KNF has savings and loans under microscope

Cooperative credit unions SKOKs are under scrutiny by the Financial Supervision Authority (KNF). A report by the Authority claimed that SKOKs have foreign subsidiaries used to transfer money abroad. According to Bankier.pl, PLN 83 million supposedly have been transfered to SKOK Holding in Luxembourg. It seems that SKOK Holding used the funds to set up a Polish credit union in the UK. The KNF report calls for more transparency, reported IAR. Currently, 45 out of 50 unions are being investigated.