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Morawiecki Plays Down Concerns Over EU Funds, Rating Review Coming Up

POLAND
  • Prime Minister Mateusz Morawiecki played down yesterday's Bloomberg report suggesting that the European Commission could withhold the disbursement of so-called cohesion funds earmarked for Poland in addition to the post-pandemic assistance, bringing the amount of funding frozen due to its concerns over the rule of law in Poland to more than EUR75bn. Speaking on the sidelines of an EU leaders' summit in Brussels, Morawiecki insisted that there are "no problems with cohesion fund payouts, they are coming in as planned."
  • The NBP published a breakdown of the votes at the February MPC meeting. The Council rejected motions for a 25bp rate hike (backed by Kotecki and Litwiniuk) and for a 100bp rate hike (backed by Tyrowicz) and decided to keep interest rates unchanged. This means that Kotecki reduced his call to a 25bp hike from the 50bp he voted for in January. Tyrowicz also resigned from voting for a 50bp hike, but stuck with her call for a 100bp rate increase (she supported both motions in January).
  • Fitch Ratings will today review Poland's sovereign credit rating. ING noted that while they do not expect any changes, "it will be interesting to follow the agency's view on recent developments in the government's relations with the European Commission, access to EU money and the FX mortgage saga."
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