Fiscal reforms finally accepted after late-night debate
A debate over Finance Minister Grzegorz Kolodko's 300-page fiscal reform project lasted until late evening yesterday before the government finally accepted the proposals, proving that the plan faced unexpectedly stiff opposition. Kolodko admitted that some proposals might meet with criticism, but counted on "full acceptance of this enormous program". This week Kolodko threatened to leave his post, after less than nine months in the job, if his ideas did not win support from fellow members of the government. His proposals include the controversial abolition of tax exemptions and inflation-linked indexing of welfare benefits, as well as three different proposals for new tax brackets, of which only one assumes reduced taxes for those who currently pay 30% and 40%. The project also proposes the liquidation of some government agencies. (Rzeczpospolita, p. A , B , Gazeta Wyborcza, p. 1 ) K.? .
Pengab index shows recovery in banking sector The Pengab banking climate index rebounded sharply in March from its all-time low in the previous month as rising deposits improved the banks' prospects, private polling agency Pentor said yesterday. The Pengab index shows the percentage point difference between positive and negative answers from a monthly poll of 200 bank managers. It surged 7.8 points to a six-month high of 1 7.5 points in the poll conducted on March 5-7. "There is a clear signal of growth. We can see improvement in foreign-currency deposits, which results from the rise of the euro and dollar against the zloty," said Pentor head Eugeniusz Omilowski. He added that the market for zloty-denominated term deposits was the one area that had yet to show signs of life, while there were initial, weak signals of a recovery in lending. Total deposits in the banking sector edged up 0.8% to nearly zl. 276 billion in February from the previous month, but lending volumes were little changed at just under zl. 248 billion. (Reuters) K.? .
Pengab index shows recovery in banking sector The Pengab banking climate index rebounded sharply in March from its all-time low in the previous month as rising deposits improved the banks' prospects, private polling agency Pentor said yesterday. The Pengab index shows the percentage point difference between positive and negative answers from a monthly poll of 200 bank managers. It surged 7.8 points to a six-month high of 1 7.5 points in the poll conducted on March 5-7. "There is a clear signal of growth. We can see improvement in foreign-currency deposits, which results from the rise of the euro and dollar against the zloty," said Pentor head Eugeniusz Omilowski. He added that the market for zloty-denominated term deposits was the one area that had yet to show signs of life, while there were initial, weak signals of a recovery in lending. Total deposits in the banking sector edged up 0.8% to nearly zl. 276 billion in February from the previous month, but lending volumes were little changed at just under zl. 248 billion. (Reuters) K.? .
