Polish prudential regulations compare relatively well with western standards, thanks to efforts to bring domestic laws in line with European Union (EU) requirements, particularly in capital adequacy and consolidation rules for banking groups, according to Fitch Ratings. In its report, entitled Polish Prudential Regulations, Fitch says EU accession and new ownership structures have been the main drivers of the regulatory changes as they have required the Polish central bank – Narodowy Bank Polski – to co-operate more closely with its European counterparts. Polish Accounting Standards have been modified to bring them closer in line with International Accounting Standards (following coordinated efforts between auditors, bank regulators and the Ministry of Finance) so as to make consolidated reporting more transparent. Loan classification rules were changed in January 2004, with amendments to bring them closer in line with current western European standards. Prior to these changes, weaknesses in the prudential framework had been highlighted by macroeconomic developments in 2001/2002, which showed up the inadequacies of the credit classification and provisioning criteria in preventing large losses when entities fail.
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