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President approves new deposit guarantee limit of €100,000


President Bronislaw Komorowski on 27 December signed into law 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 change transposes provisions of the EU directive on deposit guarantee schemes. It is expected that it will boost confidence in the country’s financial sector among individuals and micro-, small and medium-sized firms. It will take effect upon its publication in the Journal of Laws, not later than on 31 December 2010.

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