KNF suspends SKOK Kujawiak

As of January 8, Polish financial watchdog KNF has suspended operations of SKOK Kujawiak credit union due to its "deep" insolvency, in addition, it applied for the bankruptcy of the institution. SKOK Kujawiak deposits' value reached PLN 187 million. As a result of the institution's bankruptcy, guaranteed funds will be paid out. SKOK Kujawiak recorded a PLN 22.7 million net loss in 2014, by June 14 2015 its negative capital increased to nearly PLN 73 million.