EC Extends Polish Resolution Scheme Until October Next Year
EC approved, under the EU State aid rules, the prolongation of the Polish resolution scheme for 12 months until October 29, 2021. The objective of the scheme is to facilitate the work of the Polish resolution authorities, should a concrete case and need arise for it. The scheme was initially approved in December 2016. It has been prolonged four times, with the last prolongation being in April 2020. This fifth prolongation does not introduce any changes to the previous scheme. The measure will continue to be available for cooperative banks and small commercial banks with total assets below EUR 3 billion, only if they are placed in resolution by the competent national authorities. EC found the prolongation of the scheme to be in line with EU State aid rules, in particular the 2013 Banking Communication and EU banking rules.
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Keywords: Europe, EU, Poland, Banking, State Aid Rules, Resolution Schemes, Resolution Framework, EC
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