Run on Bank Wschodni as administrator takes over

Hundreds of customers stormed Bialystok-based Bank Wschodni, withdrawing their savings in panic on Friday fearing that the bank was going to go under. It is now managed by an emergency administrator. The anxious cu stomers withdrew over zl. 14 million from their accounts, after the Banking Supervisory Commission (KNB) announced that it found that the management was unable to deal with the bank's problems and therefore appointed an emergency administrator to take control of the bank until October 31. "We are here to restructure the bank. I can assure you that the financial situation of the bank was not the reason for the appointment of the emergency administr ation," pled Joanna Sedzikowska, a member of the emergency administration, "Bankruptcy is out of the question." However, people continued to queue to pull out their money, despite assurances that the bank is in sound con dition, has sufficient funds to honor all customer deposits, and that it will soon have a new investor. (Gazeta Wyborcza, June 22-23, p. 29) T.J.