KNF suspends SKOK Arka and files for bankruptcy
14:16
The Financial Supervision Authority (KNF) has suspended the activity of savings & loan institution SKOK Arka and filed a motion for the firm's bankruptcy, with nearly PLN 100 million in client deposits, the KNF said in a statement.
According to the KNF, the bankruptcy motion was filed since KK SKOK S&L institutions association refused to grant aid to SKOK Arka and no bank expressed an interest in taking over SKOK Arka, the statement indicated.
As of August 2015, SKOK Arka had negative equity of PLN 21.8 million and a negative adequacy ratio of 22.7 percent. The institution holds PLN 98.8 million in deposits from 19,300 clients.
