Polish banks to make contributions to the BFG in 2016

According to the Bank Guarantee Fund, Polish banks will be able to make quarterly contributions to the BFG as opposed to the single annual payment under current regulations. The BFG council will make a resolution on payments for Q1 and Q2 2016 no later than ten days after the amendment comes into force. Banks are expected to pay PLN 2.2 billion to the BFG this year. The cautionary fee and the standard contribution must be paid by March 31, 2016. In 2015, the cautionary fee stood at 0.05 percent of a formula of 12.5x the capital requirement. The annual fee stood at 0.189 percent of 12.5x of capital requirements.