SKOK Nike declared bankrupt

SKOK Nike credit union was declared bankrupt, Financial Supervision Authority (KNF) said. KNF suspended operations of SKOK Nike on June 2 and filed for its bankruptcy. At end-March the union had PLN 24.1 million in negative equity, and PLN 124 million in deposits. It had PLN 1.54 million losses on top of PLN 45.6 million in losses from previous years. No banks were interested in taking over the union. The remaining deposits will be covered from the BFG guarantee fund.