Battle over SK Bank issue

The Act of 14th December 1994 on Bank Guarantee Fund (Journal of Laws position 1866) to a certain degree protects bank’s contractors in case of unavailability of cash deposits. It mainly happens, when Financial Supervision Commission suspends some bank. Recently such operation took place in case of the biggest cooperative bank in Poland – SK Bank.

In this case there is an dispute between Bank Guarantee Fund and some local governments regarding the scope of the notion “deponent” under the abovementioned act. The importance of this word is significant as each deponent is entitled to receive guaranteed benefit from Bank Guarantee Fund up to 100 000 Eur regardless of number of possessed accounts and financial instruments.

Local government as a legal entity is without any doubt a kind of deponent. However, it is unclear, if local governments’ budgetary units, which are not legal entities, but posses own NIP and REGON, are deponents as well and therefore are protected under the abovementioned act. This interpretation of law is presented by local governments.

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