Banking supervision in the Polish Financial Supervision Authority (PFSA)

Banking supervision in the Polish Financial Supervision Authority (PFSA)

January 1st, 2008

Starting from January 1st, 2008 banking supervision is carried out by the Polish Financial Supervision Authority (PFSA), as stipulated in the act of July 21st, 2006 on supervision of the financial market.

Merger of financial and banking supervision was a pragmatic decision based on evolution of the Polish financial market: growing significance of multinational financial groups and cross-sector financial products.

Before January 1st, 2008 banking supervision, conducted by the Commission for Banking Supervision, had a limited objective which was to ensure the safety of deposits held by banks. Tasks of the PFSA are much broader and they include undertaking measures aimed at ensuring regular operation of the financial market (its stability, safety and transparency). Consumer issues such as clients’ complaints, financial education, codes of best practice, etc. were not considered particulary important before January 1st, 2008. For the PFSA these are top priorities. 

As from January 1st, 2008 employees of the General Inspectorate of Banking Supervision (which was part of Poland’s central bank) became employees of the PFSA. All strengths of former banking supervision are maintained as its corporate culture and skills of the personnel are highly rated. Requirements for banking supervision inspectors remain unchanged. Regional branches carry out their previous duties.

In „Banking” section of this website we present all information on banking supervision previously available at www.nbp.pl (website of Poland’s central bank). Their scope will be extended in the near future.