The statutory duty to issue a decision on the basis of art. 74k paragraph. 1 of the Act on cooperative savings and credit is due to the fact that the assets of credit unions ‘Treasury’ are not sufficient to meet its obligations – reads.
On 28 October 2015. KNF set in the unions “Treasury” manager receivership. receivership manager , following the decision of the Financial Supervision Commission, prepared the financial information as of the date preceding the establishment of a compulsory administrator and submitted it to examination by the auditor. The report on the audit of the financial information submitted to the Financial Supervision Authority on 18 May 2016. The findings manager komisarycznej that unions “Treasury” showed on 27 October 2015. Own funds according to the balance sheet in the amount of (-) 42.3 million zł and factor solvency level (-) 59.7 per cent., which means deep insolvency , is given in the information.
On 5 July 2016. KNF unanimously concluded that any other co-operative cash does not have the capacity to take over unions ‘Treasury’ in a way that can ensure the safety of deposits held by the hand and discontinued the administrative proceedings conducted in this regard. At the same time, the Commission has decided to initiate administrative proceedings under Article. 74c paragraph. 4 and following the law of the jump, to explore the possibility of taking over unions ‘Treasury’ by the bank. Driven by the need to ensure open and competitive participation in the process of restructuring Unions ‘Treasury’, on 5 July 2016. “- Read on.
KNF announced that, as of July 19 2016. is expected to report domestic banks interested in participating in the restructuring process unions “Treasure.” in response to the announcement KNF not reported no bank ready to participate in the process of acquisition of credit unions’ Treasury “.
according to reporting at the end of May 2016., credit unions Treasury had own funds according to the balance sheet in the amount of (-) 44.1 million zł, a capital adequacy ratio (-) 81.3 per cent. and showed total loss in the amount of 47 million zł. at the end of May 2016. State deposits gathered by 26.4 thousand. the members of credit unions Treasury amounted to 96.9 million zł, said the Commission.
24 May 2016. National credit union (National Association) KNF announced that to maintain the credit unions ‘Treasury’ state defined in the art. 74c paragraph. 1 Act on the jump, ie. A reduction in the percentage ratio of equity to assets value less than 1 per cent., In a continuous manner from the date of the first information about the situation, ie. From 24 June 2013., The notice provided by the administrator of trustees JUMP “Treasury” does not update the obligation specified in the art. 74c paragraph. 2 Act on the pitch. On 1 July 2016. Manager receivership unions “Treasury” sent to the KNF answer to the Cashier of the National to the letter of 15 June 2016. Dot. Accession unions “Treasury” to update Rehabilitation Program. Manager receivership unions “Treasury” asked to indicate by the Fund or the National Program of recovery proceedings transferred its main assumptions as well as the amount of grant assistance and its stabilization period, the National Fund are acceptable. By letter dated 30 June 2016. National Association passed a resolution of 28 June 2016. To suspend consideration of the request for assistance stabilization for credit unions “Treasury” of 6 May 2016. Pending receipt and analyze renovation rehabilitation program, reported on the KNF.
The ongoing state of deep insolvency of credit unions ‘Treasury’ and the lack of financial support from the National Association results in the inability to independently carry out the repair process by unions ‘Treasury’. In light of the current proceedings National Association, which in the case of others, some unions provide them with financial assistance from the stabilization fund without an approved rehabilitation program, in the evaluation of KNF there is no realistic prospect of recapitalization unions ‘Treasury’ by the Fund National and removal of the finding, deep insolvency cooperative cash – stated in a press release.
In connection with the state of the financial credit unions “Treasury” disclosed by the manager komisaryczną, including the lack of prospects for restructuring to the lack of financial support from the National Association and disagreement banks to take over credit unions Treasury, the only solution resulting from the law is the suspension of credit unions “Treasury” and to request the court to declare bankruptcy cash, which is a formal prerequisite to run the disbursements guaranteed by the bank Guarantee Fund, summed up the KNF.
According to the Act BFG , guaranteed funds are paid by the BFG within 20 days Working counted from the date of filing for bankruptcy cooperative cash. In total they are guaranteed by BFG deposits to a total PLN equivalent of 100 000 , 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-entitled separate limit of guaranteed funds.
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