The principles of guaranteeing deposits are stipulated in the Act on the Bank Guarantee Fund, Deposit Guarantee Scheme and Resolution of 10 June 2016 (Journal of Laws item 996). Prior to 8 October 2016, the deposit insurance scheme had been governed by the Act on the Bank Guarantee Fund of 14 December 1994 (Journal of Laws of 2014 item 1866, as amended).
The legal provisions adopted in the Act on the Bank Guarantee Fund, Deposit Guarantee Scheme and Resolution are in full in compliance with Directive 2014/49/EU of 16 April 2014 on deposit guarantee schemes (recast version).
The Bank Guarantee Fund covers funds/deposits held at:
- domestic banks (i.e., the banks with their head offices within the territory of the Republic of Poland)*
- cooperative credit unions,
- branches of foreign banks (i.e., the banks with their head offices abroad, in the territory of a non-EU Member)**.
* except for Bank Gospodarstwa Krajowego, being a state-run bank without bankruptcy capacity and mortgage banks, which in principle do not carry out deposit activities.
** unless a branch of a foreign bank is not a participant in another guarantee scheme or in the event that the system the Bank is in fails to provide guarantees at least to the extent and in the amount provided by the Bank Guarantee Fund.