Audit no. I/24/003/LBI
The Supreme Audit Office of Poland has negatively evaluated supervision of the Polish Financial Supervision Board (KNF Board) and its Authority (UKNF) over the establishment and commencement of operations by Polski Bank Apeksowy S.A. The supervision over Polnord S.A. and Ursus S.A. was also insufficient. NIK has highligthed UKNF's limited role in the process of forced restructuring of Getin Noble Bank S.A. and a potential conflict of interests in the Bank Guarantee Fund. Following UKNF’s decision, the Fund played the role of a forced restructuring authority, the bank’s caretaker (temporary administrator) and the guarantor of bank deposits. NIK stands in a position that activities of KNF Board and its Authority were often of apparent nature, inconsistent with the law, sluggish and disrespectful for investors’ fundamental rights. In many cases the Board had instruments it did not use, which represents flagrant negligence.
