Banks fearful over the energy contracts bill and start to call in the lawyers

Over two weeks ago the authors of the new bill, which envisages the liquidation of long-term contracts in the energy sector, sent their concepts to banks and foreign investors for their opinions and feedback. However, so far the Ministry still has not responded to the remarks. Irritated banks announced plans of resorting to legal proceeding to defend their rights. Although many of the details have yet to be discussed, the bill has to be presented to the Sejm by September 30 at the latest. "We have sent in our comments on the bill," said Robert Moreń of Bank Pekao, "We hope that the power plants will pay their their liabilities in 100%. An alternative to this is a repayment of a part of the dues, but only if the remaining credit will be covered by State Treasury guarantees". However anxious banks, led by Pekao, have began to discuss the legal situation with law firm White&Case. (Parkiet, p. 1) A.K.