Politics of memory

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09:30
24.10.2022

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PI Alert
08:45
30.09.2022

BFG saves Getin Noble Bank from bankruptcy

The Bank Guarantee Fund (BFG) started a forced restructuring of Getin Noble Bank, controlled by Leszek Czarnecki. The reasons were that the bank was at risk of bankruptcy, that there was no indication that the situation was improving and that according to BFG such action was in the public interest. The BFG took the decision on the basis of an estimate by Deloitte Advisory, which showed that the bank's equity was negative and amounted to PLN -3.6 billion. The total amount earmarked for the bank's rescue reaches PLN 10.3 billion, of which PLN 6.9 billion comes from the BFG's funds and just under PLN 3.5 billion from the funds of the commercial bank protection system set up by the eight largest banks in Poland. The aid assumes the creation of a bridge institution operating under the name Velo Bank, in which 51 per cent of the shares will be acquired by the BFG and 49 per cent by the protection system.

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