According to the Polish Financial Supervision Authority [KNF], the results of an EU-wide transparency exercise, together with its own research, indicate that the country’s financial sector is currently stable.
The results of the European tests, launched and coordinated by the European Banking Authority [EBA], confirm the stability and reliability of the Polish banking sector,” the KNF informed in a press release.
A total of 105 banks from 21 countries in the European Economic Area took part in the EBA’s transparency exercise, including PKO BP from Poland.
Transparency exercises aim at promoting market and supervisory discipline and providing transparency on banks’ exposures.
In addition to the EBA’s work the KNF looked at another 12 Polish banks, jointly accounting for 81 percent of the Polish banking sector’s assets, followed a similar procedure.
The KNF also noted that at the end of September 2015 Polish banks had a common equity tier 1 ratio [CET1] of 14.23 percent, well above the European average of 12.8 percent. (sl/nh/rk)