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Polish Banking Law: A Comprehensive Overview
In this article, we will delve into the intricacies of Polish banking law, providing a comprehensive overview of the key aspects that affect banks and their activities. Our experts from Sołtysiński Kawecki & Szlęzak will guide you through the regulatory framework governing Polish banking institutions.
Depositor Protection
The Bank Guarantee Fund (BGF) is responsible for administering Poland’s mandatory depositor protection scheme. All banks with a corporate seat in Poland are required to participate in the fund by contributing based on factors such as management profile, capital, liquidity, and quality of assets. The scope of coverage includes:
- Funds accumulated in bank accounts
- Other receivables arising from selected banking activities
- Selected receivables from bank securities
However, certain entities are not entitled to guarantee, including: + State Treasury + National Bank of Poland + Banks + Foreign banks + Credit institutions + Local government units
Exercising Rights Under the Guarantee
The guarantee is payable within seven business days of the date of fulfillment of the guarantee conditions. The BGF acquires a claim against the entity in relation to which the guarantee condition has been fulfilled.
Bank Secrecy
Polish banking law imposes an obligation on banks to maintain bank secrecy, which does not extend to cases where disclosure is necessary for the proper performance of anti-money laundering and counter-terrorism financing obligations. Banks are required to disclose information subject to bank secrecy exclusively to:
+ Other banks
+ Credit institutions
+ Providers of open-banking services
+ The PFSA (Polish Financial Supervision Authority)
+ Courts
+ Prosecutors
+ The Financial Ombudsman
Breaching bank secrecy is subject to both civil liability (damages) and criminal liability (fine up to PLN1 million and imprisonment for up to three years).
Prudential Regime
The Banking Law prescribes a minimum initial capital of PLN equivalent to EUR5 million, which may be increased based on the scope and scale of bank activities. The EU’s CRR/CRD package implements Basel III standards, with some provisions directly applicable in Poland and others implemented through amendments to the Banking Law.
Conclusion
Polish banking law is a complex regulatory framework that governs the activities of banks operating in Poland. Understanding these regulations is essential for ensuring compliance and avoiding potential penalties. Our experts have provided a comprehensive overview of the key aspects, including depositor protection, bank secrecy, and prudential regime. By familiarizing yourself with these rules, you can better navigate the Polish banking landscape.
About the Authors
Dr Marcin Olechowski, Dr Wojciech Iwański, and Tytus Brzezicki are experts in banking and financial law from Sołtysiński Kawecki & Szlęzak. They have extensive experience advising clients on regulatory matters, including depositor protection, bank secrecy, and prudential regime.
About Sołtysiński Kawecki & Szlęzak
Sołtysiński Kawecki & Szlęzak is a leading law firm in Poland, providing expert advice on various legal issues, including banking and financial law. With a team of experienced lawyers, they have a strong reputation for delivering high-quality services to clients.