Kamil Liberadzki, Adviser to the Chair of the KNF, took part in the panel: ‘Should we have an investment bank in Poland? Optimum development of investment banking in Poland’. The panel took place as part of the Corporate and Investment Banking Congress, organised by the European Financial Congress.

The key points of the address by Kamil Liberadzki:

• ‘Poland needs a “true-bred” investment bank, as the local market of bonds and other financial instruments denominated in the Polish zloty (derivatives) is still underdeveloped’, Kamil Liberadzki said. He added it would be best for Poland to take over the model used in the UK, France and Germany.  
• ‘Investment banking in Poland is offered by universal banks . The scale of the business is relatively small. If it ever gets bigger, the recommended approach is to keep the investment leg and the deposit-lending leg  separate, also for liquidation/resolution purposes, and attached to a holding. This is not the case in Poland but it is in the countries I’ve mentioned, and I wish that ultimately such model and such bank were established in Poland.’
• ‘It seems to me that such an increase in the scale of investment banking is missing in Poland. We need to have a bank that will be offering derivatives and will be able to take up bonds of enterprises, including universal banks. If banks are to reach out more to the capital market due to the MREL or the long-term financing ratio, such an institution is very much needed’, Kamil Liberadzki said.