Press release after the meeting of the Financial Stability Committee on macroprudential supervisionDate: 22-02-2016
On 22 February 2016, the second meeting of the Financial Stability Committee on macroprudential supervision was held. In the meeting participated:
- Marek Belka, President of Narodowy Bank Polski, Chair of the Committee,
- Paweł Szałamacha, Minister of Finance,
- Andrzej Jakubiak, President of the Financial Supervision Authority,
- Jerzy Pruski, President of the Board of the Bank Guarantee Fund.
The Committee passed a resolution on recommending the maintenance of the countercyclical capital buffer rate at the level of 0% and decided to notify the European Systemic Risk Board on the countercyclical capital buffer.
The Committee discussed the assessment of systemic risks identified by Narodowy Bank Polski in the Financial Stability Report (February 2016). The Committee assessed that the Polish financial system is stable and is able to absorb shocks connected with the identified upcoming threats within the financial system and its economic environment.
The potential systemic consequences of restructuring of foreign currency mortgage loans envisaged in the draft legal act published by the Office of the President of the Republic of Poland were also analysed. During the meeting the Committee Members discussed the possible influence of the draft Act on the Bank Guarantee Fund, deposits guarantee scheme and resolution on the domestic financial system.
The Financial Stability Committee decided to consider publishing a statement on the impact of the legislative proposal on the restructuring of FX loans on the financial system, once the Financial Supervision Authority presents the results of its analyses. At the same time, already at this early stage, the Committee points out that the legislative initiatives on further burdens for financial institutions should be constructed and implemented prudently, so as not to disrupt the stability of the financial system, not to reduce its resilience to shocks and not to constrain the banks’ ability to provide credit to the economy. Actions taken to reduce the foreign currency loan portfolio should not lead to the destabilization of the banking system and, in particular, to a significant weakening of its capital base.
The next meeting of the Committee on macroprudential supervision will take place in the second quarter of 2016.