Getin Noble Bank will prepare a new recovery plan

Getin Noble Bank will prepare a new recovery plan

The Financial Supervision Authority (KNF) has denied Getin Noble Bank’s request for approval of an update to its recovery plan.

The supervisor wants Leszek Czarnecki’s bank to prepare a new plan. It has given it four months to do so. In addition, as of 27 December, the bank will have a curator. This role has been assigned by the KNF to the Bank Guarantee Fund.

The KNF rejected an update to the Getin Noble Bank recovery plan mainly because it requires taking into account the current market situation. This mainly concerns the evolution of interest rates and trends in case law practice regarding foreign currency loans.

The Commission also assessed that there are positive effects of the restructuring actions carried out by the bank, mainly on the cost side. However, on the other hand, it concluded that the remaining resolution measures are not sufficient to achieve sustainable viability. This is particularly difficult in the absence of support from the main shareholder and in the context of negative external factors such as a pandemic.



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