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Why has the Polish Parlament adopted the Act of 10 June 2016 on the Bank Guarantee Fund, Deposit Guarantee Scheme and Resolution?
The Act implements the Bank Recovery and Resolution Directive (BRRD) and the Directive on Deposit Guarantee Schemes into the Polish law. Poland is obliged to implement these Directives due to the membership of the
The Bank Guarantee Fund contributes to the stability of the national financial system: it guarantees banks and credit unions deposits and is responsible for the resolution of financial institutions at risk of bankruptcy.
The basic tasks of the Fund are:
disbursment of guaranteed funds to depositors and conducting other obligations resulting from the deposit guarantee,
data control
On 9 October 2016 entered into force the Act on the Bank Guarantee Fund, Deposit Guarantee Scheme and Resolution (the Act on BFG).
Under the new Act on BFG the Fund has gained new powers enabling to carry out a resolution action. The Fund may start the resolution process, if any opportunities to recover a bank
1. Which entities participate in the Polish deposit guarantee scheme?
2. Are banks engaged in running business in Poland, whose head offices are outside the territory of the Republic of Poland covered by the BFG guarantee?
3. Are the funds deposited in entities that hold no authorisation of the Polish Financial Supervision Authority to perform banking transactions covered
The principles of resolution of banks, credit unions and some investment firms* were defined in the Act of 10 June 2016 on the Bank Guarantee Fund, the Deposit Guarantee Scheme and Resolution (Journal of Laws of 2016 item 996).
Regulations forming the resolution legal framework adopted in the Act implement into the Polish legal order provisions
This instrument enables the Bank Guarantee Fund to transfer in whole or in part the business of an entity being under the bankruptcy threat to another financial institution of good financial standing or to sell its shares to a new investor, which will ensure stability and development of the said entity.
The transfer of the business
In some cases, due to scale, profile or internal interconnectedness of an entity, it may be impossible to find an acquirer willing to acquire the business in its entirety. In such a case, the Bank Guarantee Fund may write down a part of liabilities of an entity under the bankruptcy threat or convert them into
The Act of 10 June 2016 on the Bank Guarantee Fund, Deposit Guarantee Scheme and Resolution (Journal of Laws of 2016, item 996) imposes on institutions subject to the personal scope of the regulations new information duties towards the Bank Guarantee Fund, aimed at providing the Fund with access to data necessary for execution of
