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Poland's supreme audit body highlights supervision shortcomings at regulator

The recently completed inspection of Poland's Supreme Audit Office at the country's Financial Supervision Authority unveiled a number of irregularities at the regulator, particularly when it comes to the supervision of cooperative banks, Onet.pl reported Dec. 11, citing Rzeczpospolita.

The inspection, which looked into the FSA's activities between November 2015 and 2017, showed that the regulator did not execute effective supervision over cooperative banks failing to correctly implement financial recovery programs, the news report noted.

The inspectors also discovered that a list from which the FSA used to appoint administrators for the troubled banks included candidates without the required qualifications. The regulator's spokesman reportedly said the list has already been revised and updated.

In addition to the FSA, the Supreme Audit Office's inspection also covered the Polish finance ministry and the central bank, which are also responsible for ensuring the safety and stability of the Polish banking sector. The inspectors reportedly found some irregularities in the legislative work of the ministry, but did not identify any problems within the central bank.