EU loses patience with fussy Poland

The European Commission's spokesperson, Jonathan Todd, revealed last week that a letter has been sent to the Polish Treasury Ministry asking for explanations on the government's resistance to the tie-up of Pekao SA and BPH, the country's second and third largest lenders respectively.

The two banks are now owned by UniCredito Italiano (UCI), who last year purchased the German HVB, former controller of BPH.

"We have received such a letter and will prepare an answer within an appropriate timeframe," said Barbara Kasprzycka, a spokesperson for the Treasury Ministry.

However, before Polish officials found an opportunity to answer the EC, Unicredito requested a meeting with the Polish government. Prime Minister Marcinkiewicz has said that he will only give an official reply to the EC after he hears what Unicredito has to say. A date for the meeting has not yet been set.

The Polish and European anti-monopoly offices gave green lights to the deal in October, but the merger is still subject to approval from Poland's Commission for Banking Supervision (KNB). Poland is the only EU country to oppose the tie-up. According to the Treasury Ministry the 1999 agreement under which the Italian lender bought Pekao SA bars it from buying another large Polish bank.

Former Treasury Minister Andrzej Mikosz called on UCI to sell its shares in BPH to a third entity to avoid creating a banking oligopoly on the Polish market.