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The Warsaw Voice » Business » May 10, 2018
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Expert on GetBack crisis
May 10, 2018   
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Poland sees "no systemic risk" to the financial market or investment fund community from the ongoing default of debt collector GetBack, Poland's chief financial market regulator Marek Chrzanowski said at a press briefing.
"We don't see anything of a systemic scale that could be of concern," Chrzanowski told reporters when asked of corporate bond and money market fund liquidity in the wake of the default, but offered admission that he "doesn't wish to add to any concerns."
"There is an impact, but the scale of impact on the corporate bond market is yet to be seen," Chrzanowski said.
The first local bond fund directly hit by the selective default, the key fund of the Quercus investment fund group, has seen a nearly 1/4 reduction in AuM YTD, presumed partly to stem from the exposure to 2018 maturities of GetBack.
Quercus moved in early April to ringfence those exposures to protect clients of 'Capital Protection,' but outflows accelerated to 14% in the month of April.
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