KNF suspend the activities of credit unions Ark – Polish Radio

Activities unions Jupiter is suspended on 22 April 2016. Photo: Depositphotos

April 25 Financial Supervision Commission requested the court for bankruptcy unions Jupiter in Czeladź for their failure to the cashier by the Fund National unions within a prescribed period of causing “the removal of the state of insolvency.”

suspension of activities of credit unions Jupiter and to apply to the court for bankruptcy cash is a prerequisite to run the disbursements guaranteed by the Bank Guarantee Fund (BFG).

funds shall be paid within 20 working days

According to the Law on the Bank Guarantee Fund “guaranteed funds are paid by the BFG within 20 working days from the date of filing for bankruptcy cooperative cash.” “As a whole are guaranteed by BFG deposits in total to the equivalent of PLN 100 thousand euros, regardless of the number of accounts held by the depositor at the credit unions. In the case of a joint account each of the co-owners are entitled to a separate limit of guaranteed funds” – reminded the occasion of the Financial Supervision Authority.

such payments, as announced on Thursday PAP Mariusz Mastalerz from BFG, the Fund will be realized through the Bank Zachodni WBK from 4 May.

the polemic between the KNF and KK unions

the application for bankruptcy unions Jupiter sparked controversy between the Polish Financial Supervision Authority and the Treasury for the National unions.

Initially, the Financial Supervision Authority suspended the unions Jupiter on 22 April 2016., adding that “if by 22 April 2016 . for hours. 14 KNF does not receive confirmation that the National Association gave unions Jupiter funding of removing insolvent cash is on 25 April 2016. KNF apply to the competent court requesting the bankruptcy of the cooperative cash. “

Meanwhile, the National Association announced on April 22 that “on 20 Kwietna 2016. decided to grant additional support credit unions Jupiter and the modification of existing aid paid credit unions Jupiter as requested by the Manager Receivership.”

the granting of the aid was added KK unions, presentation by the manager of trustees rehabilitation program. After submission and approval by the Fund National ‘main goals and objectives “help credit unions Jupiter would have to be paid – said KK unions.

– Please be advised that until now the National Association has not received from the managers of Receivers unions Jupiter rehabilitation program repair, what manager Compulsory is required by law, despite the fact that since its establishment by the KNF passed over eight months – stressed National Association.

She said, “one of Kas expressed its determination to join the unions Jupiter, but manager receivership unions Jupiter suspended the talks. ” “According to the National Association takeover unions Jupiter by another cash would avoid bankruptcy credit unions Jupiter even in a situation, if the manager Compulsory has not developed an effective rehabilitation program” – reads KK unions.

KNF explained and that the administrator of trustees unions established in Jupiter on Aug. 11 last year – The findings manager komisarycznej that credit unions Jupiter showed on 10 August 2015. Negative own funds according to the balance sheet in the amount of (-) 20.3 million zł and a negative capital adequacy ratio (-) 28.4 per cent., Which means deep insolvency – KNF stressed.

Problems with the acquisition

In mid-March 2016. commission concluded that “no other cooperative is not safe It has the ability to take credit unions Jupiter in a way that can ensure the safety of deposits held by the hand and discontinued the administrative proceedings conducted in this regard. ” The Commission – as outlined in the Communication – has decided to initiate administrative proceedings ws. Investigate the possibility of taking over unions “Jupiter” by the bank. – In response to the announcement KNF not reported to any bank willing to participate in the process of acquisition of credit unions Jupiter – added.

KNF statement that at the end of February. JUMP “Jupiter” have own funds according to the balance of minus 21.5 million zł, the capital adequacy ratio at the level of minus 21.7 percent. and showed a total loss of 37.6 million zł. At the end of March 2016. State deposits gathered by 15.7 thousand. members of credit unions “Jupiter” amounted to 82.5 million zł.

PAP, abo