The Financial Supervision Authority (KNF) conducted analyses and reviews of the operations of entities under its supervision. The applied supervision measures were sufficient to ensure the financial sector stability. The National Bank of Poland regularly analysed threats for the Polish financial system and laid special emphasis on ensuring the banking sector liquidity.
Due to the credit risk increase, the Financial Supervision Authority amended Recommendation S and issued Recommendation T, both of which tightened the criteria for assessing credit capacity of the bank customers and introduced a higher risk weight for FX loans. In response to financial problems of foreign banks, the Office of Financial Supervision Authority (UKNF) monitored transactions concluded by home-based and foreign entities within capital groups. It also watched involvement of domestic banks in higher-risk assets. The stress tests conducted by the Office confirmed resistance of the banking sector in Poland to crisis phenomena.
The Minister of Finance developed draft acts expanding the possibility of granting support from public funds to financial institutions in case their liquidity is threatened. Bearing in mind favourable rate of the economic growth and improved financial results of the financial market entities, the said measures were adequate to ensure the market stability.
The findings on eliminating problems related to cooperation of the Financial Stability Committee Members formulated by NIK after the 2009 audit were executed. From 1 January 2010 to 30 September 2011 nine meetings of the Committee were held during which crucial issues for the financial market functioning were discussed. Additionally, a crisis exercise was carried out which tested the procedures under the National Contingency Plan.
The minor irregularities in performing some tasks by the Office of Financial Supervision Authority (related among others to delays in implementing the review methodology and supervisory evaluation of banks) and by the Ministry of Finance (concerning e.g. implementation in the Polish law of the provisions of the EU Directives stipulating the financial markets’ functioning) did not have an adverse effect on the stability and security of the Polish financial system.
The audit objective was to verify efficiency and effectiveness of operations of institutions responsible for the financial sector stability, identification and prevention of threats occurring on the financial markets and elimination of identified problems. Also the execution of the 2009 audit findings was reviewed (pertaining e.g. to minor irregularities in the operations of the Office of Financial Supervision Authority and in its cooperation with the National Bank of Poland and the Minister of Finance). The review covered the period from 1 January 2010 to the end of September 2011. The audit was conducted in the Office of Financial Supervision Authority (UKNF) which supports the Financial Supervision Authority (KNF) in performing its tasks, in the National Bank of Poland (NBP) and the Ministry of Finance (MF).
Also the execution of the 2009 audit findings [MP1] was reviewed
[MP1]Tu trochę zmieniłam
