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Getin Holding SAWarsaw's Court verdict with no impact on VeloBank customers, BFG to file cassation complaint
The verdict of the Provincial Administrative Court in Warsaw does not have any impact on the situation of VeloBank's customers, and upon receipt of the written justification, Poland's state bank guarantee fund BFG's will start working on filing a cassation complaint to the Supreme Administrative Court, BFG said in a statement.
"At the same time, the Fund stresses that the judgment of the Provincial Administrative Court in Warsaw does not affect the validity of legal actions made on the basis of the Fund's decision to initiate forced restructuring," BFG stated.
"Therefore, the verdict (...) does not have any impact on the situation of the clients of VeloBank S.A., which is an entity independent of the Fund," it added.
BFG said that the bank's forced restructuring had protected all customer deposits of PLN 38.1 billion (EUR 9.1 bln), including PLN 3.3 billion (EUR 784.4 mln) of deposits that could not be paid out under the BFG guarantee in the event of bankruptcy.
Poland's state bank guarantee fund added that it had initiated a forced restructuring against Getin Noble Bank, as all three prerequisites that legally oblige the BFG to take such action had been met.
Listed lender Getin Holding reported on Wednesday that the Provincial Administrative Court in Warsaw ruled that BFG's decision to start the forced restructuring of Getin Noble Bank was made unlawfully. This decision involved cancelling the bank's capital instruments, applying a temporary restructuring measure, and appointing a bank administrator.
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