When Bank Goes Bankrupt - DOC by iyu40896


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									The Bank Guarantee Fund

Dear Sirs,

In pursuance of Article 3 (1) of the Act amending the Act on the Bank Guarantee Fund
and the Banking Law Act of July 16, 2009 (Journal of Laws of 2009 No 144 Item 1176),
we wish to inform you that Rabobank Polska S.A. w ith the registered office in Warsaw
participates in the statutory guarantee system and also to brief you on the underlying
rules of this system as well as on cases when guarantee protection does not apply.

Moreover, we wish to let you know how you can access information about the economic
and financial situation of Rabobank Polska S.A.

Deposit guarantee system at the Ba nk Guara ntee Fund

In order to ensure security of deposits placed at banks operating in Poland and in
pursuance of the Act on the Bank Guarantee Fund of December 14, 1994 hereinafter
referred to as “the Act” (Journal of Laws of 2009 No 84 Item 711) the Bank Guarantee
Fund was established (hereinafter referred to as “the Fund” or “the BF G”).
The requirement to protect consumers’ interest in terms of banking services was the
direct reason of establishing the deposit guarantee system. The chief objective of the
BF G is to disburse funds deposited in bank accounts of natural persons and other entities
that deposit their funds to banks as public trust institutions whenever a bank goes
Apart from the exceptions specified hereinbelow, all the deposits maintained at Rabobank
Polska S.A. are covered with the Fund’s guarantees.

Amount of security guaranteed by the Ba nk Guara ntee Fund

At present, deposits equivalent to EUR 50,000 or less are guaranteed in 100%. In order
to calculate a given sum in the euro or other foreign currencies, the average exchange
rate published by the National Bank of Poland on the day on which the bank was declared
bankrupt shall be adopted. Funds shall be disbursed in the Polish zloty regardless of the
currency of the deposits maintained at the bank. The amount in the zloty equivalent to
EUR 50,000 shall constitute the maximum amount of depositors’ claims against t he Fund
irrespective of the actual amount of their deposit, the number of accounts where funds
were deposited or the number of liabilities on the basis of which they are entitled to
receivables at a given bank.

Deposits under protection

The following registered deposits in the zloty and in foreign currencies shall be
guaranteed by the Fund:
   1. of natural persons,
   2. of legal persons (i.e. corporations, state-owned companies, local government
      units, foundations, associations, political parties, etc.),
   3. of organisational units without legal personality as long as they have legal
      capacity (e.g. of partnerships, housing associations, private health care
   4. of school savings banks as well as savings and loans schemes for employees.

Deposits exc lude d from protection

   1. State Treasury deposits,
   2. deposits of financial institutions, such as: banks, brokerage houses, pension
       funds, invest ment funds, entities providing insurance services, entities not entitled
       to draw up a summary balance sheet or a summary profit and loss account,
   3. deposits of the bank’s management and its key shareholders (holding at least 5
       per cent of the bank’s shares).
What is more, the BF G shall not protect receivables with respect to the bank which result
from the following transactions concluded with the bank:
   1. banking transactions not confirmed with a registered document issued by the
       bank (e.g. a receivable debt resulting from a bank’s bearer share certificate),
   2. operations other than banking ones.

What is more, receivable debts with regard to an entity which is not covered by the
guarantee system shall not be protected by the BFG w henever the bank acts as an
intermediary in concluding the agreement with this entity.

Disbursement of funds guaranteed by the BFG:

The receiver or the administrator of the bankrupted bank’s assets shall draw up a list of
persons authorised to receive funds guaranteed by the BFG along with a calculation of
sums they are entitled to receive and subsequently they shall disburse the funds due.
Guaranteed funds shall be disbursed after relevant amounts have been provided to the
receiver or the administrator by the BF G. Guaranteed funds shall be disbursed to
depositors within 30 days from the day on w hich the receiver or the administrator of the
bankrupted bank’s assets received the monies f rom the Fund for the disbursement of the
guaranteed funds, however, not later than within three months from the day on which
funds became unavailable, i.e. when the bank’s activities were suspended by the Polish
Financial Supervision Authority.
Guaranteed funds shall be disbursed to persons entitled to receive them, i.e. depositors
or their proxies, statutory representatives or their legal successors.
Any claims on account of guarantees shall become invalid after the lapse of 5 time s from
the day on which the bank was declared bankrupt.

Recovering the amount of deposits whic h is not guara nteed by the Bank
Guarantee Fund (the amount above EUR 50,000)

The amount of deposits which is not covered by BF G guarantees constitutes a receiva ble
debt of depositors with regard to the bankrupted bank’s assets and may be recovered
through dividing the bankrupted bank’s assets during the bankruptcy proceedings. In the
event when a bankrupted bank is purchased by another bank, the new owner shall t ake
over the liabilities with respect to the bankrupted bank’s clients.

Data about the economic and financia l situation of Rabobank Polska S.A.

Data about the economic and financial situation of Rabobank Polska S.A. is available at
Basic information about the guarantee system and its underlying principles may be found
in BF G leaf lets distributed in the main lobby of the principal office of Rabobank Polska
S.A. Detailed information about the mandatory deposit guarantee system may be found
on the web site www.bfg.pl as well as at the BFG’s info line no.
0-22 583-09-42

In case of any questions or doubts that may arise in connection with the details provided
above, we kindly request you to contact us by phone or w rite to us in accordance with
the following contact details:
0-22 653-50-00
info-waw@rabobank.co m

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