Press release of the Financial Stability Committee after its meeting on macroprudential supervision

Date of publication:

The meeting of the Financial Stability Committee on 22 March 2024 was attended by:

  • Artur Soboń, Member of the Management Board of Narodowy Bank Polski as the Chair of the Committee,
  • Jurand Drop, Undersecretary of State, Ministry of Finance,
  • Jacek Jastrzębski, Chairman of the Polish Financial Supervision Authority,
  • Piotr Tomaszewski, President of the Management Board of the Bank Guarantee Fund.

Performing its statutory duties, the Financial Stability Committee (FSC) passed a resolution on a recommendation addressed to the Minister of Finance on maintaining the countercyclical capital buffer rate at 0% in the first quarter of 2024. The representative of the Minister of Finance agreed with the recommendation and acknowledged that there was no need to take legislative action in this regard. At the same time, the Committee made formal changes in its current approach to the use of the countercyclical capital buffer.

The Committee members also discussed the sources of risk in the Polish financial system and its environment, which were identified in the survey conducted on a regular basis among institutions represented in the FSC. The major sources of risk to domestic financial stability remain: the legal risk of FX housing loans and geopolitical risk. The risk of reduced capital surpluses and credit rationing has abated. The remaining risks have remained unchanged.

The Committee members examined the current trends on the domestic residential real estate market. The increases in housing prices, both in nominal and real terms, observed in previous quarters, persist. This trend is due to, in particular, the recovery of lending (fostered, among others, by the 2%Safe Mortgage programme) in the environment of limited housing supply. The carrying amounts of złoty housing loans continue to grow as the quality of the portfolio remains stable.

At the meeting, the Committee also discussed the demands of the Polish Bank Association (PZB) passed to the Chair of the Committee. The members of the FSC-M discussed the issues signalled by the ZBP, analysing them from the perspective of the mandate of the FSC and respective institutional competencies.

Implementing the European Systemic Risk Board recommendation on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2015/2), the Committee examined the analyses on the Polish banking sector’s exposures to the Netherlands and Lithuania and concluded that there were reasons justifying non-reciprocity of the macroprudential measures applied in the two countries.

The next regular meeting of the Committee on macroprudential supervision has been scheduled for June 2024.