Poland's financial system stable - Finance Minister, central bank head

Poland's financial system has been operating in a stable and safe way. The Financial Stability Committee has been securing this stability, declared Finance Minister Teresa Czerwińska and the governor of the National Bank of Poland, Adam Glapiński, on Monday.

The minister told a press conference that the Financial Stability Committee (KSF) held a meeting on Sunday night, and that it was attended by members of all the institutions of the financial security network, namely, the National Bank of Poland, the Polish Financial Supervision Authority, the Finance Ministry and the Bank Guarantee Fund (BFG). The meeting was convened by the finance minister, who is the KSF chairman.

"We talked about the financial condition of the two banks, namely Getin Noble Bank and Idea Bank. We analysed their financial situation, we heard a report by representatives of the two banks, who informed them that Getin Noble Bank and Idea Bank have taken appropriate steps and have been meeting their obligations towards their clients. (...) The situation is under control, it is being monitored," Czerwińska stressed.

"Each of the four institutions has been fulfilling its function. At the same time, each of them declared during a meeting their immediate readiness to support the stability of the financial system - if necessary," the minister underlined and added that the system "has been operating in a stable and secure way."

The governor of the National Bank of Poland (NBP), Adam Glapiński also declared that Poland's banking, financial system is stable and safe and stressed that "everything is being monitored and supervised."

Glapiński said that the Financial Stability Committee had to meet on Sunday night because of the 'media storm', and added that this was the main cause of the meeting, stressing that there was no reason for such a meeting in the banking system.

"Poland's banking, financial system is stable and safe, which is being underlined by us on every occasion," the NBP governor stressed, adding that "the institutional system, which we have in Poland, ensures this stability."

The finance minister said that Getin Noble Bank and Idea Bank have been meeting their obligations towards their clients with no disturbances.

The acting head of the Financial Supervision Authority, Marcin Pachucki declared that the KNF "has been in contact with the supervised institutions, including Getin Noble Bank and Idea Bank."

The Bank Guarantee Fund head, Zdzisław Sokal underlined that all savings in bank accounts with interest are guaranteed by the fund up to EUR 100,000.

The Financial Stability Committee, established in 2008, is composed of the governor of the National Bank of Poland, the finance minister, the head of the Polish Financial Supervision Authority, and the head of the Bank Guarantee Fund (BFG). This was the first joint press conference held by all the four members of the committee.