Rush to buy Treasury bonds indicative of new attitude towards saving

Analysts are predicting that Poland's banks will face pressure as a result of the economic slowdown, interest rate cuts and the plan to tax earnings from bank deposits. Investment adviser with PKO Credit Suisse, Grzegorz Stuglis, suggests that it will be the richest clients who will withdraw their deposits, unless banks offer alternative capital investment plans. Other market analysts quoted by Puls Biznesu claim that money withdrawn from deposit accounts will flow to the stock exchange and investment funds. They warn, however, that this trend might be short-term. An example of the new attitude to savings was provided on Friday and yesterday by the rush to buy zl.500 million worth of two-year Treasury bonds, the last issue that will be unaffected by the planned new taxes. (Puls Biznesu, p. 19; Rzeczpospolita, p. B1) M.T.