Banks seek legal changes
The banks organisation Związek Banków Polskich (ZBP) is hoping to get the new government to change banking law. Its biggest two requests are to eliminate the need to hold compulsory reserves and the project to tax savings.
Currently banks must deposit five percent of the value of accounts held with them in the national bank. Nothing is received for this, not even interest, forcing banks to lower savings rates that they can offer clients.
In the EU the average obligatory deposit is around two percent, if it exists at all. Even where it exists interest is paid.
Two years ago the obligatory deposit was twice as high as it is today. When the rate was lowered the government forced the banks to buy state bonds which they would now like to sell.
The ZBP is also against plans to tax savings. If it is introduced the banks want a level playing field and a similar tax on interest earned on investment funds and treasury bonds. The banking organisation believes that clients could choose to place money abroad if this tax becomes law.