E U R O P E A N F I N A N C I A L CONGRESS 23-25 June 2014, Sopot WELCOME TO THE 4 TH E U R O P E A N The 4th European Financial Congress will be opened FINANCIAL CONGRESS IN SOPOT by a plenary debate which will try to find answers to questions like: Is it possible to further integrate For the fourth time, at the invitation of the organizers, the EU politically and to increase the competitiveness representatives of the European and national regulatory of the European economy without… and supervisory institutions, business, the academic world, - ensuring financial safety? politics and media meet in Sopot to identify risks and seek - ensuring energy security? solutions to promote security, stability and integration of the - pro-innovation policy? European Union. To talk about good solutions for the joint In the second and third day of the Congress, we invite success of Poland and the EU. you to debates on the security of the financial system, sustainable financing of infrastructure development, Year 2014 is a special year for Poland. We have just development of the banking system, value-based celebrated 25 years since when we set off on our way to management of strategic enterprises, challenges for the freedom, modernity, democracy and sovereignty. We feel development of the capital market and the support for safer because for 15 years we have been member of the international business cooperation. Atlantic Alliance, and for 10 years – one of the countries of the European Union. The tradition and the achievement of the European Financial Congress are the Recommendations announced This year’s event, however, takes place in a particular period at the end of the session, which indicate practical solutions of political and economic turmoil in Europe, which may in areas most important for the joint development prove to be a practical test of the European Solidarity. There of the economy of the European Union and Poland. has been an accumulation of risks related to energy security The Recommendations are developed pro bono, and financial safety, which awakened fears about the future. for the well and professionally understood benefit The risk for energy safety stems, among other things, from of Poland and Europe. Their implementation is supported the Ukrainian crisis, and the risk to the financial security is by studies and media initiatives. the result of unfinished construction of the Banking Union, especially in terms of fiscal responsibility. The European Financial Congress is also an open project, which comprises public, pragmatic debates among The Polish point of view and Polish experiences and representatives of business, politics and the academia. suggestions can be an inspiration to the process of further The debates are held at seminars and specialist congresses European integration and a new definition ofsecurity organized by the Gdaƒsk Institute for Market Economics – in the twenty-first century. Gdaƒsk Academy of Banking, as well as at sector-specific The leading theme of this year’s Congress is Financial Safety and thematic Steering Committees and Programme Boards and Energy Security and the Integration of the European meetings, which ensure a high level of competence and Union. relevance of initiatives taken as part of the project.
The Congress program is co-created by the Programme Be welcome to actively join the debates on good solutions Board, chaired by Jan Krzysztof Bielecki. It is supported by for join security and prosperity of Poland and the EU. Steering Committees for each theme block and debate.
2 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 3 23 JUNE 2014
Room COLUMBUS
12.00–12.50 Lunch
13.00–13.15 Welcome speech
Sheraton Sopot Hotel Floor 1 13.15–14.00 OPENING ADDRESSES
IS IT POSSIBLE TO FURTHER INTEGRATE THE EU POLITICALLY AND TO INCREASE THE COMPETITIVENESS OF THE EUROPEAN ECONOMY… wc elevator
stairs to ”ROTUNDA” … WITHOUT ENSURING FINANCIAL SAFETY?
14.00–15.50 Debate moderated by Jacek Rostowski, Deputy Prime Minister, Minister of Finance of Poland in the years 2007 – 2013 Debate partner: PKO Bank Polski F E > page 13 level 0 POLO ROTUNDA MARCO 15.50–16.20 Break MULTIKINO Sopot (100m) MULTIKINO
… WITHOUT ENSURING ENERGY SECURITY?
16.20–17.30 THE EU PERSPECTIVE Debate moderated by Janusz Lewandowski, European Commissioner for Financial Progamming and Budget Debate partner: PKN ORLEN S.A. > page 16 D C 17.30–18.30 THE POLISH PERSPECTIVE Debate moderated by Jan Krzysztof Bielecki, Chairman of the European Financial Congress Programme Board Terrace – Level 0 B Terrace – Level 0 Debate partner: PGE Polska Grupa Energetyczna S.A. > page 17
20.00–23.00 Gala dinner at the Sopot Forest Opera
COLUMBUS (transport to the Forest Opera at 19.30-20.00 A from the Sheraton Hotel) Partner: The City of Sopot > page 18 C O N G R E S S … WITHOUT PRO-INNOVATION POLICY? AGENDA 21.30–22.30 Meeting with Professor Dan Breznitz, Munk School of Global Affairs, University of Toronto
EUROPEAN FINANCIAL CONGRESS 5 24 JUNE 2014 24 JUNE 2014
Room COLUMBUS AB COLUMBUS CD MARCO POLO E MARCO POLO F ROTUNDA Room COLUMBUS AB COLUMBUS CD MARCO POLO E MARCO POLO F ROTUNDA
09.00–09.30 Infrastructure investments 13.00–14.30 Infrastructure and the Dilemmas of the European Non-Euro countries in rela- Clients take over control Long-term incentives in in Europe – the role of the growth of economy based energy policy tion to the Banking Union in banks motivating top management European Investment Bank on innovation Debate Partner: Energa Debate Partners: Polish Debate Partner: IBM of enterprises Laszlo Baranyay, Debate Partner: > page 51 Financial Supervision > page 32 Debate Partner: BCG Vice-President European Baker & McKenzie Authority, EY > page 78 Investment Bank > page 75 > page 29 Debate Partner: PGE Polska Grupa Energetyczna SA 14.30–15.30 Lunch > page 21
09.30–10.30 The real crisis, the financial Macroeconomics of the Digital commerce trends, Use of corporate govern- 15.30–17.00 How to increase the at- The role of private capital Development of mobile Whether and how to crisis and the rescue infrastructure opportunities and threats ance in creating value of tractiveness of the public in financing infrastructure payments in Poland separate retail banking from measures Debate Partner: NDI SA for the banking industry enterprises market for issuers? Debate Partner: Debate Partners: investment banking in the Hans-Werner Sinn, President > page 46 Debate Partner: Accenture Debate Partner: PKP Cargo Debate Partners: Warsaw Bank Pekao S.A. PKO Bank Polski, KPMG EU? of the Ifo Institute for > page 23 > page 71 Stock Exchange, Association >page 54 > page 35 Debate Partner: Polish Finan- Economic Research, Professor of Listed Companies (SGE) cial Supervision Authority of Economics at the University > page 65 > page 37 of Munich > page 21 17.00–17.30 Break
How to increase the level MULTIKINO SOPOT, ROOM NO. 3 10.30–11.00 Break 17.30–19.00 Model of financing key When will eCommerce dis- Asset Quality Review and of long-term domestic infrastructural projects place traditional business? what next? savings? Foreign expansion of Polish Legal relations between the Banking habits of SMEs Debate Partners: Debate Partner: Debate Partners: Polish “Miedê czy nie mieç”, 11.00–12.30 Debate Partners: Warsaw resource companies – State and the entrepreneurs in Poland Bank Pekao S.A., Bank Pocztowy Financial Supervision screening of a movie by Stock Exchange, Chamber an opportunity for Polish – forecasts for infrastructu- Results of research by Deloitte on Bank Gospodarstwa > Authority, Deloitte Ewa Ewart of Commerce of Pension page 79 economy and science ral investments in Poland bank clients in the SME sector Krajowego, KPMG > page 40 Multikino Sopot, room no. 3 Debate Partners: Deloitte, Funds Debate Partners: > page 49 > page 56 > page 93 KGHM Polska Miedê SA, Bank Pekao S.A. > page 67 PKN ORLEN S.A. > page 26 > page 72
19.50 Departure of catamarans to Gdaƒsk from the Sopot Pier
12.30–13.00 Break 21.15–23.00 Gala dinner on the premises of the Gdaƒsk Shipyard EUROPEAN FINANCIAL CONGRESS 23-25 JUNE 2014, SOPOT
25 JUNE 2014
Room COLUMBUS AB COLUMBUS CD MARCO POLO E MARCO POLO F
9.30–11.00 Recommendations for increasing Is the grey economy "in our blood" The role of economic diplomacy Investment attractiveness of shale WELCOME SPEECH: the safety of the Polish banking or will the business pay taxes if they in the development of business gas exploration and extraction system through the development are lowered? cooperation in Poland 13.00 – 13.15 Debate Partner: Debate Partner: Debate Partners: of covered bonds market – where PGNiG, PAP Jan Krzysztof Bielecki are we? Dziennik Gazeta Prawna Warsaw Stock Exchange > page 59 > page 43 > page 82 > page 84 Chairman of the European Financial Congress Programme Board
OPENING ADDRESSES: 11.00–11.30 Coffee break 13.15 – 14.00 11.30–13.00 Supporting business cooperation Immigration policy and the devel- Ownership strategy for the Warsaw Security of the Polish natural gas Włodzimierz Karpiƒski by financial institutions opment of the modern business Stock Exchange and its impact upon market Debate Partner: EY services sector the safety and credibility of the Debate Partner: Minister of Treasury of Poland > page 86 Debate Partner: capital market Gas Transmission Operator Dato' Seri Haji Ahmad Husni Bin Mohamad Hanadzlah Infosys BPO Poland > page 69 GAZ-SYSTEM S.A. Minister of Finance II of Malaysia > > page 89 page 62 Steffen Kampeter Parliamentary Secretary of State, Ministry of Finance, Germany
13.00–13.15 Coffee break Is it possible to further integrate the EU politically and to increase 13.15–14.30 ANNOUNCING THE MOST IMPORTANT RECOMMENDATIONS OF THE EUROPEAN FINANCIAL CONGRESS the competitiveness of the
14.30–15.30 Lunch European economy without ensuring financial safety? 15.30–16.30 BUSINESS DISCOVERIES IN AFRICA – PRESENTATION OF THE ECONOMIC POTENTIAL AND THE INVESTMENT OFFER OF ETHIOPIA, GHANA, MOZAMBIQUE, SENEGAL AND OTHER COUNTRIES Debate 23 June 2014, 14.00 – 15.30 The Columbus Room ACCOMPANYING EVENTS: I ntroductory speeches : EFC Academy > page 94 Yves Mersch PPP in the development of cities and regions – experience and prospects Member of the Executive Board, European Central Bank > page 96 Rolf Wenzel Governor, Council of Europe Development Bank András Simor Vice-President, European Bank for Reconstruction and Development
EUROPEAN FINANCIAL CONGRESS 13 D ebate moderat OR: SPEECH:
Jacek Rostowski 23 June 2014, 15.30 – 15.50 Deputy Prime Minister and Minister of Finance of Poland The Columbus Room in the years 2007 – 2013 I nvited participants : The Banking Union from the Danuta Hübner perspective of an independent Member of the European Parliament domestic bank Philippe Legrain principal advisor to Jose Manuel Barroso 2011-2014 Zbigniew Jagiełło Paul Ormerod President of the Management Board, PKO Bank Polski S.A. Partner, Volterra Hans-Werner Sinn President of the Ifo Institute for Economic Research Professor of Economics at the University of Munich
KEY ISSUES:
Is the Banking Union an opportunity for a stronger political integration of the European Union or a risk of disintegra- tion?
