Pandemic purchase of NBP assets. Gatnar: State Tribunal for Glapiński unfounded

The Pandemic Purchase of the NBP assets was justified, effective and legal, in accordance with the judgment of the CJEU, and the allegations against the program in the preliminary application for the State Tribunal for the President of the NBP Adam Glapiński have no justification – wrote in a statement sent by PAP Biznes b. Member of the MPC in 2016-22 Eugeniusz Gatnar.

On Tuesday, the Sejm Committee of Constitutional Responsibility listened to as witnesses of a former member of the Monetary Policy Council Łukasz Hardt and a member of the NBP board of Paweł Mucha in connection with the initial request of a group of deputies to bring constitutional responsibility before the State Tribunal (TS) of the President of the National Bank of Polish Adam Glapi.

One of the allegations in the application is incorrect, in the opinion of the applicants, the purchase of assets in Pandemia by the NBP.

Before hearing Hardt, he wrote in social media that allegations against the Pandemic NBP purchase program in the State Tribunal for the President of the NBP are unfounded and agree to the independence of the NBP.

Gatnar indicates that as a member of the MPC of the 4th term of office he was convinced of the legitimacy of the NBP of the Covid-19 Pandemic Pandemic Pandemia.

“I believe that its effectiveness has been confirmed, despite the fact that the scale of this purchase in relation to GDP was relatively low in Poland compared to other countries. In Poland, the value of focused securities did not exceed 6 % of GDP, while in the euro area it amounted to about 19 percent of GDP” – assesses Gatnar.

A former member of the MPC reminds that the monetary policy instrument was adopted as part of the trust package in 2008 by the Monetary Policy Council of the 2nd term in order to counteract the effects of the financial crisis and since then the structural operations of the open market are in the monetary policy instrumentation in Poland.

“It is worth recalling that, as a rule, the legality of buying assets by the ECB on the secondary market, as part of the open market operation, was confirmed by the CJEU in 2018, which in the judgment issued on December 11, 2018 decided that the conduct of the ECB purchase program by EBC is consistent with EU law (case C -493/17)” – writes Gatnar.

“Like Prof. Łukasz Hardt, I believe that the allegations of the purchase program described in the application of the group of deputies to the Sejm of the Republic of Poland of 26 March 2024 for a prison for constitutional responsibility before the Tribunal of the state of Mr. Adam Gapiński, the President of the National Bank of Poland, have no justification and violates the independence of the NBP and the exclusive competence to conduct the NBP policy in Poland by the MONE FUN concludes.

Gatnar was indicated in the application of March 2024 as one of the witnesses, which the Sejm Commission intends to listen to. He has not received a call so far.

The initial application for the President of the NBP Adam Glapiński before the State Tribunal, a group of MPs of the ruling coalition submitted in the Sejm in March 2024. The application was accused of the President of the National Bank of Poland, violating the constitution and acts, including Through indirect financing of the budget deficit as part of the purchase of assets in Pandemical 2020-2021, conducting this purchase without “proper authorization” from the Monetary Policy Council and by failing to fail the order of the apoliticality of the President of the NBP.

The NBP considers the allegations completely unfounded and believes that all proceedings can paralyze the work of the central bank. The President of the NBP announced in October last year that the NBP will not participate in the procedure to put it in front of the State Tribunal, and any committee decisions are not important to the bank.

Rafał Tuszyński (PAP Biznes)

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