Business in Poland
Law, tax and banking. Chapter 6
The National Bank of Poland is responsible for implementing monetary policy, whose basic objective is to maintain the price stability. Within the framework of this strategy, the Monetary Policy Council defines the inflation target and then adjusts the NBP basic interest rates in order to maximize the probability of achieving the target. Since the beginning of 2004, the National Bank of Poland has pursued a continuous inflation target at the level of 2.5% with a permissible fluctuation band of +/- 1 percentage point.
Other responsibilities of the National Bank of Poland include the issuing of the national currency, the management of the country s foreign currency reserves, the regulation of bank sector liquidity and the provision of refinancing facilities to the banking sector. The NBP is also charged with maintaining the stability of the financial sector through banking supervision as well as the maintenance and de- veloping of efficient payment systems in Poland. Thus, the Polish central bank is responsible for issuing payment systems regulations and exercising payment systems supervision. It both owns and operates the real-time gross settlement system (SORBNET) and acts as settlement agent for both clearing and securities settlement systems (See 6.4.).
Before Poland potentially adopts the Euro the NBP will also be striving to meet the European Monetary Union entry criteria, i.e. the conditions which must be fulfilled prior to this adoption. Further, NBP plays a significant role as an eco- nomic research centre, both domestically as well as within the European System of Central Banks.
6.1.3. Banking/ Financial Institutions Supervision
Founded in 1997, the Commission for Banking Supervision has been responsible for both the regulation and supervision of the Polish banking sector since 1 January 1998. The General Inspectorate of Banking Supervision (GINB) is the Commission s executive agency which operates autonomously within the NBP. The GINB continually checks that all banks comply with prudential requirements, such as capital adequacy requirements and restrictions on the exposure of banks to banking risk (including liquidity risk, foreign exchange risk and credit risk).
6.1.4. The Polish Bank Association
The Polish Bank Association (Zwiazek Banków Polskich or ZBP) was established under the 1989 Chamber of Commerce Act. The ZBP is a public, autonomous organisation. Its principal objective is to promote the Polish banking sector, im- prove banking operations in Poland and enhance interbank co-operation. It plays an active part in the development and improvement of banking legislation. The ZBP represents its members (commercial banks and co-operative banks li- censed to operate in Poland and established under Polish law) domestically and internationally (principally as a correspondent member of the EU s European Banking Federation).
Danske Bank / KPMG / Mazanti-Andersen, Korsø Jensen & Partnere January 2006