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The establishment of the Cooperative SGB Protection Scheme is founded on the final CRD IV/CRR package, published on 27 June in the Official Journal of UE in Polish, consisting of the following:

Directive CRD IV lays down the issues related to the establishment of banks, capital buffers, supervision, management and corporate governance in banks and investment companies. The CRR regulation provides regulations on own funds, capital requirements, solvency and leverage.

Within the framework of implementing the UE provisions in June 2015, the law on cooperative banks functioning was re-enacted, and a new system of institutional protection was introduced offering banks a new framework of affiliation. The new law resulted from the adoption of the Polish law to the EU regulation of 2013 (CRR) imposing new prudential standards on banks. For the purpose of meeting the aforementioned standards, banks are expected to establish a new type of affiliation.

The law assumes that cooperative banks can affiliate in IPS‘s to guarantee their mutual obligations. IPS‘s offer additional mechanisms of risk monitoring and new opportunities to have lower “risk weights” in their assets.

Works over the provisions on protection schemes were commenced by the SGB Affiliation as early as in the middle of 2013. A wide consultation process was started up to discuss the implementation of new provisions resulting from the CRDIV Directive and CRR.

The affiliated cooperative banks chose a solution consisting in the development of the Institutional Protection Scheme with a separate managing unit established as a cooperative of legal persons, i.e. the SGB Institutional Protection Scheme (IPS-SGB). On 23 November 2015 the SGB Protection Scheme Agreement was signed by 191 representatives of SGB Affiliation of Cooperative Banks and the Board of Directors of the Affiliating Bank, i.e. SGB-Bank S.A.