As of 16 September 2019, an updated version of the Resolution on non-cash collateral, adopted by the Management Board of the Warsaw Commodity Clearing House (“IRGiT”), will come into effect. The resolution describes the process of contributing and handling non-cash collateral at IRGiT.
The amendments concern in particular matters related to the process of accepting bank guarantees and the implementation of Risk Committee recommendations.
In addition to the current acceptance process of bank guarantees up to PLN 150 million by a resolution adopted by the IRGiT Management Board, the new version of the Resolution admits the possibility of having them accepted by the Director of the Risk Management Department individually or in the case of his absence by the Management Board Member responsible for risk management at IRGiT.
The new model of accepting bank guarantees implements the declarations made by IRGiT during the 2019 Trading Forum and the meeting of the Electricity and Gas Market Committee. The model optimizes the process of lodging bank guarantee collateral by the House Members.