Scope Of Legislative Changes In The European Integration Process
Presented by: Dr. MIKOS-SITEK
Date: 11 – 13 January 2025
Introduction
- Legal status of the central bank
- Independence of the central bank
- Principles of interaction between the central bank and the state authorities
- Term of office of the members of the Monetary Policy Council
- Principles of financial management of the National Bank of Poland
- Principles of banking supervision
- Art. 227 of the Constitution of the Republic of Poland of 2 April 1997 (Journal of Laws
No. 78, item 483 as amended). Act of 29 August 1997 on the National Bank of Poland
(consolidated text: Journal of Laws of 2022, item 2025).
Monetary And Exchange Rate Policy
- Adjustment measures concerning monetary policy instruments
- Release of the zloty exchange rate
- Rules for implementation of open market operations
- Reserve requirement system
- Credit and deposit operations (Lombard credit, end-of-day deposit)
- NBP interest rate changes
Further Adaptive Legislative Changes
- Central bank independence (at institutional, personnel and financial levels)
- Alignment of the provisions of the Polish Act on the NBP with the requirements of art.
130 TFEU and art. 7 of the Statute of the European System of Central Banks and of the
European Central Bank
- Competences of the Supreme Audit Office related to controlling the NBP activity from
the point of view of its legality, economy, expediency and reliability (art. 203 sec. 1 of
the Constitution of the Republic of Poland)
- Removal from office of the President of the NBP and members of collegiate bodies
(NBP Management Board, Monetary Policy Council)
- Rules for determining the remuneration of NBP employees
- Information obligations
Refinancing Loan
- Rules for granting refinancing loans to banks
• Purpose of the loan
• Creditworthiness
• Lending for the implementation of the resolution program
• Temporary nature of financing
• Conditions for securing the loan
Primary Objective Of The NBP
- Article 3 sec. 1 of the Act on the National Bank of Poland
• The primary objective of the National Bank of Poland's activities is to maintain
a stable price level while supporting the government's economic policy, insofar
as this does not restrict the primary objective of the NBP.
• A provision deemed incompatible with art. 127 sec. 1 TFEU and art. 2 of the
Statute of the ESCB and of the ECB due to the lack of reference to supporting
general EU economic policies.
Recognition of ECB powers
- Incompatibility related to the failure to take into account the ECB's powers
• tasks related to the conduct of monetary policy (art. 227 sec. 1 and 6 of the
Constitution of the Republic of Poland and art. 12, 23, 38-50a and 53 of the
NBP Act),
• collection of statistical information by the NBP (art. 3 sec. 2 point 7 and art. 23
of the NBP Act),
• management of foreign exchange reserves (art. 3 sec. 2 point 2 and art. 52 of
the NBP Act),
• tasks of the NBP in organizing monetary settlements (art. 3 sec. 2 point 1 and
art. 53 of the NBP Act),
• auditing the financial statements of the NBP (art. 69 sec. 1 of the Act on the
NBP),
• the NBP's tasks concerning the implementation of the exchange rate policy (art.
3 sec. 2 point 3 and art. 17 sec. 4 point 2 and art. 24 of the NBP Act),
• providing opinions on draft normative acts concerning the activity of banks and
of significance for the banking system (art. 21 sec. 4 of the NBP Act).
