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The Warsaw Voice » Business » May 6, 2014
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Regulator recommends ‘bad’ bank for ‘bad’ assets
May 6, 2014   
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The Polish government should consider setting up a "bad bank" in which to put "bad" assets of the troubled savings-and-credit unions (SKOK), financial market regulator KNF president Andrzej Jakubiak told a news conference on Monday.

"From our point of view, that idea is entirely acceptable," Jakubiak said adding it was up to the Bank Guarantee Fund to make the decision. "It's an idea worth considering."

At the end of 2013, 44 credit unions were under debt restructuring procedures, while three were managed by receivers. SKOKs' national association (Kasa Krajowa) had capitalized unions in need with PLN 193 million.SKOK total assets at end-2013 amounted to PLN 19.14 billion.

The regulator wants the majority of Poland's savings and credit unions to achieve a capital adequacy ratio of around 5% at end-2014, after the sector was missing PLN 1.37 billion in equity to reach the minimum capital requirements at end-2013, Jakubiak also said.

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