Banks to contribute PLN 2 bln to BFG

Following the bankruptcy of SK Bank Wołomin, Polish banks are obliged to make donations of PLN 2.04 billion in total to the Bank Guarantee Fund (BFG) before the end of November, the fund said. According to BGF's estimates, PKO Bank Polski is required to make the biggest contribution of PLN 337.93 million. Other banks involvement are as follows: Bank Pekao - PLN 234,06 million, Bank Zachodni WBK - PLN 170,54 million , ING Bank Śląski - PLN 157,36 million, mBank - PLN 141,28 million, Getin Bank PLN 116,9 million and Bank Millennium PLN 102,54 million. Apart from that, social banks will contribute up to PLN 192 million. On November 21, the financial watchdog, KNF, suspended the operations of SK Wołomin due to its insolvency. The Bank Guarantee Fund is an institution which operates the deposit guarantee scheme in Poland. It reimburses deposits of up to €100,000 in the case of a bank's bankruptcy.