As of 29 November 2013, deposits held in cooperative savings and credit unions are covered by the Bank Guarantee Fund, pursuant to amended provisions of the Act of 14 December 1994 on the Bank Guarantee Fund (amendments introduced by the Act of 19 April 2013 amending the act on cooperative savings and credit unions and several other acts).
In the event of fulfilment of the guarantee condition (suspension of a credit union’s operations and appointment of a receiver, provided one had not been appointed earlier, as well as submission of a petition to declare bankruptcy of the credit union), the Bank Guarantee Fund shall disburse guaranteed deposits in their full amount up to the statutory limit, i.e. to the equivalent in Polish zlotys of 100,000 euros. The disbursement shall be carried out in 20 working days.
More information is available in the section Information for credit union clients and FAQ – frequently asked questions
