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Report: Poland sets up 'bridge bank' to rescue troubled lenders

Poland's Bank Guarantee Fund set up an institution that will oversee the resolution of financially troubled banks, Parkiet reported.

Pierwszy Bank BFG was registered in April and has a share capital of 275 million Polish zlotys. Its management board includes specialists having extensive experience in the restructuring of financial institutions and risk management, the newspaper reported May 31.

The institution was set up as part of Poland's bank resolution system and will serve as a "bridge bank" that can be used to continue the banking activities of an entity undergoing restructuring, until it is taken over by a new investor, the Bank Guarantee Fund representative told the newspaper, noting that the local banking community has long been asking the BGF to set up such an institution.

As of May 30, US$1 was equivalent to 3.85 Polish zlotys.