Senior European lending post for former Polish Minister

The European Investment Bank has appointed former Polish Finance Minister Teresa Czerwińska as Deputy Chairman

Finance Minister may go: radio reports

The Polish Finance Minister may be dismissed in a cabinet reshuffle, a radio station reports.

see more

The appointment of Mrs Czerwińska is a feather in the cap of the Polish government, bearing in mind the EUR 5.42 bn that the institution lent to Poland last year for investment projects in 2019, as well as the EUR 4.8 bn of funds it ploughed into the economy in 2018.

The largest share of the EIB lending - EUR 1.98 bn - is earmarked for small business, EUR 1.69 bn is for infrastructure, and EUR 1.06 bn is for environmental projects, according to Businessalert. The rest consists of loans to cover innovation projects.

The former Minister, who is 45 years old, has a primarily academic background, having completed a doctorate and postdoctoral studies at the University of Gdańsk and holding a professorship at Warsaw University. In terms of experience in financial institutions, the author of two books on the Polish insurance market also served on the supervisory board of the Pioneer Pekao Investment Management SA and represented Poland in the European Insurance and Occupational Pensions Authority (EIOPA).

Her departure from the ministry after the Euro elections followed her vocal scepticism about the budget being able to cover the large increases in social spending announced last year by Poland’s ruling party.

'Too early to tell economic effects of coronavirus': Finance Minister

see more

Other key posts on the Euro job market

The departure of Ms Czerwińska to Luxembourg comes as the current Finance minister Tadeusz Kosciński awaits news on his bid to become Chairman of the EBRD, succeeding the UK’s Sir Suma Chakrabarti. Two other candidates have been nominated for the post: the front runner, Odile Renaud-Basso, the director-general of the French Treasury, and Pier Carlo Padoan, the former Italian finance minister.

While it is understood that Mr Kościnski is in with an outside chance, gaining the backing of several CEE countries, EBRD insiders PolandIN has spoken to point to the fact that although the minister has a long banking career, his CV does not include much development banking.