AN UNFAIR REPORT ON CREDIT UNIONS
The report of the Commission of Financial Supervision on the financial condition of the credit unions is unfair, selective and includes essential mistakes. – It became an instruction for journalists and a source of many unreliable articles about the credit unions – emphasizes Andrzej Dunajski – a spokesman of the national credit unions
On 21-23 June this year the XXI National Conference of Credit Unions was held, in Warsaw. It was also an occasion for journalists to meet with members of the Management of the National Credit Unions. During the press conference they referred to a loud report of the Commission of Financial Supervision and many press publications, which were questioning the credibility of the credit unions.
However, it appears that the widespread rumour did not bring expected results, because the number of members and deposits in the credit unions is still growing. – This beneficial trend shows that we are quite popular in trustfulness among our clients – emphasized Rafał Matusiak, the chairman of the Management of the National Credit Unions. He was persuading that the situation in the credit unions is stable and is better than commercial banks in many ways.
However, the authorities of the National Credit Unions admit that the institution run by them is undergoing constant bombardment from officials and journalists. The report of the Commission of Financial Supervision, whose fragments had leaked to unfavourable media towards the Credit Unions before being officially published, was only a culmination point of the sequence of events.
– We must get adjusted to the changing and new regulations all the time. Before one act was implemented, parliamentarians had begun to work on its novelization. In this situation it is difficult to plan financial strategies and manage any institution – said the chairman of the Credit Unions.
One of the most worrying provisions of the Act about the Credit Unions is law allowing for taking over the credit unions by commercial banks. – Therefore, we are glad that the President of the Polish Republic decided to address the Act to the Constitutional Tribunal - Matusiak emphasized. – However, we still do not know what we can expect. The Statement of the Tribunal can cause a situation in which the binding law will get amended again and we will have to get adjusted to it again.
However, harassment of the Credit Unions with provisions, regulations and controls of the Commission of Financial Supervision does not discourage clients and members of the credit unions. – Today we already have over 18 milliard zlotys of assets – informed Wiktor Kamiński, the former member of the management of the credit unions. He also expressed his attitude towards allegations which were made in the report of the Commission of Financial Supervision and were reproduced by some media. – We have enough means to pay deposits. And as for the so-called preterm credits, their rate interest is lower than in other commercial banks – emphasized Kamiński. – However, it must be added that the Credit Unions do not have such instruments as banks do, which can take back their receivables.
During the press conference, the spokesman of the credit unions expressed his attitude towards many hurting formulations which are reproduced by journalists. The most scandalous one is an opinion about the Credit Unions that they are para-banks, like Amber Gold. It is unfair for members of the credit unions and misleads the public opinion – Andrzej Dunajski explains.
Journalists also asked questions about liabilities of the credit union Kopernik, which has recently been in opposition to the National Credit Unions. What is the capital adequacy ratio of this Credit Union in comparison to the Credit Unions of Stefczyk? – We cannot take an attitude to this question. According to the new Act about the Credit Unions, we are obliged by provisions which forbid us to reveal financial data in particular credit unions – answered the chairman Matusiak.
However, in the last weeks, the credit unions were attacked not only in the financial field, but also at the level of ideas. Liberal-leftist media accused them of supporting conservative, religious and rightist enterprises. – I do not understand these attacks. The Credit Unions appeared in the union environment and they will always defend what serves to Poland and Poles – the chairman Matusiak resisted the arguments. – We are willing to realize social, patriotic and religious enterprises. I think that our clients appreciate us and trust us for it.