Scope Of Legislative Changes In The European Integration Process

Scope Of Legislative Changes In The European Integration Process Presented by: Dr. MIKOS-SITEK Date: 11 – 13 January 2025 Introduction - Legal status of the central bank - Independence of the central bank - Principles of interaction between the central bank and the state authorities - Term of office of the members of the Monetary Policy Council - Principles of financial management of the National Bank of Poland - Principles of banking supervision - Art. 227 of the Constitution of the Republic of Poland of 2 April 1997 (Journal of Laws No. 78, item 483 as amended). Act of 29 August 1997 on the National Bank of Poland (consolidated text: Journal of Laws of 2022, item 2025). Monetary And Exchange Rate Policy - Adjustment measures concerning monetary policy instruments - Release of the zloty exchange rate - Rules for implementation of open market operations - Reserve requirement system - Credit and deposit operations (Lombard credit, end-of-day deposit) - NBP interest rate changes Further Adaptive Legislative Changes - Central bank independence (at institutional, personnel and financial levels) - Alignment of the provisions of the Polish Act on the NBP with the requirements of art. 130 TFEU and art. 7 of the Statute of the European System of Central Banks and of the European Central Bank - Competences of the Supreme Audit Office related to controlling the NBP activity from the point of view of its legality, economy, expediency and reliability (art. 203 sec. 1 of the Constitution of the Republic of Poland) - Removal from office of the President of the NBP and members of collegiate bodies (NBP Management Board, Monetary Policy Council) - Rules for determining the remuneration of NBP employees - Information obligations Refinancing Loan - Rules for granting refinancing loans to banks • Purpose of the loan • Creditworthiness • Lending for the implementation of the resolution program • Temporary nature of financing • Conditions for securing the loan Primary Objective Of The NBP - Article 3 sec. 1 of the Act on the National Bank of Poland • The primary objective of the National Bank of Poland's activities is to maintain a stable price level while supporting the government's economic policy, insofar as this does not restrict the primary objective of the NBP. • A provision deemed incompatible with art. 127 sec. 1 TFEU and art. 2 of the Statute of the ESCB and of the ECB due to the lack of reference to supporting general EU economic policies. Recognition of ECB powers - Incompatibility related to the failure to take into account the ECB's powers • tasks related to the conduct of monetary policy (art. 227 sec. 1 and 6 of the Constitution of the Republic of Poland and art. 12, 23, 38-50a and 53 of the NBP Act), • collection of statistical information by the NBP (art. 3 sec. 2 point 7 and art. 23 of the NBP Act), • management of foreign exchange reserves (art. 3 sec. 2 point 2 and art. 52 of the NBP Act), • tasks of the NBP in organizing monetary settlements (art. 3 sec. 2 point 1 and art. 53 of the NBP Act), • auditing the financial statements of the NBP (art. 69 sec. 1 of the Act on the NBP), • the NBP's tasks concerning the implementation of the exchange rate policy (art. 3 sec. 2 point 3 and art. 17 sec. 4 point 2 and art. 24 of the NBP Act), • providing opinions on draft normative acts concerning the activity of banks and of significance for the banking system (art. 21 sec. 4 of the NBP Act).