Can the Banking Union reduce moral hazard in European banking or will it move it from the national to the Euro- pean level?
Whether and how to limit the excessive regulation of the financial system in the European Union?
DEBATE PARTNER:
14 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 15 EUROPEAN FINANCIAL EUROPEAN FINANCIAL CONGRESS CONGRESS 23-25 JUNE 2014, SOPOT 23-25 JUNE 2014, SOPOT Is it possible to further integrate Is it possible to further integrate the EU politically and to increase the EU politically and to increase the competitiveness of the the competitiveness of the European economy without European economy without ensuring energy security? ensuring energy security? – the European political – the domestic perspective perspective Debate Debate 23 June 2014, 17.30 – 18.30 23 June 2014, 16.20 – 17.30 The Columbus Room The Columbus Room
D ebate moderat OR:
I ntroductory speech Jan Krzysztof Bielecki and debate moderation : Chairman of the European Financial Congress Janusz Lewandowski Programme Board European Commissioner for Financial Programming and Budget I nvited participants : I nvited participants : Jan Chadam Joschka Fischer President of the Management Board, Gas Transmission Vice-Chancellor and Minister of Foreign Affairs of Germany Operator GAZ-SYSTEM S.A. in the years 1998-2005 Jacek Krawiec Maria van der Hoeven President & Chief Executive Officer, PKN ORLEN S.A. Executive Director, International Energy Agency Henryk Majchrzak Günter Verheugen President of the Management Board, PSE European Commissioner for Enlargement Marcin Moskalewicz in the years 1999-2004 and European Commissioner President of the Management Board, PERN “Przyjaꃔ SA for Industry and Entrepreneurship in the years 2004-2010 Marek Woszczyk President of the Management Board, PGE Polska Grupa DEBATE PARTNER: Energetyczna S.A.
DEBATE PARTNER:
16 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 17 EUROPEAN FINANCIAL EUROPEAN FINANCIAL CONGRESS CONGRESS 23-25 JUNE 2014, SOPOT 23-25 JUNE 2014, SOPOT Gala dinner at the Sopot Gala dinner at the Forest Opera Gdaƒsk Shipyard
23 June 2014, 20.00 – 23.00 24 June 2014, 20.15 – 23.00 The Forest Opera Gdaƒsk Shipyard, Club B90
19.20 – 20.00 Coaches to the Forest Opera This year’s event takes place in a particular period of politi- from the Sheraton Hotel cal and economic turmoil in Europe, which may prove to be a practical test of the European Solidarity. There has been an 20.10 Welcome speech accumulation of risks related to energy security and financial Jacek Karnowski safety, which awakened fears about the future. What about President of the City of Sopot European integration? An evening at a former production hall 20.20- 21.30 Dinner of the Gdaƒsk Shipyard (now Club B90), among historic cranes, ramps and industrial facilities. 21.30 – 22.30 Is it possible to further integrate the EU politi- cally and to increase the competitiveness 19.50 Departure of catamarans from the Sopot Pier of the European economy without pro-innova- 21.20 Welcome tion policy? Paweł Adamowicz, President of the City of Gdaƒsk Meeting with Professor Dan Breznitz, Adam Maciejewski, President of the Management Munk School of Global Affairs, University Board, Warsaw Stock Exchange of Toronto 21.40 Dinner Professor Dan Breznitz is a renowned authority on innova- tion policy and strategy; he was advisor to national and lo- 22.20 “The future of the European Union and the European cal governments; he is the author of numerous publications economy”. A discussion between Paul Ormerod and on innovation strategies and their impact on the growth and Jan Krzysztof Bielecki, led by Marek Orzechowski competitiveness of the economy. After the discussion, all Guests will be welcome to continue C omment ARY: the conversation in an informal atmosphere. The meeting will also be led by Marek Orzechowski. Jacek K´dzior Managing Partner, EY Return to Sopot by coach. Gra˝yna Piotrowska-Oliwa Vice-president, Employers of Poland PARTNER:
PARTNER:
18 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 19 SPEECHES:
24 JUNE 2014 09.00 – 09.30
„Infrastructure investments in Europe – The role of the European Investment Bank” Laszlo Baranyay Vice-President, European Investment Bank
P A R T N E R :
24 JUNE 2014 09.30 - 10.30
„The real crisis, the financial crisis and the rescue measures” Hans-Werner Sinn President of the Ifo Institute for Economic Research Professor of Economics at the University of Munich
COMMENTARY:
Mateusz Morawiecki President of the Management Board, Bank Zachodni WBK
M O D E R A T O R :
Michał Kobosko SPEECHES Editor-in-chief, Project Syndicate
EUROPEAN FINANCIAL CONGRESS 21 THEMATIC BLOCK SECURITY AND DEVELOPMENT OF THE BANKING SECTOR Digital commerce trends, opportunities and threats for the banking industry
Speech 24 June 2014, 09.30 – 10.30 Marco Polo E
S peech :
Michele Marrone Managing Director, Accenture European Lead for Analitics and Mobility
C omment ARY:
Joao Bras Jorge President of the Management Board, Bank Millennium
K ey issues :
The session “Digital commerce trends, opportunities and threats for the banking industry” will be devoted to the changes and opportunities taking place on the financial market.
Michele Marrone, Accenture European Lead for Analit- ics and Mobility, will present the research on the trends that can be noticed in the behavior of the contemporary consumers, he will show how traditional trade is being transformed into d-commerce and he will also explain how Accenture perceives the role of banks in today’s dynamic and digital world. His presentation will include many exam- S E C U R I T Y A N D ples of solutions implemented by the leaders standing D E V E L O P M E N T O F T H E B A N K I N G SECTOR
EUROPEAN FINANCIAL CONGRESS 23 at the head of the global digital banking (r)evolution. At the meeting, Michele Marrone will present the concept The role of banks in d-commerce space should be per- of an “Everyday Bank” - created by Accenture and success- ceived multi-dimensionally. The revolution taking place in fully implemented at customers, which is an answer to the commerce today is driven by technology, which will revo- changes taking place in the global and digital economy. lutionize the way B&M retailers promote, sell and manage the relationship with customers, and the way consumers We kindly invite you to attend the session “Digital com- shop and pay in the store. merce trends, opportunities and threats for the banking industry” and to take active part in the discussion. What’s important for banks, payments are being disrupted by new technology that eliminates the need for traditional PARTNER: infrastructure, making payments a seamless moment of truth within the shopping process. To meet their cus- tomers’ requirements, retailers reach for solutions such as Google Wallet. In this way, players from outside the industry join the game and also want to have their share in profits, which forces traditional banks to continuously implement more flexible and broader product offering and omni-channel access to their services. In the payment race the banking sector has one very im- portant asset. Millions of mobile devices, which are on 24/7 and collect plenty of information about every individual customer, combined with the history of transactions in his account give them a considerable advantage. Analytics, Mobile and Big Data may become a solution that will help the sector design an optimal offering for customers.
Today, the concept of providing customers with bespoke products on an as-needed basis, for instance, using new production paradigms such as 3D printing with express and automatic delivery (e.g. drones) may seem far-fetched. However, it is very likely to become popular in the near future. The banking sector must face the new d-commerce reality – if its model proves unattractive to consumers and not compliant with the modern trends, it will be replaced with more innovative and simpler solutions provided by external competitors.
24 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 25 THEMATIC BLOCK SECURITY AND DEVELOPMENT OF THE BANKING SECTOR Banking habits of SMEs KEY ISSUES: in Poland. The market of small and medium-sized enterprises in Po- land is one of the most prospective customer segments for Results of the Deloitte survey banks. SMEs generate up to ~18% of the national GDP and concerning bank customers hire ~40% of the employees in the companies sector. This in the SME segment. segment is characterized by a very high level of diversity from the viewpoint of needs and preferences in terms of cooperation with banks. The SME segment includes both Debate companies that are small, with stable prospects and small 24 June 2014, 11.00 – 12.30 Marco Polo E product requirements, which finance their activities with their own funds, as well as companies with large develop- ment potential, focusing on growth and leading active operations in foreign markets, with large needs for the cur- rent financing, investment financing, and trade finance. INTRODUCTORY PRESENTATION: This diversity clearly translates to revenue potential for Piotr Sadza banks. The cost aspect is equally important: the one related Director, Financial Institutions Sector, Deloitte both to the credit risk and the cost of customer service corresponding to the actual needs of the customer. MODERATOR: The first step to build profitable banking for the SME Andrzej Lachowski segment is to understand who the customers are, how Partner, Financial Institutions Sector, Deloitte they bank and what they expect. To this end, Deloitte has conducted extensive research in this sector in Poland, INVITED PANELISTS: which helped to capture the needs, the intensity of use of individual products, preferences for access channels, Mariusz Cholewa including electronic channels and key expectations and the President of the Management Board, most important criteria for the selection of the bank. Credit Information Bureau Przemysław Gdaƒski Issues for discussion: Vice-President of the Management Board, mBank S.A. What is the potential of the SME segment for banks Andrzej Gliƒski in Poland? Vice-President of the Management Board, Bank Millennium S.A. Which group of SME customers are the most attractive Jacek Obł´kowski for the banks? Vice-President of the Management Board, PKO Bank Polski S.A. How to build an attractive offer for the SME customers? Grzegorz Piwowar What are the most effective channels to reach SME Vice-President of the Management Board, Bank Pekao S.A. customers? Józef Wancer President of the Management Board, Bank BG˚ S.A.
