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Krześniak-Sajewicz, Monika

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Rzeczpospolita - Poland | 12/10/2015

Ailing coal industry a burden on Poland's banks

The Polish banks that granted loans to the financially ailing coal mines will have to write off at least 100 million euros if the coal industry continues on its sluggish course, the conservative daily Rzeczpospolita estimates, adding that this would come as a hard blow for the banks: "The banks that are the worst hit are those whose capital comes from the state, like PKO BP or BGK, because they can't refuse to support to the state-run coal industry. But the other private banks that finance unprofitable mines must also make compromises and restructure their interest payments. These loans force the banks to amass large reserves, which in turn means lower profits and worse credit ratings."

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