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Government moves to renew financial sector recapitalisation scheme


The government on 4 January approved draft legislation extending until the end of 2011 the Finance Ministry’s recapitalisation scheme for the financial sector enacted last year as a means of supporting the stability of the country’s financial system amid the downturn.

The official statement explained that although no institution has so far claimed support from the programme, negative trends on world financial markets might occur also in 2011, hence its availability should be maintained this year as well.

The programme is open to all banks, insurance companies, pension funds, mutual funds, brokerages and cooperative savings and credit institutions (SKOK) based in Poland, regardless of their financial condition and ownership nationality. It envisages state guarantees of up to 100% for capital increases in the form of preferred-share or subordinated-debt issues, undertaken by companies unable to raise funds from the market.

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