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Polish regulator approves banks' protection scheme plan

·1-min read

WARSAW (Reuters) - A proposal by Poland's biggest banks to team up to create a protection scheme to help ensure their liquidity and solvency has been approved by the financial regulator KNF, the watchdog said on Friday.

Alior Bank, BNP Paribas Bank Polska, ING Bank Śląski, mBank, Bank Millennium, Bank Pekao, PKO BP and Santander Bank Polska put forward the plan on Tuesday.

Lenders plan to form a joint stock company which will manage the protection scheme and the funds they contribute to it. Each bank will put in 0.40% of the amount of the guaranteed funds of the given lender covered by the mandatory deposit guarantee scheme.

(Reporting by Marek Strzelecki; Editing by Susan Fenton)

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