PKO BP receives PLN 278 mln subsidy from BFG

Listed lender PKO BP has received a PLN 278.9 mln subsidy from the Banking Guarantee Fund (BFG) for the restructuring of SKOK Wesoła, a credit union, which the bank has taken over, the BFG said. The level of the subsidy was calculated as the difference between the receivables PKO BP has taken over along with SKOK Wesola and the liabilities resulting from guaranteed deposits, the BFG explained. The troubled SKOK had some 63,000 members who held about PLN 624.6 million in client deposits and was PLN 282.8 million short to cover its liabilities. PKO BP took it over on August 1.