Polish Banking System after the World War II (Part I)
Keywords:
Polish banking system; Polish banks; banking lawAbstract
The banking model in Poland and regulations on this matter have been subject to profound changes after World War II and aimed at «ideologisation» of these areas. In fact, all the positive trends initiated before 1939 have been reversed to the negative side. Process of renaming and nationalizing of banks started, while keeping their total subordination to the state and party apparatus. Partly new institutions such as the Narodowy Bank Polski were created or pre-war institution as the Bank Gospodarstwa Krajowego was reactivated. Of fundamental importance is the regulation contained in Chapter 7th «Special rights of banks» of Decree of 15 January 1945 on the Narodowy Bank Polski. Еhe Narodowy Bank Polski was exempt from all state and local taxes. All the evidence issued by the bank was free from stamp duties, banking books and other writings, included in the accounting and extracts thereof certified by the bank, had probative value of public documents. On the other hand, what is especially important documents stating the obligations of the bank statement, that based on this claim is enforceable and legally mature for execution, had the power to writs of execution. Executors’ clause to these titles was given by the appropriate town court according to the provisions of the Code of Civil Procedure.
References
Nationalised banks have become a tool of state policy, and above all - economic plans. Since then, banks aim was to perform the assumptions made by the ruling party and the state. In such a situation, competition among banks was considered, for obvious reasons, as undesirable. In order to achieve the objectives required by the State only few banks were needed. Therefore, the process of combining banks started and what goes with it their number was constantly lowered. For more on this: Jaworski W. Nationalization of banks in Poland / W. Jaworski // Finance. – 1957. – Vol. 9.
Dobosiewicz Z. Basics of banking / Z. Dobosiewicz. – Warsaw, 2001. – P. 17-18; C. Kosikowski C. Public banking law / C. Kosikowski. – P.31 and next.
Gliniecka J., Harasimowicz J., Krasnodębski R. Polish Banking Law (1918 - 1996) / J. Gliniecka, J. Harasimowicz, R. Krasnodębski. – Warsaw 1996. – P.14 and the literature mentioned there.
Journal of Laws. – 1944. – №.3. – Іtem 11.
According to A. Jezierski and C. Leszczyńska in the post-war historiography it was treated as the first «folk» issuing institution whose role focused on collecting tickets brought from Moscow. For more on this topic see: Jezierski A., Leszczyńska C. The first years of activity the Narodowy Bank Polski. The birth of communist financial system in PRL / A. Jezierski, C. Leszczyńska. – Warsaw, 1996. – P. 14-15.
Journal of Laws. – 1944. – №.7. – Item 39.
Węcławski J. The banking system in Poland / J.Węcławski. – Rzeszów, 2000. – P. 46-48; Miedziak S. Banking and fundaments of financial market / S. Miedziak. – Warsaw, 2003. – P. 32-36.
Landau Z. Financial policy of PKWN / Z. Landau. – Warsaw, 1965. – P. 79.
This author states that the statute of NBP was indeed modelled on the Bank Polski memorandum of association but significant differences can be shown in both legal acts. NBP was the only state-owned bank, rather than equity, private, such as Bank Polski. The board of the Bank was appointed by the government, and not by the shareholders, stock issue of the NBP was not limited by the stock of their gold and its amount must only be approved by the government. In the end, the NBP could make loans not only on the pledge of securities, but also the pledge of goods and debentures of bank surety. For more information see: Gliniecka J., Harasimowicz J., Krasnodębski R. Polish Banking Law (1918- 1996) / J. Gliniecka, J. Harasimowicz, R. Krasnodębski. – Warsaw, 1996. – P. 20-21.
See extensively explained position: Mikos A. The political position of the central bank in Poland / A. Mikos. – Warsaw, 2006. – P. 55-59.
Polish Monitor. – 1951. – № A-92. – Іtem 1272.
Polish Monitor. – 1952. – № A-10. – Іtem 103.
Journal of Laws. – 1948. – № 52. – Іtem 410.
Journal of Laws. – 1945. – №.4. – Іtem 14.
Narodowy Bank Polski gradually incorporated other functioning banks and as a result became the largest Polish commercial bank. By the resolution of the Komitet Ekonomiczny Rady Ministrów dated 8 February 1946 NBP took over short-term lending of three main branches of the economy from BGK , ie. metallurgy, mining and textile. These and other decisions established NBP as the central bank and gave it the status of «bank of banks». For more information, see.: Gliniecka J., Harasimowicz J., Krasnodębski R. Polish Banking Law (1918-1996) / J. Gliniecka, J. Harasimowicz, R. Krasnodębski. – Warsaw, 1996. – P. 21; Dobosiewicz Z. Basics of banking / Z. Dobosiewicz. – Warsaw, 2001. – P. 17-18, C. Kosikowski C. Public banking law / C. Kosikowski. – P. 35.
Journal of Laws. – 1948. – № 52. – Іtem 412.
Journal of Laws. – 1948. – № 52. – Іtem 410.
Journal of Laws. – 1948. – № 52. – Іtem 411.
Journal of Laws. – 1951. – № 18. – Іtem 143; See also text of the Act of 29 May 1957 on the amendment of the Decree of 25 October 1948 year on banking reform , which slightly modified the original text of the Decree: Journal of Laws. – 1957. – № 31. – Іtem 136.
Polish Bank as a private bank, despite having status of a public limited company on 7 January, 1952 , was liquidated, as was mentioned above in more detail. Whereas the intention of the appointment of Bank Handlu Zagranicznego was not realized.
Before the Act from 22 March 1951 on amending the legislation on the reform of the banking took effect supervision of cooperative banks was performed by the Minister of Treasury.
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