KNF suspends Twoja SKOK and files for its bankruptcy

Poland's financial market regulator KNF suspended operations of and filed for the bankruptcy of credit union Twoja SKOK which deposits amount to PLN 170.3 million. As of March 31, Twoja Skok had negative equity of PLN 52.6 million and PLN 2.7 million loss. Additionally, the credit union had PLN 76.3 million losses from the previous years. The KNF invited banks to submit offers for restructuring of Twoja SKOK mid-March, but the only bank which had expressed preliminary interest withdrew after reviewing the institution's situation, KNF said.