"Polish banks’ earnings are set to take a hit next year after the lower house of parliament approved a new quasi tax, which could take away up to 8 per cent of the sector’s earnings.
MPs voted on Friday to approve aproposal to create a stabilization fund that will be used to bailout banks threatened with insolvency. The fund will be managed by the Bank Guarantee Fund (BGF), which was set up in February 1995 to guarantee bank deposits and prevent banks from going under.
Every Polish bank will be required to pay a fee of between 0.05-0.2 per cent of risk-weighted assets. The exact fee will be set annually by the BGF after taking into account “the situation in the financial sector and the macro environment”."
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