26 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 27 THEMATIC BLOCK SECURITY AND DEVELOPMENT OF THE BANKING SECTOR How to diversify the sales and service model for the Non-Euro countries in relation SME customers? What will the SME banking look like in Poland over the to the Banking Union next 3-5 years? Debate DEBATE PARTNERS: 24 June 2014, 13.00 – 14.30 Marco Polo E
M oderator :
Michał Kobosko Editor-in-chief, Project Syndicate
INVITED PANELISTS:
Jean-Christophe Cabotte Deputy Head of Supervisory Law Division, European Central Bank Iwona Kozera Partner, Head of Financial Markets, EY Alexander Lehmann Lead Economist for Central Europe, EBRD Mario Nava Director, Financial Institutions, European Commission Andrzej Reich Director of the Department of Banking Regulations, Payment Institutions and Credit Unions, Polish Financial Supervision Authority Bernhard Speyer Senior Advisor, Senator's Office, Berlin Senate for Finance Peter Walsh Deputy Head of Division, Institutional & Sectoral Oversight, DG Micro-Prudential Supervision, European Central Bank
28 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 29 Is the Banking Union only an organisational solution, KEY ISSUES: or will it also have far-reaching political implications? Will it lead to the rapid integration of countries in The Banking Union concept was developed at the EU the Eurozone by dividing the Member States into two Summit in June 2012. It is increasingly seen as a solution unequal groups? If so, which group of countries will whose impact on the process of European integration can the closely cooperating countries fall into? be compared with the effects of the Coal and Steel Com- What should be the approach of the non-Eurozone munity established years ago. Due to legal conditions, the countries to the earlier membership in the Banking Banking Union only covers the Eurozone countries. Other Union? countries may be full members, although it is possible that How should the legal measures intended to protect they establish close cooperation with the Banking Union. It them be rated? Are they appropriate or insufficient? is a substitute of the full membership. The adopted solution Perhaps they are not touching the essence of the allows non-Eurozone countries to participate to a limited problem and should be supplemented in some way? extent in the decision-making process. For this reason, the regulation entrusting the ECB with supervision over the DEBATE PARTNERS: banking sector of the Eurozone has introduced safeguards to limit the potential risks associated with the different status of the countries cooperating closely with the ECB. It should be kept in mind that the Banking Union is not only about close cooperation. First of all, the solutions which prevent the factors threatening the stability of the Eurozone banks and the banking system as a whole are primarily the access to the EU's liquidity and capital support. This mechanism will not be available to the banks of close cooperating countries. The Banking Union will go live in four months. The next months will help us to understand better this fact and its effects. Right now, there is a number of questions worthy of discussing:
Issues for discussion: What is the Banking Union now, what will it be in the future? How to evaluate the mere fact of establishment of the Banking Union? What are the benefits and threats of the parallel op- eration of two (actually three) systems: the Eurozone countries, closely cooperating countries, and countries outside the Eurozone? What is the anticipated cost- benefit account?
30 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 31 THEMATIC BLOCK SECURITY AND DEVELOPMENT OF THE BANKING SECTOR Clients take over control KEY ISSUES: in banks At times of universal digitalization, access to the Internet and ubiquitous information, more than half of CEOs Debate of banks in the world expect forthcoming difficulties 24 June 2014, 13.00 – 14.30 in understanding and involving customers as individuals, Marco Polo F rather than as market segments. Banks should prepare for the future by: being open to influences and suggestions from customers; MODERATOR: emotional involvement of customers in proposals of the bank Władysław Szwoch and they can do this through innovations, particularly Financial Services Sector Leader, innovations based on digital solutions. IBM Global Business Services, CEE A growing number of CEOs believe that customer feedback should be used not only with regard to traditional areas, INTRODUCTORY PRESENTATION: such as creation of new products and services. CEOS are even willing to open up to opinions of customers in tasks “Clients take over control in banks" which to date were the sole tasks of the CEOs, namely Władysław Szwoch development of business strategy. Financial Services Sector Leader, Recognition of customers as new members of the manage- IBM Global Business Services, CEE ment board is also a way to unite the management board for one common goal – to meet the needs of customers. INVITED PANELISTS: Erosion of trust is now a major challenge for many banks on the road to growth. Management boards are therefore Maria Jose Campos open to collaborate with customers and are looking for Member of the Management Board, new ways to speak with them and build trust. If one initia- Millennium Bank S.A. tive could unite the whole management board to work Piotr Królikowski together for the success of the bank, building relations Member of the Management Board, with customers is definitely the solution. Provident Polska S.A. Piotr Popowski Issues for discussion: Director, EY What are the best ways to engage customers which Mirosław Skiba lead to development of good relations with custom- Member of the Management Board, ers? Customer advisory boards? Opinion leaders in Bank Zachodni WBK social media – other? How to define unique customer experience so that bank customers feel at home, whether they use online serv- ices, mobile solutions, social networks or visit a branch?
32 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 33 THEMATIC BLOCK SECURITY AND DEVELOPMENT OF THE BANKING SECTOR Is hiring a creative agency to design customer experi- Development of mobile ence in a mobile or online service the solution? How to ensure the same experience at the branch? payments in Poland Are we ready to change the way in which we run banks if customers require so? Debate How can we use social networks to gather customer 24 June 2014, 15.30 – 17.00 feedback and respond to such feedback? Marco Polo E How can we find the right balance between the world of social media, online banking and branches? How to involve all employees of banks in creation of the proper customer experience? M oderator : What are the innovative ways of analyzing customer behaviour so as not to interfere with customer Jerzy Kalinowski privacy? Partner, KPMG How can the banks work together with other institu- tions outside the banking sector in order to enhance INVITED PANELISTS: customer experience? Jakub Grzechnik DEBATE PARTNER: Director, Payments and Analyses, PKO Bank Polski S.A. Andrzej Malicki President of the Management Board, Polish Payment Standard Jarosław Mastalerz Vice-President of the Management Board, mBank Małgorzata O’Shaughnessy Senior Vice-President, Visa Europe Mirosław Rakowski President of the Management Board, T-Mobile
KEY ISSUES:
Internet revolution and the development of mobile tech- nologies has radically changed the patterns of consumer behaviours and preferences. We are increasingly more often talking about the digital consumer, who regularly uses fixed and mobile access to the global network resourc- es and digital services to satisfy their needs. The widespread use of smartphones allows the consumers to use mobile banking and payments in a very conscious manner.
34 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 35 THEMATIC BLOCK SECURITY AND DEVELOPMENT OF THE BANKING SECTOR However, the development of the mobile payments market Whether and how to separate in Poland is currently not proportionate to adoption of mo- bile telephony, smartphones and mobile Internet in Poland. retail banking from investment The aim of the session is to find answers to key questions banking in the EU? from the viewpoint of development of the mobile pay- ments market in Poland: Debate Why digital consumers need mobile payment services? 24 June 2014, 15.30 – 17.00 What are the media for the development of mobile Marco Polo F payments in the world? Are Polish consumers ready for the widespread adop- tion of mobile payment services? Is the market of mobile payments still at its embryonic SPEECH: stage or has it already ripened? What are the main barriers to the implementation Mario Nava and universal acceptance of mobile payment systems Director, Financial Institutions, European Commission in Poland? Are there any technological barriers? How INVITED PANELISTS: can we overcome these barriers? How can we effectively build a mobile payment Adam Ketessidis ecosystem in Poland to support universal and rapid Head of Bankresolution, Federal Financial acceptance of mobile payments? Supervisory Authority, Germany What role in the development of mobile payments in Tomasz Piwowarski Poland can the individual market players have (banks, Director of the Department of Inspections for Banks, payment institutions, mobile operators, solution Payment Institutions and Credit Unions, providers)? Polish Financial Supervision Authority Jürgen Schaaf DEBATE PARTNERS: Counsellor to the Executive Board, European Central Bank Andrzej Sławiƒski Director General of the Economic Institute, National Bank of Poland Wiesław Thor Counsellor to the Board, Deloitte
36 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 37 KEY ISSUES: from traditional activities of the banks, a process has been started in the UK to implement the After the Great Depression, the US banking was charac- proposals included in the Vickers Report to the British terized by the statutory distinction between commercial law. banking and investment banking. From 1984 to 1999, In Poland, at the beginning of January 2014 the Com- the lobbyists were pushing for reinstatement of universal mission for Banking Supervision accepted recom- banking in the US that would combine commercial and mendations on compulsory separation of speculative investment banking, which eventually happened in the year activities on own account after a certain materiality 2000. Earlier, in 1989, such a possibility was introduced in threshold is exceeded. the EU by the so-called the Second Banking Directive. One In January 2014, the European Commission launched of the consequences was a rapid surge in profits and bal- consultations on the draft legislative changes pro- ances of banks. The crisis of 2007 manifested, inter alia, the viding for mandatory separation from the bank, to significant risks associated with a strong desire to achieve another entity in the group, of speculative activities a superstandard return on investment activity of banks, but after a specified scale of this activity is exceeded. primarily the risks of charging the deposits are guaranteed by the deposit guarantee schemes, and subsequently by the Issues for discussion: state, with the risk of speculative activities. What was the impact of the speculative activities The scale of the losses incurred as a result of the recent of universal banks on the scale of the last financial crisis resulted in preparation of a number of reports in the crisis? US and Europe, which scrutinize the causes of the crisis. Was the speculative activity the sole/main factor The most important of them include: The Financial Crisis leading to the crisis? Inquiry Report (USA), Volcker’s Rule (USA), Vickers Report What risk factors are associated with retail activities (Great Britain), and Liikanen's Report (EU). and which are associated with investment activities? The latter calls for: Are universal banks necessary? - account of benefits separation of excessive commercial activity as regards and costs. transactions conducted on own account, assets and Is there place for any investment activities at all in derivatives associated with market animation opera- a retail bank? tions, exposure to hedge funds, SIVs (structured in- How should Liikanen Report's recommendations in vestment vehicles) and private equity funds to another the field of separating speculative activities of banks legal entity, and be evaluated? additional separation of activities of banks for possible How should the process of separating speculative improvements of the scope of resolution operations. activities from retail activities be carried out? After the Liikanen's Report was published, some Member States began to implement recommendations of the report: DEBATE PARTNER: The European Parliament issued a resolution on the reform of the structure of the EU banking sector; France and Germany have been updating their legisla- tion which separates speculative / investment activities
38 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 39 THEMATIC BLOCK SECURITY AND DEVELOPMENT OF THE BANKING SECTOR Asset Quality Review How does the AQR translate to the Polish banking sector? and what next? What are the positive and negative aspects of the AQR?
