Compulsory system of guarantee of financial resources gathered in banks under the Bank Guarantee Fund.

The aim of the compulsory system of guarantee of financial resources gathered in bank accounts is to ensure the depositaries of those resources the possibility of withdrawing them up to a legally established level, if the institution participating in the Bank Guarantee Fund could not pay them back. (To put it more clearly – in the case of the bank’s bankruptcy money on the accounts is not lost, they are paid to their owners in a legally established amount).

The resources gathered in GETIN Bank SA are guaranteed by the Bank Guarantee Fund.

The Bank Guarantee Fund guarantees financial resources put on a personal bank account by the depositary and liabilities resulting from other bank actions, according to their state on the day when the bank suspended its activity, plus due interest calculated to the day of the Bank’s insolvency announcement, which were given personal receipts in Polish or another currency, regardless of the number of contracts signed by GETIN Bank SA up to a legally established level.

The financial resources of the following depositaries are guaranteed:

• individuals
• corporations
• organizational units that have no legal status, but do have legal capacity
• school savings banks
• employees’ benefit and savings banks
• If the bank runs one account for several people (shared account), all of these people are depositaries – as is specified in the account contract or in legal provisions.
• If the bank runs an account for a civil company, general partnership or a partnership of at least one active partner and at least one limited – the company is the depositary.

The following resources are guaranteed:

• up to PLN equivalent of EUR 1 000 - 100% of the resources’ value is guaranteed
• PLN equivalent of from EUR 1 000 to EUR 22 500 - 90% (totalled, regardless of the number of contracts signed by the depositary with the bank)
• for the calculations the average National Bank of Poland exchange rate of PLN to EUR is used, according to the exchange rate table published by the National Bank of Poland and valid on the day of the guarantee’s coming to effect, i.e. on the the day of bankrupcy announcement.

The tables are published by daily newspapers and elsewhere, they are also available at the NBP site.