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Pelc, Pawel

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Rzeczpospolita - Poland | 09/07/2012

Polish banks' autonomy at risk

According to a report by the German news magazine Der Spiegel, the European Central Bank rejects the proposals by the EU Commission regarding the tasks of a future European Banking Authority. Brussels is demanding that the EBA supervise the banks in all 27 EU states. The conservative daily Rzeczpospolita fears for the autonomy of the Polish banks: "A large part of the Polish banking sector is dependent on foreign banks. If a pan-European banking authority is introduced, it will focus on the situation of parent banks and not on the subsidiaries in the countries in the periphery [of the EU]. Such an authority however also makes it easier to introduce obligations on capital accumulation that hold for the entire group, and not for the individual banks that act as part of this group. As a consequence, Polish capital will be used to bail out the ailing parent banks."

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