Are the banks afraid of the AQR results? If so, where do such Debate 24 June 2014, 17.30 – 19.00 concerns come from? Marco Polo F Is there a real risk/threat that the AQR results may be signifi- cantly different from the results reported in the financial statements for 2013? M oderator : Does the AQR conservative methodology take into account Adam Kołaczyk the specific nature of individual local markets? Partner, Financial Institutions Sector, Deloitte Is it possible to carry out the AQR in a uniform manner for all banks and countries? INVITED PANELISTS: Will a new reporting standard be created on the basis Mirosław Boda of the AQR? Vice-President of the Management Board, ING Bank Âlàski S.A. Andrzej Burliga How will the banking landscape look like after the AQR? Member of the Management Board, Bank Zachodni WBK Bartosz Drabikowski DEBATE DESCRIPTION: Vice-President of the Management Board, PKO Bank Polski S.A. Piotr Konieczny In recent times we have seen an increasing discussion on the Member of the Management Board, Raiffeisen Bank Polska S.A. European integration in all of its dimensions, starting with Andrzej Reich the purely political dimension to social, economic or military Director of the Department of Banking Regulations, Payment dimensions. Dimension of integration of the financial sector Institutions and Credit Unions, Polish Financial Supervision in the form of a Banking Union is one of the most important Authority considerations. The establishment of the Banking Union is Bernhard Speyer designed to contribute to minimisation of social concerns Senior Advisor, Senator's Office, Berlin Senate for Finance about the health of the banking sector and the long-term Dariusz Szkaradek quality of assets. This concept is built on three pillars. One Partner, Financial Institutions Sector, Deloitte of them is the Single Supervisory Mechanism, SSM. The single supervisory mechanism is to be exercised by the KEY ISSUES: European Central Bank (ECB) in the direct form over relevant credit institutions and in the indirect form, in close coopera- What has caused the need to carry out an asset quality tion with the competent national authorities, over all other review (AQR) in banks? credit institutions. Before taking over direct supervision over relevant credit institutions, the ECB, in cooperation with the
40 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 41 THEMATIC BLOCK SECURITY AND DEVELOPMENT OF THE BANKING SECTOR local regulatory bodies, performs a review of the "open- ing balance", which consists of the Asset Quality Review Recommendations for increasing (AQR) and a stress-test. The AQR and stress-testing will be applied to 128 largest banks in 18 European countries, the safety of the Polish which account for 85% of the assets of the banking sector. banking system through In Poland, a few banks which are owned by banks from the development of covered bonds Eurozone will be assessed in the framework of the Pan- European process. At the same time, the Polish Financial market – where are we? Supervision Authority has decided to use the same meth- odological assumptions to analyse the quality of assets in Conference selected 15 banks, including nine banks in the EU banking 25 June 2014, 09.30 – 11.00 groups surveyed by the ECB, and six local banks. For banks Columbus AB surveyed by the ECB, works are carried out in cooperation with the PFSA, in the other banks, works are carried out by the PFSA only. Thus, the Polish banking sector will be PARTICIPANTS: subject to the same assessment as the Eurozone banks. The year 2014 will mark the definition of the opening balance Zbigniew Jagiełło for the banking sector, by applying a uniform standard for President of the Management Board, assessing the quality of assets, both in banks in Europe and PKO Bank Polski S.A. – conference host in Poland. It was decided to subject the Euroland financial Rafał Kozłowski sector to uniform evaluation, in order to begin the process Advisor to the President of the Management Board of enforcing assumptions of the Banking Union based on of PKO Bank Polski, Project Manager of PKO Bank full, unified knowledge. At the European level, introduction Hipoteczny of a single supervisory mechanism and the preceding ex- Tomasz Mozer amination of the quality of assets as well as stressed tests President of the Management Board, turned out to be necessary, as confidence in the financial Pekao Bank Hipoteczny S.A. sector is still small. The tests are designed to dispel the last Grzegorz Piwowar doubts as to the condition of the banking sector. There is Vice-President of the Management Board, Bank Pekao S.A. a deep belief in the Polish banking environment that the situation of the domestic sector is stable and secure. How- KEY ISSUES: ever, the question remains: AQR and what's next? The October Retail Banking Congress presented the Ministry DEBATE PARTNERS: of Finance and the Ministry of Justice with recommenda- tions for increasing the security of the Polish banking system through development of the covered bonds market. These recommendations are the answer to the most important system-wide risk of the Polish banking sector, which results from the structural liquidity gap (long-term loans are financed with short-term deposits). Following their
42 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 43 implementation, the Polish covered bonds will develop, mainly to refinance home loans. The Ministries and the Polish Financial Supervision Authority carry out intense work on the implementation of recommendations of the Retail Banking Congress. Representatives of the banks will present the current status of the works, deadlines and expected deliverables.
Conference agenda: 1. Context: the risk of liquidity dates mismatch; European regulations and requirements; the safety of banks and customers; release of liquidity to finance development of the economy (SMEs, business loans) by acquiring financing from institutional investors from Poland and abroad; 2. Recommendations of the Retail Banking Congress 3. Where are we with implementation of changes into acts of law (law on covered bonds and mortgage banks, investment limits for the open pension funds and insur- ance companies, tax laws)? When will such changes be introduced? 4. What changes in the PFSA recommendations concerning covered bonds? 5. What are the expected results of changes? An attempt at quantification. the scale of issue; release of liquidity to be allocated by banks to other forms of lending (e.g. SMEs, business, etc.). 6. Q&A
F I N A N C I N G O F I N F R A S T R U C T U R A L PROJECTS
44 EUROPEAN FINANCIAL CONGRESS THEMATIC BLOCK FINANCING OF INFRASTRUCTURAL PROJECTS Macroeconomics The role of the state in developing and maintaining the technical infrastructure: the impact of actions of the state of the infrastructure on the business cycle, economic stability and macroeco- nomic imbalances. Debate 24 June 2014, 09.30 – 10.30 Infrastructure and coordination of policies at the national Columbus CD and EU level.
DEBATE DESCRIPTION:
MODERATOR: The administrative technical infrastructure is one of the major barriers to economic growth in Poland. Although Dariusz Filar the telecommunications infrastructure is relatively well- Professor, University of Gdaƒsk developed and does not deviate too much from the level achieved in the countries of the European Union, the INVITED EXPERTS: situation is much worse in inland transport and power net- works. In particular, Poland does not have a well-developed Mirosław Gronicki network of roads and railways. Minister of Finance of Poland in the years 2004-2005 Jerzy Hausner The current state of the technical infrastructure requires Professor, Cracow University of Economics significant outlays necessary for the expansion, moderni- Janusz Lewandowski zation and maintenance of the infrastructure. Currently, European Commissioner for Financial Programming the Government does not have effective instruments and Budget of economic policy to ensure development of the infra- Marek Rozkrut structure. Management of this sphere is scattered among Chief Economist, EY multiple ministries and institutions while plans are adopted on a wishful thinking basis. In particular, such plans do not KEY ISSUES: specify the sources of financing the investments planned.
The role of the state in the economy: Is influence of the From 2008 to 2014 the economic policy positively and state on the Polish economy excessive or perhaps just negatively affected the business cycle. At first (2008-2009) slight? Is it possible to precisely determine what are the both current and capital expenditures were increased (in- objectives of the state in the economy? What is the vestment expenditures) to prevent recession. This increased efficiency/effectiveness of the Polish State institutions the public finance sector deficit from 1.9 in 2007 to 7.4% in achievement of such objectives? of GDP in 2009. At the same time, the share of public in- vestments in the GDP increased. This share increased until Interventionism: What is the scope/scale of interventionism mid-2012 (Euro 2012) followed by a sharp reduction in the in the Polish economy? What tools are available to state following quarters. In the first case, it was a classic positive institutions? Is it necessary?
