Deloitte & Touche won't give opinion on BWR figures

The Warsaw Stock Exchange (WSE) reacted to the news by suspending trade in BWR shares. Deloitte & Touche stated in the report that the bank should protect its operations better and create significantly higher reserves than it has done. The creation of all the recommended reserves, however, would expand the bank's losses from zl. 32.8 million to zl. 89 million. Furthermore, its solvency ratio would drop from 6.7 to 1.8, against the banking law minimum of 8. Deloitte & Touche has decided not to give any opinion on BWR's financial statement and WSE now awaits the bank's reaction to the auditor's report. One cause of BWR's bad showing is the losses of its subsidiary, Realbank. (Gazeta Wyborcza, page 29)