Poland to organize alternative ‘gas meeting’ in Kiev
The News Review:
- Poland to organize alternative ‘gas meeting’ in Kiev
- Minister: Poland avoiding worst of economic crisis
- Poland sees PK as banking system guarantor
- INSTANT VIEW – Where is Hungary’s cenbank going with the FX swap …
- Ukraine Poland agree on cooperation for 2009-2010
- UDATE 1-Pulawy sees $40 mln loss on hedging
Poland to organize alternative ‘gas meeting’ in Kiev
Focus News Bulgaria
Poland organizes an alternative “gas meeting” in Kiev with the heads of the countries buying Russian natural gas. The event is scheduled for Friday RIA Novosti reports citing Polish media. Poland’s President Lech Kaczynski invited representatives of 10 countries affected by the gas crisis over a meeting in Kiev. Kaczynski is to also meet with his Ukrainian counterpart Viktor Yushchenko at 11.
Minister: Poland avoiding worst of economic crisis
MSNBC
Jacek Rostowski cited the health of Poland’s banking sector as a key factor noting that no Polish banks have yet failed and that the government has not been forced to bail out financial institutions. “We have a healthy and strong banking sector” Rostowski told reporters in Warsaw. “Unlike Western countries Poland has avoided the direct effects of the financial crisis. “Story continues below ?advertisement |.
Poland sees PK as banking system guarantor
guardian.co.uk UK
9 bln zlotys ($923 million) dividend goal * Supports PKN’s upstream bargain hunting plans By Adrian Krajewski and Pawel Bernat WARSAW Jan 16 (Reuters) – Poland sees PK BP the country’sNo. 2 lender as a pillar of its economy that will play a keyrole in helping to stabilise its banking system during theglobal financial crisis the treasury minister said. The government is moving forward with plans to boost thecapital of state-controlled PK to build up a war chest for thepossible acquisitions of ailing rivals and so it can serve as alender of last resort for corporates if economic woes intensify. “PK is suitable to be the bank guarantor the pillar of thewhole system” Treasury Minister Aleksander Grad told Reuters inan interview. “It can be the bank that will support the Polish economy.
INSTANT VIEW – Where is Hungary’s cenbank going with the FX swap …
Portfolio Hungary
Gy? Barcza K&H Bank Budapest Based on data from the National Bank of Hungary banks have to meet very strict eligibility criteria to access the FX swaps in question – that is keeping short facilities level and increasing long-term facilities K&H Bank lead analyst Gy? Barcza noted. Due to these criteria the new opportunity may benefit only a few large commercial banks he added. “It is quite interesting though that Poland had already made a similar agreement with the Swiss National Bank in the fall when the National Bank of Hungary was still talking about resolving the problem between commercial banks. Also Poland is accessing CFH facilities in exchange for zloty while Hungary will be required to use euros for the same purpose” Barcza observed. Anonymous market source As commercial banks in Hungary are suffering from a constant lack of FX liquidity these measures should have been implemented a long time ago another market analyst commented. The analyst who spoke on condition of anonymity said “banks badly need FX funds as there are still many banks that do not offer FX swaps maturing in more than a few months. The 300 bp interest rate hike last fall did not really make speculation against the forint expensive as the implied interest rate margin was never as high as you might have assumed from the base rate.
Ukraine Poland agree on cooperation for 2009-2010
Kyiv Post Ukraine
“We have agreed to draft a roadmap for our relations in 2009-2010″ hryzko said. He said that this cooperation plan would be very specific and pragmatic and would result in clear and practical results in cooperation between the two countries. Speaking of the outcome of his meeting with Sikorski hryzko said that they had focused on many bilateral issues including developments in the Russian-Ukrainian gas row. “I again stress that Ukraine is ready to pump the contracted amount of gas to Europe” he said adding that Ukraine has been always ready to do this as soon as possible.
Related from Greenjolly: CyBC ready for 2008 Junior Eurovision
UDATE 1-Pulawy sees $40 mln loss on hedging
Reuters
WA Poland’s largest fertiliser maker lost 124 million zlotys ($39. 5 million) on open currency hedging contracts but the deals were not speculative and will be offset by future export.
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