Financial Supervision Commission suspended the activities of credit unions in Wołominie. , photo:
This is the second Co-operative Savings and Credit, which this year may declare bankruptcy. Cash went bankrupt earlier Community.
Financial Supervision Commission decided on Friday (12.12) to apply to the District Court for Warsaw Praga North from bankruptcy petition Cooperative Savings and Credit in Wołominie.
Such a decision was taken due to the loss of an opportunity to regulate the financial institution of their obligations.
– Obligation to submit an application is based on Article. 74k paragraph. 2 in connection with paragraph 74k. 1 of the Act on cooperative savings and loan associations and is associated with the loss of the possibility of regulating the CU Wołomin its obligations regarding the disbursement of funds to depositors, members of the cash – in the communication of the KNF.
This is another example of that situation Society, Savings and Loan is not the best.
So we risk a wave of bankruptcies of financial institu tions? Luke Dajnowicz, a spokesman for the Financial Supervisory Commission, who was a guest of the radio Ones, cooled emotions, but does not hide that the problem exists.
The plight of cash
– The situation in the sector is composed of credit unions . Cash operating at 53 and 43 are included in the program of reorganization proceedings, while in the case of 24 banks KNF conducts to establish a compulsory administrator. If we have a problematic money, it is first checked whether it is able to heal itself, realizing the program of rehabilitation proceedings. If this is not possible, then at the box office manager is appointed receivership, which is examining the situation on the spot, and if independent sanitation is not possible, the request is routed first to the credit unions, and later to banks, or will be interested in taking over the cash. While the suspension of operations, filed for bankruptcy and the payment of the guarantee, this is the last step in the sequence of events which the law provides – says the KNF.
Problems with credit unions came to light after as they were under the supervision of the Financial Supervision Authority. Previously, for nearly 20 years, cash swept under the carpet, significant problems Dajnowicz Luke adds.
– The first sector is under-capitalized credit unions. It lacks the safety buffer, which are capital in financial institutions. If we had taken into account the findings of the inspections KNF, the shortage of capital in this sector is approx. 1.5 billion zł. Second problem is the poor quality of the loan portfolio. Loans overdue more than half of the portfolio. The third major problem is the scale of business output to external entities. Scale that is unprecedented in other financial institutions – explains spokesman KNF. But why credit unions
Wołomin have to fall?
– There was no other way out. Checkout lost liquidity. Sh e could not regulate obligations towards people who brought there money to its members, so KNF first suspended operations, asked the National Treasury for the position, whether it will be financial support – loan liquidity. This support was not, therefore, requested to declare bankruptcy and it is a precondition for disbursement of state deposit guarantee, warranties BFG – says Lukasz Dajnowicz.
Clients recover the money to the value of 100 thousand. euros, most customers are not all savings deposited there.
Estimated criminal activity
credit unions crime Wołomin probably allowed for a functioning board there. – It was probably criminal activity. If you rely on the position of the prosecutor’s office, which worked KNF is from 2009. Had to deal with out; of which we can speak as a probable crime – says guest Ones.
The facts are that the cash lost liquidity.
reports, the National consisted
CU system as a whole by more than 20 years developing outside state control. Internal monitoring was the National Association. – Increased by this time a variety of issues that are now trying to solve – says a spokesperson for the KNF.
turn, the National Association stresses that currently supervised by the Financial Supervision Authority and that consisted of reports to the Commission two years ago on irregularities in credit unions just Wołomin. – But that’s Financial Supervisory Commission notified the prosecutor’s office. And thanks to our cooperation with law enforcement authorities this practice has been detected. We have not received a National Association of any specific information – says Lukasz Dajnowicz.
The bond reduces the risk
After the first half of 2014. Under the dash is as many as 17 of the 55 unions.
– In general, the situation is difficult. These smaller cash that actually bond of between members present, eg. Of a professional nature, because it is a safe one plant workers are in a relatively better position. The bond is a natural limiting factor to provide bad credit risk and costs. And the cost is a big issue in the system of credit unions – says a spokesperson for the KNF.
Customers pay cash to rescue banks. – At the moment, these measures, which go to the Bank Guarantee Fund, the money set aside by banks and indirectly by the state budget. Once BFG was credited means the Polish National Bank. Indirectly pay all taxpayers, because the contribution to BFG for banks is deductible, that banks are paying less in taxes – explains a representative of the KNF.
How is the payment?
Mariusz Mastalerz, director of the Office of the President BFG, explains that in the case of cash, guaranteed cash in registered, including interest accrued to the date of fulfillment of the condit ions and guarantees depositors’ claims arising from the conduct of cash financial conditions. On the other hand, are excluded, among others, payments in respect of shares or membership fees.
are paid the money, including interest, and such. CU Wołomin this year offering high places at 5 percent. per year.
– The system is based on solidarity, trust. If customers CU would lose their money, groziłby chaos and mass consumers turning away from all the offices and banks. That is why in the world that how it works, that other financial institutions shed to cover the costs of the insolvency of an entity – Luke explains Dajnowicz. – This is an asset.
The liquidity loan was not possible
On the other hand, the National Association explains their actions.
– National Cash made everything possible, and all activities that provide law. CU Wołomin received from us over 300 million zł to maintain liquidity. In contrast, due to the state of solvency risks, we could not provide the liquidity loan hand, that which is provided for in the Act – explains Victor Kaminski, Deputy Director General of the National Association Credit Unions, who was a guest of the Polish Radio 24.
adds that credit unions wołomin never called on the National Fund for any help, whether it’s from the stabilization fund, or other means.
– JUMP Wołomin showed very good results, which confirmed the auditors throughout the life of the fund – says guest PR 24. – What is the scope of the problem, you will be able to estimate the receivership manager. And if the court decides, the judicial manager – he adds. Cash Wołomin
report has not yet been investigated. – We do not know the full range of problems associated with the loan. Please note that we are talking about an organized criminal group, which is really siphoned loans substituted person, which has al ready laid the prosecution. Only after verifying all borrowers will be able to tell you which of these loans really are uncollectible, and that actually be recovered – says Victor Kaminski.
Supervision of the Financial Supervision Authority exercises
emphasizes that the National Fund for the desire to preserve the functioning of all banks.
– are very limited provisions of the Act. National Association is no longer the supervisory authority. From 2012 onwards. Vaults exercises supervision over the Financial Supervision Commission. At the moment, cash is subject to guarantees Bank Guarantee Fund. Also conducted interviews with Polish National Bank on the National Fund for the extension of credit, in order to maintain liquidity or finance, among others, Unions Wołomin. NBP, in accordance with its rules, he could not give such a loan – or about PR guy 24.
Help before Christmas
Bank Guarantee F und declares that we can get customers to withdraw money before upcoming holidays.
entire assets of all credit unions is approx. 1 per cent. assets of the banking system. This year, two cash benefit from BFG, and banks do not use it for a long time.
– The vast majority of depositors are people who have relatively small savings, located easily in the amount guaranteed by the BFG – says Victor Kaminski. – And their deposits will recover – he adds.
Each day a new environment
– Dofinansowaliśmy capitalization of most banks, virtually all who have applied in this area – the caller says PR24.
argues that the money almost from day to day were placed in the new regulatory environment. – Do not received transitional periods in order to build capital at the appropriate level – says Victor Kaminski.
Victor Kaminski believes that the KNF is a difficult partner cooperative banks. ̵ 1; We would have expected dialogue and objective approach to the situation of credit unions, banks, and taking into account the specificities of a particular social role – adds a representative of the National Association.
Christopher Rzyman, Blazej Prośniewski, Grazyna Raszkowska
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