677.13 
4,812,334.43 
Special-purpose funds  
233,872.34 
53,069.59 
Accruals  
9,478,336.29 
4,383,614.55 
Provisions 
24,615,763.09 
22,340,286.62 
Statutory fund 
1,637,025,547.68 
1,637,025,547.68 
Banks’ guarantee fund 
15,805,691,374.67 
13,825,112,923.49 
Banks’ guarantee fund available for utilisation 
15,805,691,374.67 
13,825,112,923.49 
Banks’ resolution fund 
8,538,964,452.85 
6,784,658,503.89 
Banks’ resolution fund available for utilisation 
5,638,964 452.85 
5,584,658,503.89 
Banks’ resolution fund used 
2,900,000,000.00 
1,200,000,000.00 
Credit unions’ guarantee fund 
27,527,717.94 
12,694,688.77 
Credit unions’ guarantee fund available for utilisation 
27,527,717.94 
12,694,688.77 
Credit unions’ resolution fund 
4,506,233.04 
3,513,101.33 
Credit unions’ resolution fund available for utilisation 
4,506,233.04 
3,513,101.33 
Cooperative banks’ resolution fund 
626.30 
19,295,688.87 
Cooperative banks’ resolution fund available for utilisation 
626.30 
17,137,688.87 
Cooperative banks’ resolution fund used 
0.00 
2,158,000.00 
Own funds reduction in the case of fulfilment of the guarantee condition or in the  
case of using the resolution mechanisms 
(89,194.28) 
(89,194.28) 
Financial result 
218,055,479.17 
488,079,541.00 
TOTAL LIABILITIES 
26,291,587 271.33 
22,835,567,588.75 
Contents]]></page><page Index="63"><![CDATA[63 
Annual report of the Bank Guarantee Fund 
 2020 
10.2 Profit and loss account 
2020 r. 
2019 r. 
Revenues from statutory activities 
63,422.39 
61,590.45 
Interest revenues 
63,422.39 
61,590.45 
Result on statutory activities 
63,422.39 
61,590.45 
Result on financial transactions  
287,609,110.35 
542,476,638.22 
Securities 
287,472,912.70 
542,136,824.24 
Other 
136,197.65 
339,813.98 
Result on foreign exchange gains/losses 
(13.95) 
(100.50) 
Business costs 
(76,287,508.47) 
(51,241,519.61) 
Outsourced services 
(28,633,142.92) 
(7,040,180.73) 
Payroll 
(35,251,291.01) 
(31,825,967.28) 
Social security and other payments 
(5,364,861.45) 
(4,264,063.69) 
Other 
(7,038,213.09) 
(8,111,307.91) 
Depreciation/amortisation of tangible assets and intangible assets 
(2,962,701.17) 
(3,295,664.40) 
Other operating revenues 
9,640,735.65 
88,174.96 
Other operating expenses 
(7,565.63) 
(9,578.12) 
Financial result 
218,055,479.17 
488,079,541.00 
Table 16. 
Profit  and  loss  account  for  the  years  ended  respectively  31  December  2020  and  31  
December 2019 (PLN) 
Contents]]></page><page Index="64"><![CDATA[64 
Annual report of the Bank Guarantee Fund 
 2020 
10.3 Rules of preparing the summarised  
financial statements 
10.4 Accounting principles 
The summarised financial statements, which comprise the balance sheet as of 31 December 2020 and the profit and loss  
account for 2020, have been prepared on the basis of the audited annual financial statements of the Bank Guarantee Fund  
drawn up for the financial year ended 31 December 2020. In addition, they include comparative figures for the previous  
financial year ended 31 December 2019. 
The annual financial statements of the Bank Guarantee Fund for the financial year from 1 January to 31 December 2020  
have been prepared in accordance with the requirements of the Regulation of the Minister of Finance of 9 December  
2016 on the specific accounting principles of the Bank Guarantee Fund (Journal of Laws 2016, item 2115, as amended),  
the Accounting Act of 29 September 1994 (Journal of Laws 2019, item 351, as amended), the executive regulations issued  
thereunder and other applicable laws. 
The summarised financial statements have been prepared on the basis of the criteria developed by way of following the  
current practice applied by the Fund in the preparation of the summarised financial statements. These criteria include,  
in particular: 
  consistency of data between the Fund’s annual financial statements and the summarised financial statements; 
  an assessment of whether the summarised financial statements contain the necessary information and whether they 
are at an appropriate level of aggregation which does not mislead the recipient of the summarised financial statements. 
Pursuant to the accounting principles applicable to the Bank Guarantee Fund, the following methods of measuring assets  
as well as equity and liabilities, and calculating revenues and expenses have been applied: 
Debt  securities,  i.e.  treasury  bonds,  treasury  bills  and  money  bills  of  the  National  Bank  of  Poland  (NBP),  as  well  
as financial assets and liabilities arising from buy-sell-back and sell-buy-back transactions are measured at the adjusted  
acquisition price, taking into account the effective interest rate, and the effects of such measurements are charged  
to, as appropriate, revenues or costs of financial transactions. Debt securities are recognised and excluded from the  
books of account as of the transaction settlement day. Outflows of securities are measured at prices of assets acquired  
at the earliest. 
  Non-listed shares are valued at the acquisition price, taking into account permanent impairment. 
  Loans granted are measured at the adjusted acquisition price, taking into account the effective interest rate and write- 
downs. In order to determine write-downs on receivables other than arising from loans granted from the cooperative  
banks’ resolution fund, the Fund applies, as appropriate, the provisions of the Regulation of the Minister of Finance  
of 16 December 2008 on the rules of establishing provisions for risk related to the activity of banks (Journal of Laws  
of 2019, item 520, as amended). Receivables of the Fund arising from loans granted from the cooperative banks’  
resolution fund are classified under: regular or lost. Write-downs on lost receivables are calculated as of the balance  
sheet date, in the amount of 100% of the value of such receivables. With regard to the rules of classifying receivables  
Contents]]></page><page Index="65"><![CDATA[65 
Annual report of the Bank Guarantee Fund 
 2020 
on  account  of  loans  granted  from  the  cooperative  banks’  resolution  fund  under  the  category  of  lost  receivables,  
determining the value of the security thereof and the basis for recognising write-downs on such receivables, the  
Fund  applies,  as  appropriate,  the  provisions  of  the  indicated  Regulation  of  the  Minister  of  Finance  on  the  rules  
of establishing provisions for risk related to the activity of banks. When determining write-downs on loans, the Fund  
takes into account the probability of them being written off by the Bank Guarantee Fund. Interest accrued on loans  
is classified under interest revenues. 
  Receivables on account of the commitments to pay, as referred to in Article 303 of the BFG Act, are part of contributions  
made by entities. These receivables are secured with securities. The maturity of these receivables is governed by the  
provisions of the BFG Act in Articles 304 and 305. Receivables on account of commitments to pay are recognised  
in the amount receivable, subject to the prudence principle. Receivables on account of commitments to pay increase  
the value of the Fund’s own funds. 
  Receivables on account of the disbursement by the Bank Guarantee Fund of guaranteed funds from entities with  
respect to which the guarantee condition has been fulfilled, as referred to in Article 2 (57) of the BFG Act, are subject  
to a write-down of 100%. 
  Other receivables are disclosed in the amount receivable, taking into account any write-downs thereon. 
  Tangible assets and intangible assets are disclosed at the acquisition price or the cost of manufacturing, less accumulated  
depreciation/amortisation and impairment losses, if any. 
  Tangible  assets  and  intangible  assets  are  depreciated/amortised  using  the  straight-line  method  for  the  purpose  
of spreading over time their initial value throughout the useful life of the assets. Depreciation/amortisation rates are  
determined taking into account the economic useful life. 
  Prepayments/accruals are disclosed in the amount of costs allocated to future reporting periods. 
  Provisions are created for liabilities resulting from support granted to entities acquiring cooperative savings and credit  
unions or banks and for employee benefits. Provisions for employee benefits, i.e. for jubilee awards, retirement and  
disability pay as well as death benefits, are calculated on the basis of actuarial measurement. Provisions for support  
of entities acquiring cooperative savings and credit unions are calculated with the use of financial data of entities that are  
acquired, available as of the balance sheet date. 
  Accruals include accruals for unused leaves, for bonuses and annual prizes as well as other accruals of costs. Accruals  
for bonuses and annual prizes are recognised in the amount of the bonuses and annual prizes due in the financial year.  
Other accruals are determined in the amount of costs due for a given reporting period, not being a matured liability  
as of the balance sheet date. 
