The plan to set up an investigating parliamentary committee to scrutinize the activities of the National Bank of Poland and the Banking Supervision Commission, both headed by Leszek Balcerowicz, as well as the pledge to file a motion to bring Balcerowicz before the Tribunal of State, should not send the Polish zloty down deems head of the ruling conservative Law and Justice Jaroslaw Kaczynski. The direct cause of the plans concerning the committee and the Tribunal of State is Balcerowicz’s decision to exclude deputy finance minister Cezary Mech from participation in KNB’s proceedings on the motion of UniCredito Italiano for permit to execute voting rights from 71.03% shares in Bank BPH. The exclusion was at the motion of the Italian bank, which accused Mech of lack of impartiality. Mech was replaced with Deputy Prime Minister and Finance Minister Zyta Gilowska. The zloty has been on the downside for a few days now. However, according to analysts, this results primarily from the outflow of capital from emerging markets to more profitable and safe U.S. treasuries.
Meanwhile, A special parliamentary investigating committee designed to look into the activities of the National Bank of Poland and KNB should be set up during the sitting of the lower house of parliament, the Sejm, kicking off on March 22, said Kaczynski. The extraordinary sitting of the Sejm, devoted to the motions to set up the committee kicked off on March 14 at 4 p.m. local time.