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Dark clouds over Adam Glapiński. He may be threatened by the State Tribunal for buying bonds

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The current head of the CBA is not the only one who expects support from abroad to defend his position. The National Bank of Poland sent its letters, among others, to the European Central Bank and the World Bank. However, this is not where decisions will be made whether Adam Glapiński can appear before the State Tribunal. How serious are the charges against him?

The closer the appointment of a new government, the greater the fear on the part of PiS that the president of the National Bank of Poland, Adam Glapiński, will appear before the State Tribunal. In addition, there are already requests for help sent to the European Central Bank, the International Monetary Fund and the World Bank, and defense from Mateusz Morawiecki.

– In no way should the verdict of the State Tribunal be subject to even the slightest assessment, because its two basic competences, i.e. monetary and related to the level of interest rates, are decisions of collegial bodies – emphasizes Prime Minister Morawiecki. However, it was not for this or for violating the bank’s regulations, which was recently accused by NBP management board member Paweł Mucha, that Adam Glapiński would appear before the Tribunal.

– The head of the National Bank of Poland is threatened by the State Tribunal and this must be strongly emphasized – says Mariusz Witczak, MP from the Civic Coalition. – The State Tribunal concerns the violation of laws or the constitution, none of which has so far even been accused of the president of the National Bank of Poland – comments Ireneusz Dąbrowski, member of the Monetary Policy Council.

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Deputy Speaker of the Sejm, Piotr Zgorzelski, in an online entry from last summer, informed that he had a legal opinion indicating that Adam Glapiński had violated the constitution because he could not cover the budget deficit with NBP funds. For this – as the deputy marshal wrote – the State Tribunal will be threatened.

– This is extremely irresponsible from the point of view of the state’s monetary policy, from the point of view of responsibility for the state – says Artur Soboń, an MP from Law and Justice.

Adam Glapiński on “attacks on the National Bank of Poland”TVN24

Bond purchase

Przemysław Litwiniuk, member of the Monetary Policy Council, also recalls the bank’s activities during the Covid period. – I am talking here about covering the government’s borrowing needs, about bonds, as well as about the statutory and constitutional obligation to remain apolitical – points out Litwiniuk. In this second matter, there is much evidence that despite the president’s assurances that he was apolitical, he praised the government and attacked the opposition at press conferences.

However, the first part of the allegations against him regarding the pandemic is more important. In order to have money for various types of shields, the government, directly or indirectly, through the Polish Development Fund and Bank Gospodarstwa Krajowego, put us in debt by issuing bonds. The bonds were bought by commercial banks, and then the National Bank of Poland bought some of the bonds for over PLN 140 billion from these banks, although the constitution clearly prohibits covering the budget deficit by incurring liabilities with the National Bank of Poland. Did President Glapiński violate the constitution by purchasing bonds?

The budget law cannot provide for covering the budget deficit by incurring a liability in the central bank of the state.

– It has never happened that the National Bank of Poland, as the editor put it, covered the budget deficit – comments Prime Minister Morawiecki.

It was the National Bank of Poland that informed about the purchase of bonds on the secondary market. According to the bank, it was legal, but according to some lawyers and economists, it was not.

Main photo source: Fakty TVN

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