The EBA has received a notification from the Bankowy Fundusz Gwarancyjny (the Bank Guarantee Fund in Poland) in relation to determination of the unavailability of deposits at Wielkopolska Spółdzielcza Kasa Oszczędnościowo-Kredytowa (Wielkopolska Credit Union).
On February 3, 2017 the Polish Financial Supervision Authority suspended operations and filed for bankruptcy of Wielkopolska Spółdzielcza Kasa Oszczędnościowo-Kredytowa (Wielkopolska Credit Union). The credit union possessed 39 575 depositors with guaranteed deposits amounted to EUR 66.1 million (PLN 284.2 million).
The direct reason for the determination of unavailability of deposits was the fact that assets of the credit union were not sufficient to meet its obligations. The deposits reimbursement started on February 13, 2017 (6th working day). From February 13 to April 14, 2017 the bank agent (PKO Bank Polski S.A.) reimburses deposits to the depositors.
The Bank Guarantee Fund will continue the reimbursement process to the date of February 2, 2022.