CU scandal is not Amer Gold 2 – Banker

In terms of
 the intensity of media buzz liquidation Amber Gold and fall of credit unions can not Wołomin
 compete – priority must be to the pyramid of Gdansk. However, comparing the
 these two cases do not make much sense. The case cash is much
 serious, and the problem is not just one institution.

 

During the closed session of the Finance Committee
 Public in parliament shows the situation in the cash
 savings and loan, and details of ongoing investigations into the
 abuse among Unions Wołomin. “This is what we have heard, this affair Amber Gold
 Two “- said
 During yesterday’s meeting in one of the SLD deputies. This sentence with enthusiasm
 picked up the media – were in the titles of reports of parliamentary lobbies.
 The comparison is colorful, eye-catching, but completely captures the essence of the matter.
 It is, as the English say, comparing apples to oranges.

 

Amber Gold was a Ponzi scheme, businesses operating in
 legal vacuum and using it effectively to hide your model
 action. CU Wołomin acted within the regulated sector, and from 2012
 subject to supervision by the Financial Supervision Authority. Despite this cash was managed in a way that does not
 answer any standards. On why it happened, probably just
 know, but for now the public stingy details.
 

This Wołomin Amber times four

 

Staying out of speculation and reaching only to the
 events of the past, we can compare the size of the two scandals. In the case of Amber Gold
 counted 18 thousand. victims .
 The suspects, according to the company owners led investigators to “adverse
 Regulation of property “with a value of 850
 million zł gold .

 

JUMP Wołomin was the second largest cash in Poland.
 Savings have located in the 80000
 Customer , and the total amount of Deposit
 amounted to approx. 2.7 billion zł. At the time of declaring bankruptcy loan portfolio
 CU-in included loans and loans
 value of 2.4 billion zł and overdue receivables accounted for almost 80 per cent.
 wallet.
 

The victim in the case of credit unions is four Wołomin
 more than in Amber Gold. Word of the victim should be but in this case
 in quotation marks – most do not have excess savings there
 EUR 100 thousand. euro. Thus, they have received, or will receive, pay all contributions
 (With interest!) From the Bank Guarantee Fund. This explains,
 why in the media scandal Amber Gold rebounded much wider echo – customers
 Fallen credit unions do not complain.

 

We are all affected

 

The public does not
 is aware that a bankruptcy credit unions Wołomin, and before CU Community,
 largely paid out of pocket. Bank Guarantee Fund, which
 cash paid to depositors measures, collects premiums from banks. This hidden burden
 in the prices of services – accounts, cards, loans. With approximately 12 billion zł provisions for
 payments to unions has already been approx. 3 billion zł, and the consequence of lean BFG
 is the increase in premiums for financial institutions.

 

Problems unions will not end with the bankruptcy of two banks,
 although we hope that equally dramatic events will be gone.
 Sector the situation is still difficult. Over 40 banks covered by the investigation
 repair, and over the last two years, initiated two thousand. prosecutions for fraud
 to the detriment of credit unions. Unions do not help the image of the doubts about the institution of “support”
 sector (CU Holding, foundations).

 

Cash had offered to bridge the gap in the financial sector,
 reach customers less attractive for banks to support local
 community and professional groups. In a largely failed to fulfill this mission. In an industry
 where it counts most of all trust a few black sheep can effectively destroy
 image. Credit unions and that this painful experience.

Michael Kisiel