46 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 47 THEMATIC BLOCK FINANCING OF INFRASTRUCTURAL PROJECTS Keynes impulse (manifestation of state intervention in the Legal relations between economy). In turn, from the second half of 2012, it turned into a negative demand impulse, leading to the decline the State and entrepreneurs in domestic demand and curbing the economic growth. – forecast for infrastructural As far as the initial impulse was understandable, the vio- investments in Poland lent cut in investment expenditure had to have a negative impact on the Polish economy, resulting in a disturbance (reduction) of the business cycle. Debate 24 June 2014, 11.00 – 12.30 With the new EU financial prospect, this is likely to repeat. Columbus CD After the experience of the years 2008-14 it is necessary to think over the method of managing the investment process M oderator : in the infrastructure so as to not cause excessive fluctua- tions in investment expenditure and not to interfere with Tomasz Siemiàtkowski the business cycle. Otherwise, we will suffer unnecessary Professor, Warsaw School of Economics economic costs (excessive slowdown in economic growth) Member of the Companies Law Unit, and social costs (possible growth in unemployment). Civil Law Codification Commission Głuchowski Siemiàtkowski Zwara Law Firm
DEBATE PARTNER: INVITED EXPERTS:
Zbigniew åwiàkalski Professor, Faculty of Law and Administration, Jagiellonian University in Crocow T. Studnicki, K. Płeszka, Z. åwiàkalski, J. Górski Law Firm Wojciech J. Katner Professor, University of Lodz Jugde of the Civil Chamber, Supreme Court of Poland Andrzej Kidyba Professor, Faculty of Law and Administration, Maria Curie Skłodowska University in Lublin Zygmunt Niewiadomski Professor, Warsaw School of Economics Chairman of the Construction Law Codification Commission, Supreme Administrative Court
48 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 49 THEMATIC BLOCK FINANCING OF INFRASTRUCTURAL PROJECTS KEY ISSUES: Dilemmas of the European As a result of performance of contracts between the public energy policy party and a private party, there have been a number of tensions and claims resulting in arbitration and judicial Debate proceedings in Poland over the recent years. Currently we 24 June 2014, 13.00 – 14.30 are looking towards investments related to construction Columbus CD of the energy infrastructure, gas infrastructure, etc. The contracting authority is yet again the State and the contractors are the same largest construction companies (private companies involved in litigation with the State Treasury, where the value in dispute exceeds 10 billion M oderator : zlotys). Marek Garbicz The private party thus distances from entering into further Professor, Warsaw School of Economics contracts, fearing that the story may happen again. On the other hand, if such companies do not conclude the con- INVITED EXPERTS: tracts, the state will not implement the next considerable infrastructural investments. Mirosław Bieliƒski President of the Management Board, ENERGA SA Experts invited to the debate will discuss the history Katarzyna Jasiƒska of legal relations between the State and the infrastructural Colleague of the Warsaw School of Economics companies, as well as the solutions that would prevent Mariola Juszczuk similar events from happening in the future when imple- PhD student, Warsaw School of Economics in Warsaw menting planned contracts (in particular as regards private Zbigniew Kasztelewicz and legal issues, legislative, bureaucratic, axiological, at- Professor, AGH University of Science titudinal and any others issues that seem to be relevant). and Technology in Kraków Stephan Lehrke Senior Partner & Managing Director, The Boston Consulting Group Partner in Warsaw and Berlin Wojciech Paprocki Professor, Warsaw School of Economics Jan Popczyk Professor, Silesian University of Technology
50 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 51 KEY ISSUES: J U S T I F I C A T I O N :
Energy policy of the EU – carry on or change? The future EU energy policy has been dominated by environmental European energy scenarios are unclear. concerns (the other elements of the triple objective, such The pace of the EU's switching to renewable energy as competitiveness and security have been ignored to date). may slow down or the "escape forward" scenario will be Today we are in a trap, because this policy has completely implemented, as a result of aggravating the situation broken into pieces. Strong EU support mechanisms for the around Ukraine. Threats to Poland? Dilemmas related to the renewable energy sources in the form of high subsidies European energy policy are linked to the TEN project, which and privileged access created excessive supply of (unavail- comprises three sectors: transport, energy and ICT. Modern able!) renewable energy. This has created real problems for solutions (until 2050) should take into account integration regulatory capacity of power systems as well as for the of actions in these three sectors. competitiveness of the European industry. The technological revolution in shale gas, Fukushima and Policy of standing on many legs. Under conditions Ukraine have posed new challenges related to building of high uncertainty in energy markets: maintaining the im- of energy strategy for the EU and Poland. An EU policy will portant role of hard coal and lignite in the national energy be implemented on such quicksand. For political, economic balance, expansion of the potential of renewable energy and prestigious reasons, the EU cannot simply withdraw sources when they ensure economic efficiency, continua- from its existing strategy. Poland has therefore every tion of the efforts to find new sources of natural gas (shale reason to believe that the anti-coal course will continue. gas), priority of energy saving and demand management The crash of the existing EU strategy poses certain op- which results in reduced consumption, especially at peak portunities of developing a more realistic national and EU times. policy. We need, however, a substantive and not ideological discussion on this topic. Distributed energy. Prosumer energy built on renewable energy sources. Real solutions on a mass scale based on DEBATE PARTNER: cheap technologies of energy storage. Consequences of the lack of availability and unreliability of key renewable energy sources (wind and solar) for the operation of the power engineering system. Desired or excessive level of subsidising renewable energy sources?
Expansion of the transnational connections infra- structure. Benefits and risks. Risks as the possibility of vigorous push- ing and shoving of certain players. Mechanism of a strong fare dodger abusing someone else's infrastructure. Not necessarily the same advantages without mutual agree- ment and arrangements.
52 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 53 THEMATIC BLOCK FINANCING OF INFRASTRUCTURAL PROJECTS The role of private capital KEY ISSUES: in financing infrastructure What are the main obstacles to investing in the Polish infrastructural sector? - viewpoint of a private investor Debate 24 June 2014, 15.30 – 17.00 How important is the National Strategy for the Development Columbus CD of Infrastructure?
Whether and what kind of structural solutions do lenders and private investors require (from the Government and regulators)?
MODERATOR: What is conducive to private investment in infrastructure in Poland and all over the world? How could Poland attract Andrzej Kopyrski more international capital (own and borrowed)? Vice-President of the Management Board, Bank Pekao S.A. What should be the role of local development banks INVITED PANELISTS: in expansion of the national infrastructure? Eriks Atvars What sectors are currently being preferred by investors Managing Director, Deputy Global Head Infrastructure in Poland and why? and Power Project Finance, Corporate & Investment Banking, UniCredit Bank AG Krystyna Brzozowska DEBATE PARTNER: Professor, University of Szczecin Remigiusz Chlewicki Partner, Financial Advisory Department, EY Jerzy Gajewski President of the Management Board, NDI SA Eric Gällstad Baltic Sea Department, Poland – Public Sector and Infrastructure, EIB Marco Rosso Director of business development, Meridian Infrastructure Lucyna Staƒczak Country Director, Poland, EBRD
54 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 55 THEMATIC BLOCK FINANCING OF INFRASTRUCTURAL PROJECTS Model of financing key Remigiusz Paszkiewicz President of the Management Board, PKP PLK infrastructural projects Arthur Rakowski Senior Managing Director, Macquarie Infrastructure Debate 24 June 2014, 17.30 – 19.00 Columbus CD KEY ISSUES: The debate will be devoted to the possibility of financing infrastructural projects. The need SPECIAL GUEST: for infrastructure development in Poland makes it necessary to pay particular attention to ensuring El˝bieta Bieƒkowska appropriate financing. Infrastructural projects Deputy Prime Minister of Poland, require long-term commitment of significant Minister of Infrastructure and Development funds, which is why during the debate the partici- pants will discuss opportunities and limitations MODERATOR: connected with the possibility of securing such funds from the private sector - banks, sponsors, Krzysztof Rozen private partners involved in projects implemented Partner, KPMG in the Private-Public Partnership formula, as well as from state institutions, in particular state de- INVITED PANELISTS: velopment banks. What seems to be an important challenge is the package of CRD IV/CRR regula- Magdalena BartoÊ tions, whose aim is to strengthen the stability Managing Director for economic and financial affairs, of the European banking sector. What is still PGE Polska Grupa Energetyczna SA challenging, however, is the issue of ensuring Jean Bensaïd long-term financing in conditions in which new Chief Executive Officer, CDC Infrastructure prudential regulations have been imposed. In view Mariusz Grendowicz of the foregoing, the debate will also draw atten- President of the Management Board, tion to the domestic environment of Bank Gospo- Polish Investments for Development S.A. darstwa Krajowego, which is not subject to the EU Dariusz Kacprzyk prudential and supervisory regulations. President of the Management Board, The debate will also include the issue of coopera- Bank Gospodarstwa Krajowego tion between various types of entities involved in Andrzej Kopyrski infrastructural projects, in particular in connection Vice-President of the Management Board, with the PPP mechanism, which is insufficiently Bank Pekao S.A. used in Poland in the context of the European experience.
56 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 57 THEMATIC BLOCK FINANCING OF INFRASTRUCTURAL PROJECTS Investment attractiveness DEBATE PARTNERS: of shale gas exploration and extraction in Poland
Debate 25 June 2014, 09.30 – 11.00 Marco Polo F
SPECIAL GUEST:
Maciej H. Grabowski Minister of the Environment of Poland
MODERATOR:
Agnieszka Łakoma Polish Press Agency
INVITED PANELISTS:
Mikołaj Budzanowski Member of the Management Board, Boryszew SA Mariusz Grendowicz President of the Management Board, Polish Investments for Development Mateusz Pociask Partner, Tax Advisory, EY Wiesław Prugar President of the Management Board, Orlen Upstream Zbigniew Skrzypkiewicz Vice-President, Exploration and Production, PGNiG
58 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 59 DEBATE DESCRIPTION: Exploration and production industry from the view- point of investment banks: how do the investment Given significant domestic resources, shale gas is an op- bank assess attractiveness of such projects? What is portunity for increasing independence of Poland from the impact of proposed tax solutions on the assess- imported gas and thus improving the energy security. ment performed by the banks? Production of national raw materials, including shale gas, is also one of the postulates formulated by the Prime Min- The experience of companies involved in capital rais- ister of Poland, Donald Tusk, as part of the energy union ing: what are their expectations towards the banks? project, which is currently being analysed by the European What is the price of risk related to exploration works? Commission. The EFC Panel will provide an opportunity to discuss the potential to produce the shale gas on an The role of the state in supporting exploration and industrial scale in Poland and assess attractiveness of this production: could the regulatory risk be avoided? What type of an investment. should be the effective tax system for the sector?
