KNF suspends operations SKOK Wybrzeże credit union. Files for bankruptcy

Financial market regulator KNF suspended operations of credit union SKOK Wybrzeże and filed for its bankruptcy.  At end-July the union had PLN 44.8 million in negative equity, and PLN 128 million in deposits. It had PLN 4.24 million losses on top of PLN 76.5 million in losses from previous years. No banks were interested in taking over the union. The remaining deposits will be covered from the BFG guarantee fund.