Resolution is a mechanism used to avoid the uncontrolled failure of an insurer and its negative impact on the economy, the financial system, and society. Resolution allows for the recovery of an entity in a poor financial position or its orderly exit from the market. Rescuing an insurer should not involve taxpayers’ money, hence EU
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Deposit Guarantee
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
Scope of Deposit Coverage
Funds and claims of natural persons are covered, as well as:
in the event of a bank or a branch of a foreign bank – funds and claims of the following are covered:
natural persons,
organisational units without separate legal personality, but possessing legal capacity under a separate Act,
school savings associations,
employee assistance-and-loan associations
parent’s
About Us
The Bank Guarantee Fund聽contributes to the stability of the national financial system: it guarantees聽 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聽 control
The Act on the Bank Guarantee Fund, Deposit Guarantee Scheme and Resolution entered into force
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
Resolution
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
Sale of business tool
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
Write down or conversion of liabilities
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