KEY ISSUES: Whether and how could the State financially support research aimed at development of the exploration and Shale gas as one of the elements of the energy union production technologies? project in the Community: will Poland have to con- vince its partners? DEBATE PARTNERS: The progress of exploration works in Poland: what are the main barriers to such works? (what makes such works difficult?) Why Poland is an attractive place for exploration for some companies and others it is not? What is the reason: technological, legal or financial barriers?
Prospects and conditions for future works, plans of companies: does success depend on the capital employed?
Costs and capital expenditure: what are the basic sources of financing exploration projects? (difficulties and barriers to obtaining capital)
"Polish shale" in the opinion of the banking sector: What conditions must the investors meet? What borrowing if any is available to them?
60 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 61 THEMATIC BLOCK FINANCING OF INFRASTRUCTURAL PROJECTS Security of the Polish Liberalisation of the gas market in terms of "take or pay" long-term contracts natural gas market Prices of gas and keeping the tariffs Sources of financing investment programmes of the natural gas market, including from the EU funds Debate Preferred (possible) energy mix until 2030 and 2050 25 June 2014, 11.30 – 13.00 Marco Polo F DEBATE PARTNER:
MODERATOR:
Andrzej Sikora President of the Energy Studies Institute
INVITED EXPERTS:
Mirosław Duda Advisor to the Management Board of the Energy Market Agency Marek Kamiƒski Partner, EY Wojciech Kowalski Member of the Management Board, Gas Transmission Operator Gaz-System S.A. Ireneusz Łazor President of the Management Board, Polish Power Exchange Stanisław Nagy Professor, AGH University of Science and Technology in Kraków
KEY ISSUES:
Sources of acquiring gas, in particular development of the national resources of natural gas (and oil) Security of gas supplies during creation of a single European energy market
62 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 63 THEMATIC BLOCK DEVELOPMENT STRATEGY OF THE CAPITAL MARKET How to increase the attractiveness of the public market for issuers?
Debate 24 June 2014, 15.30 – 17.00 Columbus AB
SPEECH:
Valerie Bannert-Thurner Vice-President, NASDAQ OMX
MODERATORS:
Adam Maciejewski President of the Management Board, Warsaw Stock Exchange Mirosław Kachniewski President of the Management Board, Polish Association of Listed Issuers
INVITED PANELISTS:
Daniel Boniecki Managing Director, McKinsey & Company Zbigniew Jakubas CEO, Multico Capital Group Jakub Papierski Vice-President of the Management Board, PKO Bank Polski Wojciech Sobieraj President of the Management Board, Alior Bank S.A. Artur Tomala D E V E L O P M E N T Executive Director, Goldman Sachs S T R A T E G Y O F T H E CAPITAL MARKET
EUROPEAN FINANCIAL CONGRESS 65 THEMATIC BLOCK DEVELOPMENT STRATEGY OF THE CAPITAL MARKET KEY ISSUES: How to increase the level The role of the capital markets in financing the economic development (vs. bank financing) of long-term domestic savings?
Why are some businesses not willing to use the tools offered by the public capital market? Panel debate 24 June 2014, 17.30 – 19.00 Disadvantages of the public capital market: how could Columbus AB these be eliminated if at all?
Why are public companies less effective than private ones? SPEECH: What incentives could be offered to the issuers so that they use the public capital market more willingly (enter Eric Bertrand and stay on the market)? Principal Consultant, Exchange Business Solutions, Euronext
How could the capital market be used to finance start-ups? MODERATOR:
DEBATE PARTNERS: Ryszard Petru President of the Association of Polish Economists
INVITED PANELISTS:
Beata Jarosz Vice-President of the Management Board, Warsaw Stock Exchange Stefan Kawalec President of the Management Board, Capital Strategy Wojciech Kowalczyk Undersecretary of State, Ministry of Finance of Poland Michał Markowski Chief Economist, Ministry of Treasury Paweł Pytel President of the Management Board, Aviva PTE
66 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 67 THEMATIC BLOCK DEVELOPMENT STRATEGY OF THE CAPITAL MARKET KEY ISSUES: Ownership strategy for the The importance of long-term national savings Warsaw Stock Exchange for the macroeconomic stability of the country. and its impact upon The importance of long-term national savings for the safety and credibility the development of the capital market. of the capital market
The need for long-term savings from the banking sector Round table debate as a result of Basel III regulatory changes. 25 June 2014, 11.30 – 13.00 Marco Polo E The importance of long-term national savings for ensuring access to long-term financing of infrastructural and energy projects. MODERATOR:
Voluntary pension schemes (third pillar) as a way to miti- Bartłomiej Mayer gate the decline in the replacement rate and to generate Economic journalist, Dziennik Gazeta Prawna long-term savings which finance development and increase macroeconomic stability of the country. KEY ISSUES:
Experience of other countries in mobilisation of voluntary The aim of the debate is to make an attempt at answering pension savings. the question of whether and how a long-term and stable development of the capital market could be ensured in How to motivate and encourage the Poles to save Poland. on a long-term basis? The original question is about the advisability of such an DEBATE PARTNERS: action – should the capital market be supported. The an- swer seems to be obvious – yes, the capital market should be supported, because its function in promoting the econo- my, in particular young, innovative and prospective entities is crucial. The banking market has limited opportunities of financing development of this part of the economy. The second question is how to support the capital market in the long term.
It seems that the sustainable development of the capital market in Poland requires system-wide changes, including institutional changes. Part of them is the ownership policy of the State Treasury to the Warsaw Stock Exchange. This will be the main subject of the debate.
68 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 69 THEMATIC BLOCK VALUE-BASED MANAGEMENT OF ENTERPRISES Use of corporate governance in creating value of enterprises
Debate 24 June 2014, godz. 09.30 - 10.30 Rotunda
S P E E C H :
Paweł Wojciechowski Ambassador, Permanent Representative of the Republic of Poland to the OECD
INVITED COMMENTATORS:
Beata Binek President of the Polish Institute of Directors Małgorzata Dec Director of the Department of Analyses, Ministry of Treasury of Poland Andrzej Dycha Undersecretary of State, Ministry of Economy of Poland Beata Jarosz Vice-President of the Management Board, Warsaw Stock Exchange Adam Purwin President of the Management Board, PKP Cargo
DISCUSSION POINTS: The impact of corporate governance on the quality of the investment process in the enterprise Corporate governance and the financial crisis The concept of investor’s activism Shaping and quality of salaries "Soft" and "hard" regulations The universalism of the OECD corporate governance principles
V A L U E - B A S E D DEBATE PARTNER: M A N A G E M E N T OF ENTERPRISES
EUROPEAN FINANCIAL CONGRESS 71 THEMATIC BLOCK VALUE-BASED MANAGEMENT OF ENTERPRISES Foreign expansion of Polish KEY ISSUES: resource companies - What will be the role of international expansion an opportunity for Polish of Polish companies in the development of the econo- economy and science my in the coming years? Poland is increasingly open to international competi- tion. Polish companies must compete with the biggest Panel debate companies in the world. To face this competition, we 24 June 2014, 11.00 – 12.30 Columbus AB need our own, global players.
National champions, large economic entities, signifi- cantly stimulate economic growth through access to MODERATOR: cheaper capital, the dominant role in the international trade and research and development activities. This is Daniel Boniecki particularly important in the case of capital intensive Managing Director, McKinsey & Company and highly globalised markets of commodities.
INVITED PANELISTS: There are 60-100 companies in Poland which carry on global activities. A group of Polish champions could Paweł Jarczewski quickly increase. International expansion of the largest President of the Management Board, Azoty S.A. Group players could cause a snowball effect. The success Sławomir J´drzejczyk of some companies may be forged into success Vice-President of the Management Board, of other companies. If the most effective players gain Chief Financial Officer, PKN ORLEN S.A. effective international presence, they will pull smaller Włodzimierz Karpiƒski companies, such as their vendors. Minister of Treasury of Poland Michał Krupiƒski What should be the role of state institutions in sup- Managing Director, Bank of America Merrill Lynch in Poland porting international expansion? Herbert Wirth President of the Management Board, The strategy of economic development of the country KGHM Polska Miedê S.A. and intelligent activity of the states in the regulatory Paweł Wojciechowski field is strictly essential in construction of solid foun- Ambassador, Permanent Representative of the Republic dations for the development of an innovative of Poland to the OECD and internationally-oriented economy.
72 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 73 THEMATIC BLOCK VALUE-BASED MANAGEMENT OF ENTERPRISES Obviously, attention must be paid to the limits of such Infrastructure and an aid and dependency. Interests of the company should not stand above national interests and not be the growth of economy in conflict with the interests of the European Union based on innovation and the European Common Market. Debate What is the recipe for a successful international 24 June 2014, 13.00 – 14.30 expansion? Columbus AB
There is no magic formula for a successful acquisi- tion. Each transaction must have its strategic logic. INTRODUCTION AND DEBATE Experience shows that buyers in the most successful SUMMARY: transactions have clearly defined objectives, based on which they carry out the transaction. Marek Rosiƒski Managing Partner, Baker & McKenzie DEBATE PARTNERS: MODERATOR:
Marcin Piasecki Editor-in-chief, Sukces
INVITED PANELISTS:
Michał Baƒka Director of the Department of Business Environment Institutions Development, Polish Agency for Enterprise Development Krystian Bestry AVP & Head of BPO Services EMEA, Infosys BPO Ltd, Vice-President of the Board of ABSL Zbigniew Jagiełło President of the Management Board, PKO Bank Polski Adam Maciejewski President of the Management Board, Warsaw Stock Exchange Jarosław Romanowski First Vice-President of the Management Board, KGHM Polska Miedê SA
74 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 75 Adam Âwirski at achieving the common goal, which is how to move from Vice-President of the Management Board, a developing economy driven by external capital and based Bank Gospodarstwa Krajowego on an inexpensive cost base to a developed economy that Agata Wacławik-Wejman creates and exports modern solutions. Policy Counsel Google Poland In 2013, Baker & McKenzie law firm prepared a report for the Ministry of Infrastructure and Development, which KEY ISSUES: analysed the best practices in innovations and recommen- dations for Poland in this scope. Many of these recommen- How should the largest enterprises engage in develop- dations have been applied in the works of the Government. ment of an innovation-based economy? During the debate, key areas of success for innovation- How to ensure proper intellectual infrastructure based economies will be presented, along with the changes (courts, administration) for the country which is to that we have seen in the recent months. We will also dis- build its competitiveness on the creation and imple- cuss areas where there is still a need for consistent actions. mentation of innovations? Is it possible to implement tax solutions that will DEBATE PARTNER: encourage companies to invest in innovations? How should the ecosystem for trading innovative ideas look like and what role could the WSE adopt in such a scenario? How is the strategy based on innovations being imple- mented by the largest international enterprises? What should be the role of public institutions (Polish Agency for Enterprise Development, BGK, National Centre for Research and Development) in development of an innovation-based economy? How could the potential of international corporations be used in the transformation of business processes of Polish enterprises?
