February 23, 2018 / 12:03 PM / in a year

Polish fund hikes bank payment requirements in 2018 to 2.2 bln zloty

WARSAW, Feb 23 (Reuters) - Polish Bank Guarantee Fund (BFG) has increased a total amount of contributions banks must pay it in 2018 to 2.2 billion zloty ($648.76 million) from almost 2.1 billion zloty a year earlier, the fund said on Friday on its website.

Polish banks are subject to heavy regulatory payments, while the system is relatively strong and safe.

During 2008 global crisis no major bank went bust and received no state help. Since then some very small lenders were forced to file for bankruptcy, and major banks have paid for clients’ deposits via the BFG.

In 2016, ruling party Law and Justice (PiS) which remains at odds with the European Union, introduced a bank tax, that significantly cut banks’ profits, in a move that was aimed to increase budget revenues to secure money for huge social transfers aimed at supporting poorer parts of the society.

$1 = 3.3911 zlotys Reporting by Marcin Goclowski

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