  Other liabilities are measured in the amount payable. 
  The result on financial transactions includes the result on: treasury bonds, treasury bills, NBP money bills, debt securities  
guaranteed by the State Treasury, and the result on buy-sell back, sell-buy back transactions as well as other revenues  
on account of interest on funds collected in the bank account and on time deposits. 
  Time-barred claims on liabilities for guaranteed funds are recognised in the profit and loss account as other operating  
revenues. 
In 2020, there were no changes to the accounting policies of the Bank Guarantee Fund or to the manner of preparing the  
annual financial statements, affecting the Annual Financial Statements of the Bank Guarantee Fund for the financial year  
from 1 January to 31 December 2020. 
Contents]]></page><page Index="66"><![CDATA[66 
Annual report of the Bank Guarantee Fund 
 2020 
11.  
Independent statutory  
  auditor’s opinion 
Spis treści]]></page><page Index="67"><![CDATA[67 
Annual report of the Bank Guarantee Fund 
 2020 
Contents]]></page><page Index="68"><![CDATA[68 
Annual report of the Bank Guarantee Fund 
 2020 
Independent auditor's report on the  
summary financial statement   
Contents]]></page><page Index="69"><![CDATA[69 
Annual report of the Bank Guarantee Fund 
 2020 
2  
INDEPENDENT AUDITOR'S REPORT   
ON THE SUMMARY FINANCIAL STATEMENT   
Opinion   
The attached  summary  financial statement  of  the Bank Guarantee Fund in  Warsaw   
at ul. Fr. Ignacego Skorupki 4, hereinafter referred to as the "Fund", which consists of the balance  
sheet prepared as at 31  December 2010, the profit and loss account for the financial year ending  
st 
on that  date and the information on the basis  for the preparation of  the  summary  financial  
statements was prepared on the basis of the audited annual financial statement of the Fund for  
the financial year which ended December 31s, 2020.  
In our opinion, the accompanying summarized financial statements of the Bank Guarantee Fund  
are consistent, in all material respects, with its audited annual financial statements for 2020, in  
line with the principles set  out  in  "Principles for the  preparation of  summarized financial  
statements".  
The summary financial statement  
The summary financial statement does not contain all the disclosures required by the Accounting  
Act of September 29, 1994 (consolidated text: Journal of Laws of 2019, item 351, as amended),  
and the implementing regulations issued on its basis, in particular the Ministerial Ordinance Of  
Development and Finance of December 9, 2016 on the specific accounting principles of the Bank  
Guarantee Fund (Journal of Laws of 2016, item 2115, as amended).  
Reading the summary financial statements and the auditor's report thereon is not a substitute for  
reading the audited annual financial statement and the auditor's report thereon. The  summary  
financial statement and the audited financial statement do not reflect the effects of events that  
occurred after the date of our report on the audited financial statements.  
Audited annual financial statement and our report on it  
We expressed an unmodified opinion on the Fund's audited annual financial statement for 2020  
in our audit report dated March 20, 2021 
The Fund’s Management Board responsibility for the summary financial statement 
The Management Board of the Fund is responsible for the preparation of the summary financial  
statements in accordance with the basis for preparation described in the section "Principles of  
compiling the summary financial statements". 
1  
Contents]]></page><page Index="70"><![CDATA[70 
Annual report of the Bank Guarantee Fund 
 2020 
2  
Statutory auditor’s responsibility 
Our responsibility is to express an opinion on whether the Fund's summary financil statement is  
consistent, in all material respects, with the Fund's audited annual financial statements, based on  
our  procedures performed in accordance  with Singapore Standard on Auditing (ISA) 810  
(Revised) “Engagements to report on summary financial statements.”.  
Mariusz Kuciński 
Statutory Auditor no 9802  
key statutory auditor conducting the audit  
on behalf of PKF Consult Spółka z ograniczoną odpowiedzialnością Sp. k. 
audit firm No. 477  
Orzycka 6 Street apt. 1B  
02-695 Warsawa  
Warsaw, 17  of August, 2021  
th 
Contents]]></page><page Index="71"><![CDATA[Bankowy Fundusz Gwarancyjny 
ul. ks. Ignacego Jana Skorupki 4 
00-546 Warszawa 
+48 22 58 30 700  
kancelaria@bfg.pl 
www.bfg.pl]]></page></pages></Search>
