Narodowy Bank Polski

Statement of the President of the National Bank of Poland
Professor Leszek Balcerowicz

The majority of the Sejm voted to set up a Commission of Inquiry to investigate all capital and ownership transformations in the banking sector and the activities of banking supervision authorities in the period from 4 June 1989 to 19 March 2006. When passing the resolution, opinions of experts in constitutional issues indicating that the resolution is unconstitutional have been entirely passed over. Such conduct is extreme evidence of ignoring a state committed to the rule of law as the constitution forms the basis for a rule of law.

The appointment of the Commission of Inquiry to investigate the whole activity of the National Bank of Poland and its President in matters relating to banking supervision is at the same time a brutal violation of the constitutional independence of the central bank on whose position depends the possibility of overseeing the stability of the zloty and the stability of the banking system.

The Sejm's adoption of the resolution on the appointment of the commission took place 12 days ahead of the meeting of the Commission for Banking Supervision which is to decide on the request submitted by UniCredito in July 2005. It is difficult to resist the impression that the adoption of the resolution is an attempt to pressure members of the Commission.

The appointment of the Commission of Inquiry to investigate the whole activity of the National Bank of Poland and its president has no precedence in Poland, in EU countries or in the whole civilised world.

These steps signify that the system of the Republic of Poland and its international image are being ruined. Unfortunately, the price for it is already being paid and will continue to be paid by the citizens of Poland. The moral and political responsibility for the damages lies with the their instigators.

Warsaw, 24 March 2006

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