Besides energy and financial security, the issue of the innovation-based economy is crucial for the competi- tiveness of Poland in the years to come. After a period of absorption of funds from 2004 to 2013, the time has come to summarise the use of such funds and to plan the optimal use of funds for the years 2014-2020. This will probably be the last such a big financial injection for Poland. Despite polarisation, the public debate is aiming
76 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 77 THEMATIC BLOCK THEMATIC BLOCK VALUE-BASED MANAGEMENT VALUE-BASED MANAGEMENT OF ENTERPRISES OF ENTERPRISES Long-term incentives When will e-commerce in motivating top displace traditional business? management of enterprises Debate Debate 24 June 2014, 17.30 – 19.00 24 June 2014, 13.00 – 14.30 Marco Polo E Rotunda
MODERATOR: SPEECH: Cezary Szymanek Frank Plaschke Editor-in-chief, Bloomberg Businessweek Polska Partner and Managing Director of the Boston Consulting Group in Munich, Leader of the Corporate Development INVITED PANELISTS: Global Practice Bartosz Ciołkowski INVITED COMMENTATORS: General Manager, Polish branch of MasterCard Europe Jerzy Jóêkowiak Małgorzata Dec President of the Management Board, Poczta Polska S.A. Director of the Department of Analyses, Marcin Karnowski Ministry of Treasury of Poland Head of Marketing Central and Eastern Europe at Google Andrzej Herman Marcin Kotlarek Professor, Warsaw School of Economics Partner and Managing Director, The Boston Consulting Sebastian Mikosz Group President of the Management Board, PLL LOT Szymon Midera Vice-President of the Management Board, DEBATE PARTNER: Bank Pocztowy S.A. Przemysław Schmidt Member of the Supervisory Board, Merlin.pl SA
KEY ISSUES:
Online and offline lived in a perfect harmony. How has the development of e-business affected and will affect the rules of the game on the trade, logistics and financial markets?
78 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 79 Building a competitive edge in the world in one click. If today we can say "the e-customer is always right", how will this change the traditional business? How to satisfy the ever-changing customer needs in The e-commerce based model has permeated and changed a faster and cheaper way? business models followed to date – this is evident when we look at the changing shops or banks. However, success Are large traditional companies able to change their busi- is not for everyone as e-commerce has many faces. Is it ness model to succeed in e-commerce and not drown? enough to launch an online shop to save the traditional business? How great a challenge is moving from offline to How big a piece of the cake called e-commerce will fall online business? What directions will the banks and other into the hands of banks and financial institutions yearning financial institutions choose? How they can adapt their success? business models to take advantage of the growing market? What will happen to those players who will let it go and The potential of the e-commerce market and related busi- fail to find their place in the world of e-commerce? ness models is best demonstrated by numbers: 14 million people buying over the Internet, PLN 26 billion spent on DEBATE PARTNER: the purchase of goods and services in the 2013, 15,000 shipments delivered per hour, 130 million shipments per year, more than 25% annual growth of trade based on this business model. Based on estimates, the value of the Internet economy in 2015 will be higher than the value of the market of financial services. These figures are quoted for Poland only, which only aspires to the role of a major player in the world map of e-commerce. How powerful is the scale of this business throughout Europe and in the world? Will e-commerce companies soon form the backbone of the economy, as once the industry or services did? From the chains of shops to large telecom operators to the local library: today all these projects base, more or less, on the customer relations experience developed by e-business. They do change, by offering 24 hours a day availability instead of the already inadequate shipment in 24 h, competing in proposing improved mobile payments, payment gateways and other solutions related to online purchasing.
80 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 81 THEMATIC BLOCK VALUE-BASED MANAGEMENT OF ENTERPRISES Is the grey economy "in our (on education, health, etc.) are limited. If the common blood" or will the business budget is increased, we could afford more. pay taxes if they are lowered? Citizens living in the grey economy live at our cost as they use the public infrastructure, including schools and roads, Debate without paying the taxes. 25 June 2014, 09.30 – 11.00 Columbus CD Issues for discussion: Will enterprises pay taxes if we cut them down? Balance of profits or cultural conditions: what determines our attitude toward fiscal burden; MODERATOR: Is fiscal optimization moral? Down to earth: lower taxes, how low exactly? Dominika Malicka-Sikora Is it possible to work out the consensus between Deputy Editor-in-chief, Dziennik Gazeta Prawna entrepreneurs and the Government? Labour market gone wrong: will the employees return INVITED PANELISTS: to their jobs with lower costs of employment?
Andrzej Malinowski DEBATE PARTNER: President, Employers of Poland Tomasz Michalik MDDP tax advisor Jacek Santorski Business psychologist Michał Skowronek General Manager, Poland and Balkan Countries, MasterCard Europe priest Jacek Stryczek President of the Management Board, WIOSNA Association
KEY ISSUES:
Grey economy is expanding and costs the budget billions of lost zlotys. Estimates are about 30-50 billion zlotys per year. Poland has a budget deficit and reduction of the grey economy would be the simplest solution. Expenditures
82 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 83 THEMATIC BLOCK VALUE-BASED MANAGEMENT OF ENTERPRISES
practices (national and international) and experience of the The role of economic recent years. The key will be to find an idea to combine the diplomacy in development expectations of business with assistance from the diplomacy. of business cooperation Issues for discussion: What are the good practices in promoting business Round table debate 25 June 2014, 09.30 – 11.00 cooperation by diplomacy? Marco Polo E What are the experiences and expectations of business circles? How does the diplomacy support international expansion of companies? MODERATOR: Who should support business cooperation of enterprises from different countries? Piotr Ch´ciƒski How to effectively coordinate diplomacy and business? Journalist, Telewizja Polska S.A. DEBATE PARTNER: SPECIAL GUEST:
Katarzyna Kacperczyk Undersecretary of State, Ministry of Foreign Affairs of Poland EXPLORING BUSINESS IN AFRICA – presentations of the INVITED PARTICIPANTS: business potential and investment possibilities of Ethiopia, Ghana, Mozambique and Senegal, among others. Representatives of the diplomatic missions 25 June 2014, 15.30 -16.30 and consular offices in Poland Columbus AB Representatives of the Ministry of Economy Representatives of the Ministry of Agriculture GUESTS: Representatives of the Ministry of the Environment Business representatives Anabela Chambuca Chief Executive Officer, Mozambique Stock Exchange KEY ISSUES: Mamadou Diop Secretary General of the Ministry of Industry and Mines, In order to maintain a high growth rate, Polish economy Senegal needs a series of stimuli. These should include actions to Haruna Iddrisu facilitate the geographical expansion of Polish enterprises. Hon. Minister of Trade and Industry, Ghana The aim of the debate is to find an answer to the follow- Ahmed Sufian ing question: How to effectively coordinate diplomacy and Minister of Finance and Economic Development, Ethiopia business so that the latter could be facilitated international expansion? During the debate, speakers will discuss current
84 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 85 THEMATIC BLOCK VALUE-BASED MANAGEMENT OF ENTERPRISES Supporting business KEY ISSUES: cooperation by financial From the point of view of economic development one of the key issues is to support the development of en- institutions terprises through the banking sector, and in the context of Polish exporters – to support them in developing and Debate strengthening their position on foreign markets. The trend 25 June 2014, 11.30 – 13.00 in Polish export is positive: since the mid 90's its value (in Columbus AB USD) increased 8-fold, the volume increased 4-fold and the share of exports in the GDP has doubled. However, the increasing competition and the economic downturn in INTRODUCTION: recent years have caused that carrying out effective export activities is becoming increasingly challenging for com- Piotr Popowski panies, and the still existing uncertainty about the future Director, Financial Markets Group, EY economic situation reduces the tendency of companies to MODERATOR: finance their development through loans. At the same time, despite the healthy foundations of the banking sector in Iwona Kozera Poland, the financial crisis in other EU countries translated Partner, Leader of the CSE Financial Markets Group, EY into a reduction in lending also for businesses in Poland, which is at the lowest level (relative to GDP) in the EU, INVITED PANELISTS: anyway. In the context of a gradual upturn in overseas markets, including in particular the EU, we should engage Katarzyna Kacperczyk in discussion, whether and what additional support mecha- Undersecretary of State for Non-European policy, public nisms, including the financial sector, would be possible to and economic diplomacy, Ministry of Foreign Affairs fully seize the opportunity to significantly strengthen the Andrzej Kopyrski position of Polish enterprises on the international markets. Vice-President of the Management Board, Bank Pekao S.A. Piotr Lasecki Issues for discussion Vice-President of the Management Board, We suggest the following issue be discussed during Bank Gospodarstwa Krajowego the panel: Jakub Papierski Is there a need for further development of government Vice-President of the Management Board, PKO Bank Polski programs in support of export-oriented activity Adam Purwin of Polish enterprises? President of the Management Board, PKP Cargo Is the promotion and communication activity for the Marek Wierzbowski support of Polish business in foreign markets suffi- Deputy Chairman of the Supervisory Board, cient? What initiatives could be additionally taken Warsaw Stock Exchange and who should be involved in them?
