Finance Min. may issue additional T-bills to cover for TPSA payment delay

Finance Min. may issue additional T-bills to cover for TPSA payment delay It is possible that on Sept. 26 the Finance Ministry will issue additional T-bills worth zl. 4.5 billion to zl. 6 billion. The decision on the tender will be announced on Sept. 25, when the results of the regular T-bill tender will be known. On that date the Ministry will also announce the final parameters of the additional tender. The reason for the new issue is the possible delay in the Telekomunikacja Polska S.A. (TPSA) payment, said the Ministry. The sale of a 35% TPSA stake to France Telecom-Kulczyk Holding consortium is supposed to be concluded by Nov. 15. Payment was expected to arrive by the end of September but for unknown reasons that timeline will not likely be met. According to Jan Winiecki from the Economic University, the additional tender is a very reasonable precaution. However, it is hard to estimate what impact it will have on the budget. (Prawo i Gospodarka, Sept 23-24, page 2, Reuters)