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Sejm lifts bank deposit guarantee limit to €100,000


The Sejm on 25 November voted to approve an amendment to the Bank Deposit Guarantee Fund (BFG) Act which doubles Poland’s bank-deposit guarantee ceiling to €100,000 from €50,000. The money is to be paid out within 20 working days of the Financial Supervisory Commission (KNF) establishing that a given bank is unable to meet its financial obligations.

The government expects that the change, which transposes provisions of the EU directive on deposit guarantee schemes, will boost confidence in the country’s financial sector among individuals and micro-, small and medium-sized firms. It will take effect on 31 December 2010.

It is the second such change in two years. In October 2008, at the height of the financial crisis, the Sejm voted to double the deposit guarantee limit from €22,500.

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