POLAND Law and Practice Contributed by: Marcin Olechowski, Wojciech Iwański, Tytus Brzezicki and Piotr Orłowski, Sołtysiński Kawecki & Szlęzak
Limitations The following entities are not entitled to guar - antee: • the State Treasury; • the National Bank of Poland; • banks, foreign banks and credit institutions; • credit unions and the National Cred - it Union ( Krajowa Spółdzielcza Kasa Oszczędnościowo-Kredytowa ); • the BGF; • certain financial institutions; • persons and entities not identified by the entity participating in the fund; • local government units; or • public authorities of an EU member state other than the Republic of Poland and a third country – in particular, central and regional governments and local government units of these countries. Under Directive 2014/49/EU (the “Deposit Guar - antee Scheme Directive”), the funds are covered by the guarantee up to the Polish zloty equiva - lent of EUR100,000, according to the average exchange rate of the National Bank of Poland as of the date of fulfilment of the guarantee condi - tion. Exercising Rights Under the Guarantee The guarantee is payable within seven business days of the date of fulfilment of the guarantee conditions, which – for banks – include the fol - lowing: • issuing the PFSA’s decision to suspend a bank’s activities; and • filing the BGF’s motion for a bank’s bankrupt - cy with the competent court. As of the date of the fulfilment of the guarantee condition, the BGF acquires a claim to the entity
to it in proportions based on several factors (eg, the bank’s management profile, capital, liquidity and quality of assets). Scope of Coverage The funds covered by the BGF include: • funds in any currency accumulated by the depositor in bank accounts where the deposi - tor is a party to the bank account agreement; • the depositor’s other receivables arising from selected banking activities; • the receivables of the person who covered the funeral costs of a deceased bank account holder; and • selected receivables of the depositor arising from bank securities. The guarantee does not extend to: • the depositor funds that, during the two years prior to the date of fulfilment of the guarantee condition, were not subject to turnover other than interest operations and the sum of which is less than the Polish zloty equivalent of EUR2.5; or • electronic money as defined in the legisla - tion implementing Directive 2009/110/EC (the “E-Money Directive” (“EMD2”)) and funds received in exchange for electronic money. Entities Entitled to Guarantee The following entities are entitled to guarantee: • natural persons; • legal persons; • organisational units that are not legal per - sons but have legal capacity (eg, commercial partnerships); • school savings funds; • savings and loan associations; and • parent councils.
472 CHAMBERS.COM
Powered by FlippingBook