2026-03-05 19:07
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2026-03-05 19:07
For three years, not a single zloty has been transferred to the budget due to the high profit of the National Bank of Poland; there is no such thing as “SAFE 0 percent” – wrote Andrzej Domański, Minister of Finance and Economy, on Thursday on X. In his opinion, European SAFE is the cheapest and best source of financing for defense investments.
“If the NBP generates a high profit and transfers it to the budget – very good. However, for now, not a single zloty has been transferred to the budget for three years,” wrote Minister Domański. He added that Poland's security “cannot depend on one-off operations.”
According to Domański, “there is no such thing as 'SAFE 0%'; and the real European SAFE program, ready to be signed by the president, “remains the cheapest and best source of financing for defense investments.”
If the NBP generates a high profit and transfers it to the budget – very good. So far, however, not a single zloty has been transferred to the budget for this purpose for three years.
Safety 🇵🇱 cannot depend on one-off operations. There is no such thing as “SAFE 0%”. Real, ready to…
— Andrzej Domański (@Domanski_Andrz) March 5, 2026
President Karol Nawrocki and President of the National Bank of Poland Adam Glapiński announced on Wednesday “Polish SAFE 0%”, which is to be a beneficial, sovereign, safe and effective alternative to the EU defense loan program. The president said that Polish SAFE is to guarantee PLN 185 billion, which “will not involve a loan or a change in the situation in the EU, and will have the flexibility needed by the Polish armed forces in choosing equipment.”
Nawrocki also said that if necessary, he is ready to take a legislative initiative on this matter and hopes that it will be adopted “in accordance with the consensus of all political circles in the Polish parliament.” He also emphasized that at the moment he does not intend to present his decision regarding the government act implementing the European SAFE program, which is waiting for his signature.
The head of the president's office, Zbigniew Bogucki, said after Nawrocki's conference that the president had until March 20 to make a decision.
What does the government say about all this?
Deputy Prime Minister and head of the Ministry of National Defence, Władysław Kosiniak-Kamysz, assessed on Thursday that the arms financing program developed by the president and president of the National Bank of Poland cannot be an alternative to the SAFE program. He emphasized that the adoption of both programs will allow obtaining up to PLN 400 billion for the modernization of the army. He estimated that the worst-case scenario would be a situation in which President Karol Nawrocki vetoes the act on Poland's accession to the EU SAFE program, and at the same time the Sejm rejects the presidential initiative “Polish SAFE 0 percent”.
The head of the Ministry of Foreign Affairs, Radosław Sikorski, assessed that “Polish SAFE is 0 percent.” is a proposal to sell or pledge part of Poland's gold reserves and assessed that it would be speculation on the price of this precious metal. European SAFE is safer, he added.
NBP's golden deal: we calculated how much Poland “earned” from the metal price rally. Will the amount be enough for SAFE 0 percent?
For several years, the National Bank of Poland has been pursuing an intensive policy of increasing gold reserves, which, considering the historic record prices of this precious metal, generates huge, although largely “paper” profits. Poland already has over 550 tons of the ore, but how many paper profits does NBP have at the moment and will they be enough to not use the money under SAFE?
Glapiński: RThe central bank's ezervas, including gold, will not be depleted
NBP's involvement in the proposed “Polish SAFE 0 percent” will be implemented only within the limits of the law and the bank's mandate, NBP President Adam Glapiński assured on Thursday. He noted that the central bank's reserves, including gold, will not be depleted.
Prime Minister Donald Tusk appealed to President Karol Nawrocki to sign the act implementing the European SAFE program as soon as possible. He also asked the President of the National Bank of Poland to provide precise information about the financial capabilities of the National Bank of Poland and the details of the “SAFE 0%” proposal.
On Friday, the Sejm adopted the Senate's amendments to the act implementing the SAFE program regarding, among others, lack of financing for loan repayment from the Ministry of National Defense budget. The Upper House of Parliament also agreed that there will be an obligation to conduct anti-corruption and counterintelligence control by the Internal Security Agency, the Military Counterintelligence Service and the Central Anticorruption Bureau when using funds from the program. The act was sent to the president, who has 21 days to make a decision. The Polish government announced that it planned to sign a loan agreement regarding the program in the second half of March.
Poland is to be the largest beneficiary of the EU SAFE program – it can obtain approximately EUR 43.7 billion, or almost PLN 200 billion. According to the government's declaration, 89 percent funds from SAFE are to go to Polish arms companies. In its application for money from the program, the Polish Ministry of National Defense included a total of 139 projects for the implementation of which the funds are to be allocated. The projects include the most important products of the Polish defense industry, such as Piorun anti-aircraft launchers, Borsuk infantry fighting vehicles and Krab gun howitzers. (PAP)
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