Today, the government will vote on whether to form a special commission, that would examine the activity of the National Bank of Poland, the Banking Supervision Commission, and the General Inspectorate of Banking Supervision Commission, during the period of 1989 - 2006. According to Polish daily Puls Biznesu, the government is also planning to discuss a new central supervisory institution over financial institutions in Poland. Moreover, Zbigniew Ziobro (PiS) minister of justice has called for a prosecutor, who would take part in tomorrow’s banking supervision commission meeting and ensure no law is breached during the sitting.
Giulio Timonti, Italian economy minister, has stated that he intends to talk over the Unicredito case with Polish finance minister Zyta Gilowska. Reuters cited him as saying yesterday that “UniCredito is legally and technically right”.
We reiterate our view that the new commission is a pointless exercise from the market's perspective and essentially as a facesaving exercise on the part of the government. We reiterate our Buy rating on Bank Pekao and our fair value estimate of PLN 208 per share.