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POLAND: New KNF Chairman Appointed

On Friday, prof. Jacek Jastrzębski was appointed the new Chairman of the Financial Supervision Authority (KNF). On 13 November, the previous Chairman of the KNF Marek Chrzanowski resigned from office after daily „Gazeta Wyborcza” reported that Polish banker Leszek Czarnecki (Getin Noble Bank and Idea Bank) accused the Polish financial regulator of beseeching a bribe.

Jacek Jastrzębski is a lawyer and economist. With over 10 years of experience as deputy director of the legal department at Bank PKO BP, he has solid experience in the sector. The new Chairman will have to manage the biggest crisis encountered by KNF since its creation in 2006. A difficult task of rebuilding public trust in the authority, while trying to remain politically neutral, is ahead of Jastrzębski. While his expertise may be a guarantee of adequate qualifications, it remains to be seen whether he will be able manoeuvre the KNF out of crisis. For PM Morawiecki, the nomination of Jastrzębski is equivalent of regaining political control of the KNF.