KNF established receivership in credit unions “Coast” – Polish Radio

The manager of trustees Unions Jaworzno was established Edyta Glajcar.

The Commission notes that “the aim of the manager of trustees are efforts to strengthen the cooperative cash, by increasing efficiency and improving risk management standards based on a detailed verification of the financial situation of cash “.

– receivership manager was required to prepare financial information SKOK Jaworzno at the end of the day preceding the establishment of credit unions managers and trustees to submit this report audited by the auditor. Manager receivership also develop the concept of restructuring cash in agreement with the Commission, or develop and agree with the KNF rehabilitation program whose implementation will serve the most effective interests of the members of the cooperative cash – notify the Financial Supervision Authority.

Manager receivership has guided the process restructuring and to inform the Financial Supervision Authority, the Building Society National and the supervisory board of the cooperative cash on the effects of the activities carried out repair – adds the committee.

Members will not notice the changes

KNF reminds at the same time, that its decision does not affect the way service members of credit unions and cooperative cash will continue to provide services in the full current range. They remain in force contractual relations linking unions with its members, which are also co-owners of the money.

– still in force also agreements with employees and contractors unions. On appointment of an administrator of trustees, current members of the board of credit unions are dismissed under the law, and previously granted proxy and power of attorney shall expire. Competence of other organs of cash are suspended. At the manager of trustees goes right to decide all matters relating to the cooperative cash, with the exception of changes in the statute – informs the Financial Supervision Authority.

SKOK Jaworzno is yet another cash in the KNF introduced receivership.

a total of receivership has been introduced in 16 counters, of which four board so still works seven counters declared bankrupt, and five were taken over by banks.

At the end of June functioned 29 “small” banks, with assets below 100 million zł, 11 banks with assets of 100-500 mln zł and three cash with assets exceeding 500 million zł, but possessing more than 70 percent. system assets.

National Association responds not occurred reasons for this decision

In connection with the Communication from the Financial Supervision Commission on the introduction of compulsory administrator in cooperative savings -Kredytowej “Jaworzno” in Jaworzno, the National Association states that in its opinion does not overlap reason to take such far-reaching decisions, according to the release sent in by Mariusz Wielebski, spokesman for the National Association credit unions.

the situation of financial and economic Fund did not indicate a threat to the continuity of its operation.

at the same time, the National Association of concern the mechanical, often omitting important issues and lacking will to cooperate with the Treasury for the National and credit unions “Jaworzno” action KNF against unions “Jaworzno” and relations with the National Treasury for.

this is closely related to the proposals lodged by these institutions to ensure the implementation of the rehabilitation program and adopt the most advantageous variant stabilize credit unions “Jaworzno” within the system of credit unions. JUMP “Jaworzno” pursued the recovery program and expressed readiness to prepare its correction or prepare a new program in such a way as to take into account all the recommendations of the Financial Supervision Authority, the attention and expectations.

KNF until the introduction of the manager did not refer to the proposed the deadline for unions to guarantee the implementation of the recovery program, taking into account the recommendations of the Financial Supervision Authority. Earlier, the Financial Supervision Commission a few months remained silent about the complex recovery program and for the first time gave him attention until July 2016 at which to respond unions “Jaworzno” immediately declared the preparation of appropriate updates.

The Commission also did not respond at the request of the National Fund on its meetings with the Commission in order to make arrangements which are important for the possibility of carrying out the unions “Jaworzno” self-rehabilitation.

PAP, the message unions, abo, jk