Guaranteeing savings

The European Union has been hard at work dealing with the financial system, as European banks have also felt the shock. During a conference of EU finance ministers in Luxembourg, officials have been discussing raising guarantees for banking deposits, a move that would boost confidence in the banking sector.

Poland's finance minister confirmed on Tuesday that Poland would raise guarantees for banking deposits, a move that is in line with larger EU efforts. "[EU] nations will raise the minimum amount of guarantees to €50,000, which is a very important signal for all Poles who have savings in banks," Rostowski said.

Under the current regulations, the first €1,000 euros is covered with a 100 percent return, with 90 percent covered up to €22,500. Rostowski did not state when the new change will happen, but he did state that it won't happen right away.

Polish banks have managed to withstand the shock of the banking sector and Rostowski keeps reassuring that Polish banks are in very good condition. (AO)

Source: Reuters