Dresdner Kleinwort, the investment banking division of Dresdner Bank, is now offering cash pooling to its clients in Poland. Cash pooling enables companies to offset credit and debit bank balances at group level, thereby optimising their liquidity through centralised financial management. The use of cash pooling in Poland is only possible on a limited basis. Dresdner Kleinwort worked with the Polish tax authorities to come to a solution, which means that Dresdner Kleinwort clients now have the ability to include Polish companies in their financial management.
Cash pooling involves an agreement by subsidiaries to transfer their account balances -usually every working day – to a single principal account held by the parent company. The originating accounts are reduced down to a nil balance and the target account will contain a single aggregated balance for the group as a whole. This enables companies to improve their liquidity management and benefit from optimal interest.
“The importance of making optimal use of group-wide liquidity can be seen most clearly against the background of the current situation in the financial markets,” said Manfred Fleckenstein, head of global cash management at Dresdner Kleinwort. He said it was now possible to employ cash pooling both internally within Poland and cross-border, which would enable companies to transfer account balances in Polish zloty or euros at market rates.
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