Narodowy Bank Polski

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Press release after the meeting of the Financial Stability Committee on macroprudential supervision

Date: 07-06-2019

The meeting of the Financial Stability Committee on macroprudential supervision (FSC-M) was held on 7 June 2019. The following persons participated in the meeting:

  • Paweł Szałamacha, Member of the Board of Narodowy Bank Polski as the Chair of the Committee,
  • Piotr Nowak, Undersecretary of State, Ministry of Finance,
  • Małgorzata Iwanicz-Drozdowska, Deputy Chair of the Polish Financial Supervision Authority,
  • Mirosław Panek, President of the Management Board of the Bank Guarantee Fund.

Performing its statutory duties, the Committee passed a resolution on a recommendation addressed to the Minister of Finance on maintaining the countercyclical buffer rate at 0% and decided to notify the European Systemic Risk Board of its level and underlying indicators. The representative of the Minister of Finance agreed with the recommendation and informed that there is no need for legislative measures in this area.

The Committee members got acquainted with the Financial Stability Report – June 2019 prepared by the NBP on a semi-annual basis. The report concluded that the Polish banking system as a whole is functioning in a stable manner and is resilient to shocks.

The Committee discussed the sources of risk in the Polish financial system indicated in the survey conducted among institutions represented in the FSC. It was agreed that the overall risk assessment has remained unchanged compared to the first quarter of 2019.

The Committee also discussed conclusions from the analyses regarding high-value consumer loans. Currently, high-value loans with long maturities represent a small percentage of the entire loan portfolio of the non-financial sector. However, a rapid growth of the loans is observed in new credit flow, what may have an impact on the risk in the banking sector in the future. The Committee found it is advisable for banks to make more prudent assessment of risk associated with such loans and verify the purposes for which these loans are granted.

In the context of current trends on the residential real estate market, the Committee will continue to monitor this market from the point of view of sources of systemic risk.

Issues related to the functioning of the cooperative banking sector in Poland, the desirable directions of change and actions that can support them were also discussed during the meeting. The Committee agreed that a further intensification of efforts to consolidate and increase the integration of entities of cooperative banking sector is needed.

The Committee Members passed a resolution on the adoption of Strategy of macroprudential policy. In this document, the Financial Stability Committee determines its approach to implementing its statutory task in the area of macroprudential supervision.

The Committee adopted the Information on Activities of the Financial Stability Committee in the Area of Macroprudential Supervision in 2018. The report is the fulfillment of the obligations specified in the Act on Macroprudential Supervision of the Financial System and Crisis Management, and it will be presented to the Sejm of the Republic of Poland by the President of the NBP – the Chairman of the Committee.

The FSC-M acquainted itself with the review of macroprudential policy conducted by other countries and on the European Union forum.

The next meeting of the Committee on macroprudential supervision is scheduled for the third quarter of 2019.

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