Mr. Dabrowski, deputy state treasury minister responsible for, among other things, KGHM, has resigned, without giving any official explanation. The press speculates that KGHM trade unions took their revenge on Mr. Dabrowski for a demanding a 100% dividend payout from the company this year. Mr. Dabrowski is expected to move to financial sector, presumably taking one of the top managerial posts at the central bank or PKO BP. Our view: We would expect a neutral market impact of the news.