Heads to roll at PKO BP after fee increase

Dawid Jackiewicz said the bank’s decision to raise fees from 1 May “has nothing to do with” a bank tax that Poland’s new Law and Justice (PiS) government plans to introduce.

The tax is designed to help the PiS government, elected in October, to deliver on a swathe of generous spending promises. Critics said banks would pass the new tax on to customers.

In the run-up to the 25 October general election, PiS positioned itself as a party that champions ordinary people rather than the economic elite.

Jackiewicz told reporters: "It's hard to argue with the decision of the [PKO BP] bank, which gives the impression of being a routine decision.. and which has little in common – actually, has nothing to do with - the bank tax."

However, he added: “We believe that the justification for these types of increases, for such changes in margins and fees, should be communicated earlier to the public, to clients and perhaps also to shareholders.”

The treasury ministry would soon call a shareholders meeting and “and there will be changes to the supervisory board” of PKO BP, Jackiewicz said.

Poland’s lower house of parliament earlier this month approved a new tax that will see banks and some financial institutions paying an annual levy of 0.44 percent on their assets. (pk)

Source: PAP