KNF suspends SKOK Skarbiec and files for bankruptcy
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Poland decided to suspend operations of a troubled savings & loan institution SKOK Skarbiec with ca. PLN 97 mln in client deposits, which opens the door to a bankruptcy procedure and payments from the banking guarantee fund BFG, financial market regulator KNF said in a statement.
A bankruptcy motion, filed by KNF, constitutes the basis for launching payments of guaranteed funds from the banking guarantee fund BFG.
The deadline for banks interested in participating in the restructuring of SKOK Skarbiec expired on July 19, KNF reminded. The regulator installed a receiver at SKOK Skarbiec back in October 2015.
As of end-May 2016, SKOK Skarbiec had a negative equity of PLN 44.1 million, negative capital adequacy ratio of 81.3 percent and accummulated loss of PLN 47 million. Deposits of 26,400 SKOK members amounted to PLN 96.9 million.
