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President signs off on extension of financial sector recapitalisation scheme


President Bronislaw Komorowski has signed into law legislation extending indefinitely the Finance Ministry’s recapitalisation scheme for the financial sector, enacted in 2009 as a means of supporting the stability of the country’s financial system amid the downturn, and originally due to expire on 31 December 2010.

No institution has so far claimed support from the programme. But in proposing its extension until the end of 2011, the government stressed that the possibility could not be ruled out of negative developments on world financial markets in the course of this year, hence the continued need for confidence-strengthening measures.

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.

The 2011 budget puts the maximum value of state guarantees (including those arising from the new legislation) at PLN 55bn (€14bn).

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