Co-op banks furious at acceptance on new Postal Services Act

Parliament approved the amendment to the Postal Services Act which will enable Poczta Polska (PP) extend its offer of banking services. The decision sparked strong protests from co-operative banks afraid they would lose the possibility to service the transfer of EU funds to Poland. Under the amended act, PP could transfer money, issue payment cards as well as grant guarantees. Moreover, after it has signed all required documents with a bank, PP will be allowed to grant loans and credits. "The bill will result in the nascence of a super entity. PP is making its profit at the cost of the co-operative banks," said Eugeniusz Laszkiewicz, the head of the National Association of Co-operative Banks. Currently only 70% of PP's revenues come from postal services. (Parkiet, May 10-12, p. 9) J.K.