Bank Guarantee Fund

Bank Guarantee Fund ( Polish. Bankowy Fundusz Gwarancyjny, BFG ) - Polish Deposit Guarantee Fund .

The deposit insurance system is regulated by the Law of December 14, 1994 “On the Bank Guarantee Fund”. The system of deposit insurance includes Polish commercial , cooperative and state banks . The deposit guarantee system does not include the cooperative savings and credit offices and the National Bank of Poland . Also in this system have the opportunity to join the banks of the European Union .

The fund operates as follows: the fund sets certain quotas for banks , and they, in turn, accumulate part of the funds in the form of funds for the protection of guaranteed funds. Funds for protection of guaranteed funds are created by all banks that are members of the guarantee system. In the event of a bank declaring bankruptcy by a bank, eligible persons are paid a guaranteed amount. Since January 1, 2011, the upper limit of payments has been increased to 100 thousand euros .