Poland’s government wants to take control of banking


POLISH banks should be in Polish hands, or so says the ruling Law and Justice (PiS) party. Since PiS came to power in 2015, Polish ownership of banks’ shares has risen, last year surpassing 50% for the first time since 1999. What the government calls “repolonisation” is a form of creeping nationalisation, with foreign-owned banks being bought up (on a voluntary basis) by state-controlled companies. But while PiS extols the virtues of economic patriotism, economists are more wary.

“Repolonisation” has become a buzzword under PiS, applied to everything from shipbuilding to medicines. The government has also toyed with “repolonising” newspapers owned by foreign publishers, including Ringier Axel Springer, a Swiss-German media company. “Capital has a nationality, especially in this incredibly politically sensitive segment, the media,” says Jaroslaw Sellin, Poland’s deputy minister of culture.

PiS presents repolonisation as a return to earlier times. After communism…

Link to article: www.economist.com/news/europe/21747687-buzzword-repolonisation-polands-government-wants-take-control-banking?fsrc=rss%7Ceur

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