Poland's Committee on Constitutional Accountability voted Friday to endorse a report urging lawmakers to consider bringing National Bank of Poland Governor Adam Glapinski before the State Tribunal, which can rule on constitutional responsibility. Ryszard Petru, a lawmaker serving on the committee, told reporters the probe argues Glapinski misled the finance ministry about the NBP's 2023 profit. He also noted that the 150-page parliamentary report determined that, during the Covid-19 pandemic, bond-buying by the central bank served as an indirect means of financing the budget deficit.
Glapinski called the accusations "baseless" and denied wrongdoing. The committee's move does not set a date for a vote, so it remains unclear when parliament will take up the case. All of this is unfolding amid an unprecedented legal fight that is stirring questions about the bank's leadership.
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Speaking to the Polish Press Agency on Saturday, Monetary Policy Council member Ludwik Kotecki said the NBP would keep operating even without Glapinski. The bigger headache, if the governor is suspended, would be pulling together MPC meetings. If Glapinski can still convene and attend, the council's work should mostly proceed as usual. If not, a council member would chair, with Ireneusz Dąbrowski designated for that role.
Kotecki flagged a practical snag: there is currently no first deputy governor, and the second deputy governor's tenure ends in November. Appointing new management board members has also turned political, with Prime Minister Donald Tusk rejecting the bank's nominees. Even so, he said the council could make rate decisions even if no documents were supplied by the management board, leaning on members' own expertise and analysis.
The next scheduled policy call is Nov. 4. The timing of any parliamentary vote is still up in the air, and Kotecki said the priority is avoiding damage to the zloty or an increase in the risk premium on Polish assets while this plays out.
For your money, the bottom line is that headlines about the NBP's leadership could jolt sentiment on Poland near term, even if the rate-setting machinery keeps moving.
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