Poland's immune to financial shock as US bailout plan approved

The US Senate has endorsed a revised $700 billion plan to tackle the financial crisis that has shaken world markets, causing European shares to rise on Thursday. However, concerns exist about the health of the banking system.

The Senate endorsed the plan with a 74-25 vote, however the plan now faces a hurdle in the House of Representatives, which rejected an earlier version. "[The bailout is] essential to the financial security of every American," said President George W. Bush after the Senate vote

European shares reacted positively to the news causing top European shares to rise, including the WIG and WIG20 indexes, which opened up on the plus. Meanwhile, Finance Minister Jan Rostowski said in the Sejm on Thursday that there are government plans in place to protect Poland against the financial crisis.

"Polish banking system and the Polish financial system became immune against the shocks that until this time have rocked the financial system in the US and Europe," Rostowski said.

He added that Poland's immunity is due to Poland's strong economy, where there's a large and fast economic growth. "Investors showed that they trust Poland, not only foreign investors but also Polish, which are key to our economic growth," Rostowski said.

The bailout plan is intended to reinvigorate worldwide credit markets and interbank lending, which was weighed down by failed mortgages.