SKOK Wybrzeże declared bankrupt

The district court in Gdańsk declared SKOK Wybrzeże credit union bankrupt. Financial Supervision Authority KNF suspended its operations back in September and filed for its bankruptcy. At end-July the union had PLN 44.8 million in negative equity, and PLN 128 million in deposits. It had PLN 4.24 million losses on top of PLN 76.5 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.