KNF motions for bankruptcy of SKOK Wołomin

The Polish Financial Supervision Authority (KNF) has decided to motion for the bankruptcy of credit union SKOK Wołomin, the watchdog said in a statement on Friday. SKOK Wołomin was suspended earlier this week after the KNF decided it was unable to pay off its obligations toward deposit-holders. At the time, the watchdog asked the national association of credit unions, Kasa Krajowa SKOK, to decide whether it would provide financial support to its insolvent member. It declined to provide a loan, so the KNF decided that bankruptcy would be the only solution.