86 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 87 THEMATIC BLOCK VALUE-BASED MANAGEMENT OF ENTERPRISES How do we perceive the activity of Polish enterprises Immigration policy and in the field of operational flexibility and the ability to find market niches? What tools and solutions could development of the modern allow exporters to strengthen their position on inter- business services sector national markets? How can we assess the degree of utilization of the Debate available financial instruments to support businesses 25 June 2014, 11.30 – 13.00 activity? Columbus CD What is the availability of loan financing and trade finance products offered by domestic banks in the context of the competitiveness of small- and medium- INTRODUCTION: sized businesses and their expansion into international markets? Krystian Bestry How are customers supported in foreign markets by AVP & Head of BPO Services EMEA, Infosys BPO Ltd, Polish banks (e.g. formation of companies operating Vice-President of the Board of ABSL abroad), is it sufficient? MODERATOR: debate partner : Paweł Panczyj Managing Director, ABSL
INVITED PANELISTS:
Piotr Badowski Managing Partner, Neo Investments Krystian Bestry AVP & Head of BPO Services EMEA, Infosys BPO Ltd, Vice-President of the Board of ABSL Andrzej Bojanowski Vice-President of the City of Gdaƒsk Tomasz Cytrynowicz Director of the Department for Legalization of Stay, Office for Foreigners Jarosław Drozd Consul General of the Republic of Poland in Lviv, Ukraine Ryszard Petru President of the Association of Polish Economists Beata Stelmach CEO of GE in Poland and the Baltics
88 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 89 DESCRIPTION: How to simplify the procedures which must be carried out by foreigners to work in Poland? Over the recent years Polish economy has grown contrary What are the experiences and good practices of other to the global trends. One of the fastest growing divisions Member States? of the Polish economy is the sector of modern business How to minimize the risk of treating Poland by services, which for the recent years has been growing foreigners as a "country of transit"? a rate of 20% per year, with over 130,000 employees, with How to facilitate foreigners to conduct business more than ten thousand more people employed each year. in Poland? Poland is able to offer business process outsourcing of increasing complexity. The Polish offer has been pre- DEBATE PARTNER: pared on the basis of analyses and plans of key actions of corporations for the coming years. To continue the growth in demand for business process outsourcing, some needs of the sector need to be satisfied. The most impor- tant of these needs is a steady supply of human resources, both graduates and people with experience, because today we can see some shortage, in particular among people with proper qualifications. These shortcomings cannot be satis- fied merely by changes in the educational system, although this is one of the ways for the future. The solution may be to change the Polish immigration policy that would allow citizens of other countries, including those from outside the European Union, to obtain visas and work permits easier. Facilitation of the supply of skilled non-EU person- nel could be a way to maintain the competitive position of Poland, and thus support further development of the sector of modern business services.
KEY ISSUES:
Who are the employers looking for? Diagnosis of widely understood needs of the sector. Staffing needs of business today and in the coming years and the situation in the labour market. Current efforts to open up the labour market in Poland and future needs in terms of finding graduates and experienced employees.
90 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 91 ACCOMPANYING EVENTS
“Miedê czy nie mieç?” (All about copper)
Film screening 24 June 2014, 17.30 – 19.00 Multikino Sopot
A film directed by Ewa Ewart about acquisition of a Cana- dian company, Quadra FNX Mining, preceded by a conver- sation between Ewa Ewart and Herbert Wirth, President of the Management Board of KGHM Polska Miedê SA. Discussion after the screening.
PARTNER:
A C C O M P A N Y I N G EVENTS
EUROPEAN FINANCIAL CONGRESS 93 ACCOMPANYING EVENTS
15.15-17.15 CASE STUDY Bank Zachodni WBK, Patron of the EFC Academy Warsaw Stock Exchange KGHM Polska Miedê PKN ORLEN S.A.
17.30-19.00 SCREENING OF ”MIEDè CZY NIE MIEå” FILM, DIRECTED BY EWA EWART, (MULTIKINO SOPOT, SCREEN NO. 3) 24 June 2014, Grand Hotel After the screening, a discussion with Mr Herbert Wirth, President of the Management Board of KGHM Polska Miedê and Ms Ewa Ewart
09.30-10.30 Parallel debates of the European Financial Congress (Ho- 19.50 Catamarans leave to Gdaƒsk from the Sopot Pier tel Sheraton)
10.30-11.30 BRUNCH – NETWORKING 21.30-23.00 AN EVENING IN THE GDA¡SK SHIPYARD
11.30-11.40 OPENING, INTRODUCTORY ADDRESS : 25 June 2014, Grand Hotel Mateusz Morawiecki President of the Management Board of Bank Zachodni WBK, Patron of the EFC Academy 09.30-11.00 Presentation and debate of young entrepreneurs Moderator: 11.40-11.50 Break – discussion groups move to discussion rooms Jacek Uryniuk journalist, Dziennik Gazeta Prawna
11.50-12.50 DISCUSSIONS WITH LEADERS, PART 1: 11.00-11.30 Break Jan Krzysztof Bielecki Chairman of the Programme Board of the EFC Adam Maciejewski 11.30-13.00 LECTURE BY PAWEŁ WOJCIECHOWSKI, PHD, President of the Management Board of the Warsaw Stock AMBASSADOR, PERMANENT REPRESENTATIVE Exchange OF THE REPUBLIC OF POLAND TO THE OECD Mateusz Morawiecki President of the Management Board of Bank Zachodni WBK 13.00-13.15 Break (Hotel Sheraton)
13.15-14.15 DISCUSSIONS WITH LEADERS, PART 2: 13.15-14.30 ANNOUNCEMENT OF THE MOST IMPORTANT Sławomir J´drzejczyk RECOMMENDATIONS OF THE EUROPEAN FINANCIAL Vice-President of the Management Board, CONGRESS (Hotel Sheraton) Chief Financial Officer, PKN ORLEN S.A. Herbert Wirth 14.30-15.30 Lunch (Hotel Sheraton) President of the Management Board, KGHM Polska Miedê
13.00-14.30 Parallel debates of the European Financial Congress (Ho- tel Sheraton) PATRON OF THE EFC ACADEMY:
14.30-15.15 Lunch (Hotel Sheraton)
94 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 95 ACCOMPANYING EVENTS
PPP in the development of cities and regions 12.05-12.30 Address on innovative PPP projects (projects of governmental administration – Nowy Sącz and hybrid – experience and prospects projects) and the support from local governments for the preparation of projects within the framework of the PPP Platform Robert Kału˝a 24 June 2014 Director of the Department of Public-Private Partner- The National Gallery of Art ship Projects’ Support, Ministry of Infrastructure and Development
12.30-13.00 Break
10.45-11.00 OPENING: Dariusz Kacprzyk 13.00-13.25 Presentation and discussion of results of inspection President of the Management Board, into “Implementation of projects based on public-priva- Bank Gospodarstwa Krajowego te partnership" Jacek Karnowski Marian Cichosz President of the City of Sopot Vice-President of the Supreme Chamber of Control Andrzej Kopyrski COMMENTARY: Vice-President of the Management Board, Wojciech Misiàg, PhD Bank Pekao S.A. Advisor of the President of the Supreme Chamber of Control, Associate Professor at the University of Infor- 11.00-14.30 COURAGE IN DECISION MAKING mation Technology and Management in Rzeszów Paweł Orłowski 11.00-12.05 CASE STUDY: Undersecretary of State, Ministry of Infrastructure CENTRUM HAFFNERA AND DEVELOPMENT OF and Development AREAS OF THE RAILWAY STATION IN SOPOT Jacek Karnowski 13.25-14.30 ROUND TABLE DEBATE: President of the City of Sopot MODERATOR: Robert Kasprzak Mikołaj Kunica Director of Structured Finance Department, Communications Director, Polskie Inwestycje Bank Gospodarstwa Krajowego Rozwojowe S.A. MPEC OLSZTYN INVITED PARTICIPANTS: Mariusz Grendowicz Mariusz Grendowicz President of the Management Board, President of the Management Board, Polish Investments Polish Investments for Development S.A. for Development S.A. Rafał Petsch CONSTRUCTION OF THE RAILWAY STATION Managing Director, Department of Financial Institutions IN KATOWICE and Public Sector, Bank Pekao S.A. Piotr Uszok Bartosz Piotrusiewicz President of the City of Katowice Vice-President of the City of Sopot Participants of the meeting
14.30-15.30 Lunch (Hotel Sheraton)
96 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 97 15.30-17.00 A CLASH OF EXPECTATIONS OF THE PARTIES AND ALLOCATION OF RISKS IN THE PROJECT
15.30-16.00 Joint presentation by Bank Pekao SA and Baker&McKenzie on the practical aspects of project finance and the con- tractual relationship in a PPP project, where the proper allocation of risks is the key issue Artur Bujak Investment Project Finance and Leveraged Finance Bureau Director, Bank Pekao S.A. Ireneusz Stolarski Partner responsible for the Baker&McKenzie Financial Group
16.00-17.00 PANEL DEBATE: MODERATOR: Agnieszka Ferek Partner responsible for the PPP Practice at Baker&McKenzie INVITED PARTICIPANTS: Paweł Adamowicz President of the City of Gdaƒsk Joanna Budziƒska-Lobnig First Investment Director, Polskie Inwestycje Rozwojowe S.A. Artur Bujak Investment Project Finance and Leveraged Finance Bureau Director, Bank Pekao S.A. Sławomir Listkiewicz Director, Bureau of Analyses and Public Sector Financing, Bank Pekao S.A. Mariusz Mielczarek Alstom Poland Waldemar Olbryk Senior Vice President Business Development, Skanska Infrastructure Development
PARTNERS:
O R G A N I S E R S AND PARTNERS
98 EUROPEAN FINANCIAL CONGRESS CO-ORGANISERS MAIN PARTNERS
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100 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 101 Oficjalny Przewoênik Europejskiego Kongresu Finansowego
INSTITUTIONAL PARTNERS
102 EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 103 MAIN MEDIA PARTNER
MEDIA PARTNERS
104 EUROPEAN FINANCIAL CONGRESS