Deputy minister of the state treasury Pawel Szalamacha has responded to the European commission enquiry, on the merger of Unicredito’s units, by denying that the Polish government was serving private interests in its moves to delay the Polish part of the deal. A detailed response to the EC is under preparation. At the same time, PM Kazimierz Marcinkiewicz has stated that, Poland is waiting for Unicredito’s decision on selling Bank BPH by 30 January. Meanwhile, according to a front-page article in the Financial Times, Unicredito has asked Polish PM, Kazimierz Marcinkiewicz for a meeting. However, the Polish press reported that PM has no intention to meet the CEO of Unicredito this week. The resistance to the meeting could imply that the arguments of the Polish government are not so strong as one could think. We continue to view the increased involvement of the European Commission positively and reiterate our ratings of Buy on Bank Pekao and Hold on Bank BPH.