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Annualreport-2007-Cz I-GB Annual Report 2007 Warsaw, 2008 S∏awomir Stanis∏aw Skrzypek President of the National Bank of Poland 2007 I hereby present the Annual Report of the National Bank of Poland for 2007. The year 2007 was the first year of my term of office as NBP President. Last year saw the beginning of serious turmoil in global financial markets. The first clear signs of crisis in the US sub-prime mortgage market appeared in July. An increase in the price of raw materials and food led to a significant rise in global inflation. In 2007 we saw a strong appreciation of the zloty against leading currencies. These difficult circumstances notwithstanding, the monetary situation in Poland remained stable. Average annual inflation stood at a level of around 2.5%, i.e. a level corresponding to the inflation target. However, in November 2007 the above mentioned factors, which generally remained beyond the influence of Monetary Policy Council instruments, triggered a rise in inflation above the acceptable ceiling of 3.5%. Since April 2007, the Monetary Policy Council has been tightening monetary policy. By the end of the year, interest rates had been raised by a total of 100 basis points, from 4.25% to 5.25%. Since May 2007, the National Bank of Poland has published the ”Minutes of the Monetary Policy Council decision-making meetings” on a monthly basis. The publication presents the key issues considered during the Council’s meetings and also the arguments put forward by discussion participants. With the publication of this document, the transparency of the monetary policy pursued has increased considerably and NBP communication standards have become closer to those of the best central banks. Effective monetary policy requires a well-developed analytical and research base, which is confirmed by the experience of leading central banks across the world. In 2007, the NBP conducted activities aimed at creating an Economic Institute within the NBP, acting as a department dealing with complex and comprehensive research and analysis. This change is the first step in a plan to strengthen the role of the central bank as a research and scientific centre in addition to its traditional role. The Economic Institute uses its analysis to support the current decisions of the Monetary Policy Council and conducts independent research in the field of macroeconomics. This activity will be developed in line with the long-term objective of making the Institute one of the main research and analysis centres in this part of Europe. Modifications made to Poland’s foreign exchange reserves management strategy have led to an increase in their return: in 2007 the reserves yielded 5.4%, which was almost two times higher than in previous years. Poland’s foreign exchange reserves increased from slightly less than EUR 37 billion to almost EUR 45 billion. This is particularly important from the point of view of the decision to join the euro area to be made by the government, and as a consequence the need to maintain a stable zloty-euro exchange rate in the two-year period of participation in ERM II, which is the first step towards adopting the single European currency. In 2007 the NBP’s financial result was negative. This does not mean, however, that the quantity of money at the Bank’s disposal has decreased; the loss is only of an accounting nature and is the consequence of the zloty’s strong appreciation against those foreign currencies which make up our foreign exchange reserves portfolio. As a result of the appreciation of the zloty in 2007, the value of Poland’s foreign exchange reserves expressed in zloty decreased despite an increase in their nominal amount expressed in euro. The appreciation of the zloty had a negative impact on NBP performance. This impact had previously been neutralised by the revaluation reserve created in the 1990s. At the beginning of 2007 this reserve was used up, which led to a loss on unrealised exchange differences. However, the appreciation of the zloty also brings positive effects: Poland’s foreign liabilities, both public and private, decrease. Poland is a net debtor and therefore the zloty’s appreciation contributes to a decrease in the value of our liabilities. Pursuant to the Act on the Supervision of the Financial Market, towards the end of 2007 the Commission for Banking Supervision ceased to exist, the General Inspectorate of Banking Supervision was liquidated and as of 1 January 2008 the responsibilities of the Commission for Banking Supervision were taken over by the Polish Financial Supervision Authority. The NBP made every effort to transfer supervisory tasks to the Polish Financial Supervision Authority efficiently and in a manner constituting the least amount of risk for the banking system. In addition, to maintain the stability and security of the financial system in Poland, the National Bank of Poland supported activities aimed at signing a cooperation agreement between the Minister of Finance, the NBP President and the Chairperson of the Polish Financial Supervision Authority to support the stability of the domestic financial system. Pursuant to the agreement, the Financial Stability Committee was created. To sum up, last year was good for the Polish economy with rising production and an increase in the standard of living for Poles. While maintaining the stability and value of the Polish zloty, the National Bank of Poland will at the same time support our country’s rapid and sustainable economic growth. S∏awomir Stanis∏aw Skrzypek President of the National Bank of Poland Contents 2007 CONTENTS THE MONETARY POLICY COUNCIL .................................................................10 MANAGEMENT BOARD OF THE NATIONAL BANK OF POLAND ...................11 ORGANIZATION CHART OF THE NATIONAL BANK OF POLAND...................12 SUMMARY.........................................................................................................15 1. GOVERNING BODIES OF THE NBP ...............................................................21 1.1. President of the National Bank of Poland .................................................................22 1.2. Monetary Policy Council ..............................................................................................22 1.3. Management Board of the National Bank of Poland ...............................................24 1.4. Implementation of the NBP Plan of Activity for the Years 2007–2009 ....................26 2. MONETARY POLICY......................................................................................27 2.1. Monetary policy strategy in 2007 ...............................................................................28 2.2. Monetary policy in 2007 ..............................................................................................30 2.3. Monetary policy instruments ......................................................................................37 2.3.1. Liquidity surplus in banking sector ...............................................................................37 2.3.2. Monetary policy instruments ........................................................................................37 2.3.2.1. Interest rate ..............................................................................................................37 2.3.2.2. Open market operations ...........................................................................................39 2.3.2.3. Reserve requirements ...............................................................................................40 2.3.2.4. Standing facilities .....................................................................................................42 2.3.2.5. Other operations ......................................................................................................42 3. BANKING SUPERVISION ...............................................................................43 3.1. Licensing ...................................................................................................................44 3.2. Regulatory tasks ..........................................................................................................46 3.3. Analytical tasks ............................................................................................................48 3.4. Examination tasks .......................................................................................................50 3.5. International supervisory co-operation ......................................................................50 3.6. The participation of the National Bank of Poland in bank reforms ........................51 3.7. The activities of the banking supervisor contributing to establishing conditions needed to develop the banking system ............................51 3.8. Transfer of banking supervision to the Polish Financial Supervision Authority ...............................................................52 4. THE ISSUE OF CURRENCY.............................................................................55 4.1. Notes and coin in circulation ......................................................................................56 4.2. Issue of collector coin .................................................................................................56 4 National Bank of Poland Contents 2007 4.3. Withdrawal of unfit notes and coin ...........................................................................57 4.4. Counterfeit Polish currency .........................................................................................57
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