KNF suspended operations unions “Treasury” – Polish Radio

According to the decision of the Court, creditors unions Ark will be able to submit their claims to the judge – commissioner within 30 days from the publication of a notice of the bankruptcy in the Court and Economic Monitor. Photo: Glow Images / East News

“In accordance with the ruling of the court, creditors unions Ark will be able to submit their claims to the referee – Commissioner within 30 days from the publication of a notice of the bankruptcy in the Court and Economic Monitor “- is a fragment of KNF statement.

KNF suspended operations Ark May 11

the Commission suspended the activities of credit unions Ark on 11 May and then appeared with a request for a declaration of bankruptcy. The reason was a deep insolvency Fund – assets not enough to meet its obligations.

From May 16 Pekao SA realizes the payment of guaranteed

May 16 gave the Bank Guarantee Fund that payments from the Fund for depositors of credit unions Ark were to be implemented from 20 May through the Bank Polish Pekao SA (Pekao SA).

According to the Law on BFG guaranteed funds are paid by the BFG within 20 working days from the date of submission of the bankruptcy of the cooperative cash. In total they are guaranteed by BFG deposits in total to the equivalent of PLN 100 thousand. euro, 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.

Arka with losses of more than 30 million zł deposits at approx. 99 million zł
According
data KNF on 31 March 2016., credit unions Ark had negative own funds in the amount of minus 26.4 million zł and showed a total loss to be covered in the amount of minus 30.7 million zł. Deposits States gathered by 19.3 thousand. Ark members of credit unions amounted to 98.8 million zł.

manager receivership since 28 August

28 August 2015. KNF established in unions Arka manager of trustees. As conveyed earlier Commission of its findings showed that credit unions Ark according to the state on August 27, 2015. Showed a negative own funds in the amount of minus 21.8 million zł and a negative capital adequacy ratio of minus 22.69 percent. – Which means deep insolvency.

The Ark has received help from the National Association credit unions

KNF also indicated that unions Ark never received financial assistance from the National cooperative Savings and Credit Bank (National Association), which refused to provide assistance. In the absence of financial assistance from the National Association it has become impossible to independently carry out repair process by unions Ark.

April 26, 2016 r. KNF he said that no other co-operative cash does not have the ability to take credit unions Ark in a way that ensure the safety of deposits held by the hand and discontinued the administrative proceedings conducted in this regard.

no bank wanted to take the Ark

at the same time, the Commission initiated an administrative inquiry investigate the possibility of taking over unions Ark by the bank. 9 May, the Commission was waiting for the application of domestic banks interested in participating in the restructuring of credit unions Ark, but in response to the announcement KNF not reported to any bank willing to participate in the process of acquisition of the cooperative cash.

In the message, sent on May 11 PAP National Association indicated that “on 29.05.2014 r. and 10.27.2014 r. decided to grant stability support credit unions Ark”. The payment of this aid was the presentation by the management of the then Cash rehabilitation program, to which the National Association does not make comments, at least in the main objectives of a rehabilitation program.

“We inform you that until the suspension of activities of credit unions Ark, Ticket national has not received from the manager of trustees rehabilitation program, to which the manager receivership is required by law, despite the fact that since its establishment by the Financial Supervision has passed more than 8 months, “- wrote on May 11, the national Association.

At the same Communication noted that the National Association April 25. He received from the manager of trustees only the concept of restructuring the unions Ark. Although this document was not a program of recovery proceedings, the National Association made its assessment for the payment of credit unions support the stabilization and 9 May. presented a “significant attention” to the proposed concept.

PAP, jk