Wielkopolska SKOK files for bankruptcy

Financial market watchdog KNF suspended operations and filed for bankruptcy of credit union Wielkopolska SKOK. The credit union had negative equity of PLN 68.6 million and s negative result of PLN 71 million in 2016. Its solvency ratio was at negative 18.7 percent, according to KNF regulations, any result below negative percent should result in suspension of operation. All deposits below PLN 430,000 will be paid out from the Bank Guarantee Fund.