Deposits held in all domestic banks (except Bank Gospodarstwa Krajowego), i.e. banks having their offices registered on the territory of Poland, and credit unions (SKOK) are guaranteed by the Bank Guarantee Fund - BGF (link opens a new window in another website). It means that in the case of bankruptcy of any bank or credit union covered by the above mentioned guarantee scheme, the BGF reimburses the funds held on the account of such a bank or a credit union up to the amount stipulated by the Act of 10 June 2016 on the Bank Guarantee Fund, Deposit Guarantee Scheme and Resolution, i.e. the amount constituting PLN equivalent of 100 000 EUR (including interest accruing until the day of the fulfilment of guarantee condition according to the interest rate specified in the agreement regardless of the maturity date). Moreover some categories of deposits, according to the Act on the BGF, are temporarily protected above that amount.
The BFG pays the guaranteed funds in case of fulfilment of guarantee condition (suspension of bank's or credit union's activity, appointing a trustee administrator as well as filing a bankruptcy petition at a relevant court) within 7 working days from the day of fulfilment of guarantee condition. In some circumstances, pursuant to the Act on the BGF, deposits may be subject to a longer repayment period (for example in case of depositors claims above the amount constituting PLN equivalent of 100v000 EUR). In such cases repayment is made immediately after meeting the relevant conditions laid down in the Act on the BGF. The guarantee claims shall lapse following five years from the date of fulfilment of the guarantee condition.
Polish legal provisions governing the protection of depositors are in full in compliance with the Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes.