The Polish government approved the amendment draft for a new banking fund at the beginning of the year. The Bank Guarantee Fund (BFG) is a special stabilization vehicle that will help raise money to preserve the financial stability of the Polish banking system. The state hopes to implement the new law within a year, although no precise amount has yet been agreed. In their 2013 forecasts, the analysts assuming banks could be forced to give away up to 1 percent of its capital, based on last year’s statements of some of the government’s members. This means, the fund’s incomes could reach PLN 700m.
“The banks with the lower asset return will be mostly impacted by the new duty,” says Andrzej Powierża of Citi Handlowy. “PKO BP, Pekao and BZ WBK will not get hit by the decision, though BRE Bank, Millennium and ING Bank Śląski could be seriously impacted by this.”
