PiS Eyes Political Gains in Polish New Deal; Watchdog Warns against Negative Deposit Rates

LOCAL NEWS

• Local analyst says PiS may want to use the Polish New Deal as a long-term political tool aimed at ensuring success in the 2023 parliamentary elections.
  • PiS may also eye a much shorter-term goal, i.e. a snap election this year, if it fails to have the New Deal bills adopted in parliament – PiS insider.
• Polish competition watchdog UOKiK won't accept commercial lenders imposing negative interest rates on retail savings.
  • Warns this may trigger withdrawals from banks in favor of more risky investments, which could expose savers to various fraud.
  • UOKiK doesn't see banks willing to cut interest below zero now.
  • Watchdog is monitoring level of fees and commissions after prices of financial services rose 50% Y/y in Feb., according to details of inflation data
• Poland is increasingly inclined to introduce a nationwide lockdown amid the latest pandemic resurgence – decision expected Wed/Thurs.
  • Also says it will wait for the EU Medicines agency decision before suspending the AstraZeneca vaccine
• Parliamentary sitting, day 1 of 3 - plenary agenda includes discussion of a draft bill on strategic energy infrastructure today 0900GMT