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"The Polish Financial Supervisory Authority, exercising the statutory tasks foreseen for the supervisory authority and aiming to ensure the security of the financial market, has acknowledged that the authorization to start the activities by Polski Bank Apeksowy SA could not be issued due to the lack of adequate organizational preparation for the start-up of activities, not to be subject to appropriate conditions for the storage of cash and other securities, given the scale and type of banking activity, as well as non-compliance with the conditions set out in the decision to issue a permit for: creation of a bank "- reads in the release.
The cooperative banks that form PBA SA can take steps to join the existing associations BPS (Bank of Polish Cooperatives) or SGB (Cooperative Banking Group) and thus join the institutional protection systems or those they can ask the PFSA authorization to carry out independent activities, that is to say outside associations (cooperative banks whose own funds are the equivalent in zlotys of at least 5,000,000 euros).
Bank only for cooperative banks
In November 2017, the PFSA approved the creation of the Polish Apex Bank, which associates 56 cooperative banks.
According to cashless.pl, 56 cooperative banks filed a petition in this case. The activity of the institution consisted solely in providing services to affiliated cooperative banks (without the service of individual clients) in the form of: financial service of the association, guaranteeing the conditions for maintaining the liquidity of the association by all its participants independently, enforcement of regulations, development surplus of money and legal services of cooperative banks.
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