According to a front-page story in the Polish daily Rzeczpospolita, the government is considering a potential acquisition of Unicredito's 73% stake in Bank BPH should Polish regulators refuse to give the Italians regulatory permission for the takeover and a merger with Bank Pekao. Apparently, after acquiring ownership from Unicredito, the government would plan to sell the stake to Rabobank, which owns 37% of Eureko, in order to settle its longstanding legal battle over the PZU privatisation. Rabobank is the strategic shareholder of BGZ, with a stake of 35.3%, which would presumably be merged with Bank BPH. There was no confirmation from official sources but the daily states that the matter was discussed at a meeting of PZU CEO Cezary Stypulkowski, former-Treasury Minister Andrzej Mikosz, and Prime Minister Kazimierz Marcinkiewicz. Obviously, even if the above-mentioned discussion did take place, the idea is completely ludicrous. Therefore, we do not expect a material trading impact today.