FinMin: Banking tax not raising risk of decline in lending

Contrary to the opinion presented by the European Central Bank (ECB), the tax on banking assets is not raising the risk of a decrease in lending, Poland's Ministry of Finance said in a statement. "We don't see the risk of slower lending. It is close to nominal GDP growth and has been below potential for years," the ministry said. The statement also underlined that such taxes exist throughout the EU and "contribute to economic growth of those countries."  According to the Ministry, banks in Poland are paying relatively low taxes. On Tuesday, the ECB said that the legislation may provide incentive to transfer assets abroad and prompt lenders to restructure their portfolios in favor of riskier products and use of off-balance sheet activities.