PKO BP head: Banks' duty is to "activate" savings

The head of state-controlled lender PKO BP, Zbigniew Jagiełło, told the Polish Press Agency after a conference in London that banks's duty is the "activation" of savings for the so-called Morawiecki development plan. Jagiełło said there is an inextricable relation between the plan and the banking sector, "because it needs financing." He added that there are two sources of funding: Polish capital and foreign capital. "Our task as banks is to activate savings...therefore there's no contradiction between the banks and the plan, but mutual benefit." A long-term economic development plan for the country dubbed "the Morawiecki Plan" is based on five pillars: reindustrialization, the development of innovative companies, foreign expansion, sustainable social and regional development and increased savings. Under the plan, PLN 1 trillion will be spent on investments within the coming years. The sum is to come from European funds, Polish companies' savings and state-owned companies.