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More Details Emerge On Monetary Financing Accusations

NBP
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Money.pl runs a report focusing on one of the charges against NBP Governor Adam Glapinski - the claim that the central bank illegally helped finance government debt.

  • The report suggests that the accusation concerns several specific transactions rather than the pandemic-era QE programme as a whole.
  • The ruling coalition suspects that the Ministry of Finance sold bonds to state-owned bank BGK via private placement, while BGK sold them off to the NBP hours later.
  • Some lawyers working for the ruling coalition reportedly believe that buying bonds directly from a state-owned bank would violate domestic and EU regulations.
  • MPC's Przemyslaw Litwiniuk confirmed to Money.pl that such chains of transactions, in which bonds would never be traded in the market, would have breached relevant regulations.
  • See the full piece for a more detailed discussion, including alternative views.
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Money.pl runs a report focusing on one of the charges against NBP Governor Adam Glapinski - the claim that the central bank illegally helped finance government debt.

  • The report suggests that the accusation concerns several specific transactions rather than the pandemic-era QE programme as a whole.
  • The ruling coalition suspects that the Ministry of Finance sold bonds to state-owned bank BGK via private placement, while BGK sold them off to the NBP hours later.
  • Some lawyers working for the ruling coalition reportedly believe that buying bonds directly from a state-owned bank would violate domestic and EU regulations.
  • MPC's Przemyslaw Litwiniuk confirmed to Money.pl that such chains of transactions, in which bonds would never be traded in the market, would have breached relevant regulations.
  • See the full piece for a more detailed discussion, including alternative views.