Recovery of the part of deposits which is not covered by the Bank Guarantee Fund

The part of a deposit which is not covered by the Bank Guarantee Fund continue to constitutes a claim of the depositor against the bank or the cooperative savings and credit union, as the case may be. Once the bank/credit union has been declared bankrupt, the amount may be recovered during bankruptcy proceedings. The depositor should register its claims within a timeframe referred to in the court decision to declare bank/credit union bankruptcy.

When does the reimbursement of guaranteed deposits take place?

In accordance with the Act on the Bank Guarantee Fund, Deposit Guarantee Scheme and Resolution, the reimbursement of guaranteed deposits shall take place within 7 working days from the day of fulfilment of the guarantee condition.

The above timeframe does not apply to payments of guaranteed funds carried out where:

  • there is reasonable doubt as to the depositor data or its entitlement to guaranteed funds,
  • the guaranteed funds are the subject of litigation,
  • guaranteed funds arise from the IKE or IKZE account agreement,
  • disbursement of guaranteed funds exceeds the limit of the PLN equivalent of EUR 100,000 (special cases)
  • payments are made to depositors of the bank branch located abroad.

The guarantee claims expire after five years from the date of fulfilment of guarantee condition by limitation.

Where does the reimbursement of guaranteed deposits take place?

The guaranteed deposits are disbursed by the conservatorship (of a bank)/conservator (of a credit union) or an entity contracted by BFG to carry out the reimbursement, which will take place at a location and within a timeframe announced publicly by the Bank Guarantee Fund. After lapse of the deadline of this timeframe, guaranteed deposits can be collected by depositors as long as the claims from the guarantees remain valid and effective.

In what currency are guaranteed deposits disbursed?

Both deposits denominated in PLN and those denominated in foreign currencies are covered. Irrespective of the currency in which a deposit is denominated, reimbursement of guaranteed deposits is carried out in PLN.