It is difficult to find arguments that would justify a discussion about the State Tribunal for the president of the National Bank of Poland, said Marta Kightley, vice president of NBP, in an interview with Business Insider. She added that any such decision would be appealed to the Court of Justice of the European Union (CJEU). Representatives of institutions such as the European Central Bank, the International Monetary Fund and the World Bank were to be informed about the situation.
The First Vice-President of the NBP referred to the possibility of the Sejm bringing the President of the National Bank of Poland, Adam Glapiński, to the Court of Justice. In Marta Kightley’s opinion, “it is difficult to find arguments that would justify a discussion about the State Tribunal for the President of the NBP.”
Vice-President of the NBP: there is no justification for the State Tribunal
– There are no reasons to bring the president of the NBP to court. The reasons that appear in the public space are pompous and political. I cannot find any argument that would justify the Tribunal of State indicting the President of the NBP and thus suspending him from his duties. You can’t do such things based on unrealistic premises. This is bad for the country, the institutional order and the economy, she said in an interview with BI.
When asked whether if politicians decide to bring the president of the NBP before the State Tribunal and suspend him, whether such a decision will be appealed to the Court of Justice of the EU, she replied: “Of course, we will also use this legal path.”
The Vice-President of the NBP also said that the International Monetary Fund, the World Bank and the European Central Bank inform about the announcements of bringing the President of the NBP before the NBP State Tribunal.
– The letters have been sent. We will meet with representatives of these institutions and inform them about the situation around NBP. In our letters, we argue that the actions politicians are talking about are contrary to EU treaties. We decided that it was important to inform the European Central Bank about the threats that are addressed to the President of the NBP and that there are no legal grounds to bring him before the State Tribunal, she said.
– We are also asking the ECB, but also the IMF and the World Bank to take action in this matter. We have already scheduled talks with representatives of these institutions, we know that their legal services are analyzing the situation and we count on a quick response, she said.
Tribunal for Glapiński in “100 specifics”
Bringing the president of the NBP, Adam Glapiński, before the State Tribunal was included in the “100 specifics for the first 100 days of government” of the Civic Coalition. As stated in the program, the head of the central bank would be held responsible for “destroying the independence of the National Bank of Poland and failure to implement the basic task of the NBP, which is to fight against high prices.”
In addition to the politicization of the National Bank of Poland and the inappropriate fight against inflationsome lawyers accuse Adam Glapiński of illegally purchasing government bonds from the secondary market.
Putting bonds guaranteed by the State Treasury on the market, purchasing them by commercial banks and then repurchasing them by the National Bank of Poland constitutes a constitutional tort committed by the President of the National Bank of Poland, who authorized such financial operations – stated in a legal opinion prepared at the request of the Deputy Speaker of the Sejm previous term of office of Piotr Zgorzelski, legal advisor and constitutionalist Dr. Bartłomiej Opaliński. A similar position on the purchase of government bonds from banks was taken by Dr. Hab. legal sciences Jacek Zaleśny.
Experts point to the constitutional ban on covering budget deficit by incurring a liability with the central bank.
The NBP itself argued that there was no violation of the regulations and that operations on the secondary market did not serve to finance the budget’s borrowing needs.
Main photo source: MOZCO Mateusz Szymanski/Shutterstock