Tusk: I would like to protect NBP’s independence from itself

During today’s press conference, Prime Minister Donald Tusk was asked at what stage the work on the motion to bring the president of the National Bank of Poland (NBP), Adam Glapiński, before the State Tribunal is at.

Tusk: I want to take care of the independence of the NBP more than the president

– I would very much like to protect the independence of the National Bank of Poland from the political authorities, i.e. from myself. I am absolutely convinced that President Glapiński did not care about the independence of the National Bank of Poland, so the paradox is that, being the Prime Minister of the government today, I want to take care of the independence of the bank more than the president of this bank when PiS was in power – said the head of government.

– We will make decisions when we are 100% sure that it will not violate Polish interests, especially in the eyes of the outside world – he added.

Later in his statement, Tusk emphasized that even the toughest decisions could be made, “including bringing President Glapiński to the State Tribunal as quickly as possible, but under the rigors of absolute legal and political certainty that it will not cause any harm and that it is indeed justified.” – We need some time, I won’t give the date – said the Prime Minister.

Tusk emphasized that his task “is not to hunt witches, but to maintain order.”

Will Glapiński’s suspension lower his rating?

PAP Biznes asked the representative of S&P Global Ratings responsible for Poland’s rating, Ludwig Heinz, whether an attempt to bring the president of the NBP before the State Tribunal could affect the perception of the Polish economy. Heizn emphasizes that although the independence of the central bank is an important factor, “the history of inflation remains the most important for us.”

– The outcome of current events is still very uncertain, so we do not want to prejudge anything. The scenario in which the president of the NBP could be suspended from his duties after being brought before the State Tribunal is still quite hypothetical at this point. If this were to happen, but again without prejudging any scenario, any potential rating implications would certainly not be automatic. We would analyze how this situation affects the independence of the central bank and whether it is something that really hinders the effectiveness of monetary policy and weakens credibility. However, there would be no automatic downgrade – Heinz said.