During the period of 2014-2017, the Bank Guarantee Fund (BFG) paid out PLN 4.326 bln of guaranteed funds to depositors of 11 failed credit unions and PLN 2.174 bln to depositors of two failed cooperative banks.

Total guarantee liabilities in both  cases (including amounts not yet collected by depositors) amounted to PLN 6.549 bln.

The BFG is entitled to obtain various sources of financing, including its own funds as well as  financial resources  accumulated by all banks  as the guaranteed deposit protection funds.At the end of 2017, the amount of funds that could be utilized for guaranteed funds payments amounted to:

  • guarantee funds of banks and credit unions – PLN 10.756 bln,
  • statutory fund less value of tangible and intangible assets – PLN 1.583 bln ,
  • guaranteed deposit protection fund (hereinafter referred to as FOŚG) – PLN 6.285 bln.

FOŚG is a fund maintained by banks, that can be used in the event of own funds depletion for the payment of guaranteed funds to bank depositors.

The above-mentioned numbers amount to PLN 18.624 bln in total.

Additonally, at the end of 2017, the BFG had PLN 3.575 bln in the resolution fund of banks and credit unions.

It should be mentioned that for the purpose of paying out guaranteed funds the Act on the Bank Guarantee Fund provides  the possibility of obtaining loans or subsidies from the State Budget as well as a short-term loan from the National Bank of Poland.