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Migrants Relocation Referendum Could Be Held Alongside Parliamentary Election

POLAND
  • There is a growing expectation that Poland's ruling party may hold a referendum on the EU's migrants relocation plan alongside the upcoming parliamentary election in order to mobilise its voter base (as we signalled yesterday). Gazeta Wyborcza cited a source from a PR firm which conducted opinion polls commissioned by the Law and Justice party, which implied that the referendum could boost the party's performance by up to a million votes. Head of the parliamentary Justice and Human Rights Committee Marek Ast confirmed that the referendum could be held together with the election, while Poland's EU Minister Szymon Szynkowski vel Sek said that it should be held "soon" in order to affect decision-making processes at EU level.
  • The planned referendum was announced as Law and Justice vows a "reset" of its election campaign after initial fiscal stimulus pledges failed to result in its support ratings. The party had played the anti-migrant card before, ahead of the victorious 2015 election. WP reports that the final decision on the referendum date is yet to be made, but the previously undisclosed idea was enthusiastically received within the party amid the perception that there is a need to mobilise voters, recapture right-wing electorate from rival parties and underline contrasts with pro-EU opposition leaders.
  • Deputy Finance Minister Artur Sobon said that yesterday's CJEU ruling on FX loans was not a surprise, while the banking sector was "prepared, resilient, has sufficient financial liquidity and stability." Separately, PKO BP said that banks will likely adjust the level of provisions for legal risk related to CHF mortgages in the coming weeks.
  • The NBP will publish official core CPI data at 13:00BST/14:00CEST. Elsewhere, the Finance Ministry will auction PLN4-6bn worth of OK1025, PS0728, WZ1128, DS1030 and DS1033 bonds at 10:30BST/11:30CEST.
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