President signs bank guarantees bill

President Lech Kaczyński has signed a bill concerning Bank Guarantee Funds, where deposits of up to €50,000 will be protected in full. "I signed this agreement because it increases the guarantee levels on personal savings. But this doesn't mean that I don't have any resignations," the president said during a press conference.

Kaczyński added that he will refer the new law to the Constitutional Court as he feels the new provisions limit the National Bank of Poland's powers.

Under the law, the €50,000 level is guaranteed for one person and all bank accounts in one bank. Previously, 100 percent guarantee was on saving deposits of €1,000 and 90 percent on savings of €22,500.

Source: TVN24