PFSA Announcement Regarding Refusal of Polys Bank Apeksowy SA's Operating License

Zdzislaw Sokal, president of the BFG, voted against the new bank. Fig. Maciej, student / JOURNALIST

"The Polish financial supervisory authority, which fulfills the statutory tasks laid down for the supervisory authority and aimed at ensuring the security of the financial market, recognizes that permission to start operations by Polski Bank Apexowy SA can not be issued, due to lack of preparation appropriate conditions for the storage of cash and other values, taking into account the scale and type of banking activity and of the non -respect of the conditions set out in the decision on the issue of a permit for the creation of a bank ", informs the PFSA.

The Commission recalls that under the Bank Act, a bank can commence operations after obtaining authorization from the PFSA, while the Commission allows the bank to start operations after determining that the bank is: duly ready to start the activity; he will gather all his capital; has appropriate conditions for storing funds and other securities, taking into account the scale and type of banking activity; fulfill the other conditions specified in the decision to issue a permit to establish a bank.

The KNF press release recalls that the cooperative banks that make up the Polish Apex Bank "may take steps to join the existing associations of the BPS or the CSG and thus enter the institutional protection systems or ask for them. authorization to the Polish Financial Supervisory Authority to carry out independent activities, ie associations (cooperative banks with equity of at least EUR 5 000 000) ".

The announcement indicates the result of the vote at the PFSA meeting. The new president, J. Jastrzbski, Mr. Obroniecki, Mr. Pachucki and Z. Sokal, refused to issue the permit. Unlike the refusal to issue a permit, they were: A. Diakonow, J. Wojtya, A. Kamierczak.

In November 2017, at the request of 56 cooperative banks, the PFSA allows the creation of a bank associating these banks under the company Polski Bank Apeksowy SA.

PBA's activity was limited to the provision of services to affiliated cooperative banks, including: financial support for the association, guaranteeing the conditions of the liquidity of the association by all its participants, through the implementation of regulations, the management of cash surpluses of cooperative banks and the provision of legal services.

The apex bank did not carry out any banking activity on behalf of clients, did not accept deposits, did not grant loans or credits, did not carry out any banking operations. compensation, did not have a network of branches.

Before the creation of the PBA, two banks associated the derivative banks – BPS and SGB.

The amendment of the law on the operation of cooperative banks from 2015 introduces a new system of institutional protection of cooperative banks, in line with EU regulations.

Derivative banks can be associated with institutional protection schemes – the so-called IPS – incl. guaranteeing additional risk monitoring mechanisms and giving banks the opportunity to have "risk weights" in your own resources. This form of association is recommended by KNF.

Medicines introduced by the forms of association act of cooperative banks are called integrated associations. They imposed on banks slightly lower requirements than those of IPS.

The cooperative banking associations SGB and BPS present in Poland will adopt the IPS system. However, some banks belonging to the BPS group disagree, preferring the integrated association. These banks were created by Polski Bank Apeksowy SA.