President Nawrocki and NBP head Glapiński propose Polish “0% SAFE” to replace EU program, sparking debate over financing methods and constitutionality.
Polish “0% SAFE” Proposal
President Karol Nawrocki and National Bank of Poland president Adam Glapiński presented a “Polish 0% SAFE” proposal on Wednesday. Unlike the EU version, this plan would be financed with assistance from the National Bank of Poland. Ruling politicians emphasize that the proposal cannot come at the expense of the EU program.
Financial Concerns and Solutions
Although the NBP can contribute 95% of its profits to the budget, the bank has been operating at a loss for several years—20.8 billion zł in 2023, 13.4 billion zł in 2024, and an estimated 30 billion zł loss in 2025. One potential solution involves “boosting” the NBP’s profits by selling reserves, realizing paper gains, then repurchasing them.
Government Response
Presidential spokesperson Rafał Leśkiewicz stated that precise solutions would be developed with the government, noting that detailed discussions would occur with the prime minister and defense minister. He insisted financing the program “is not breaking the law” as it involves “earned profit” and would not violate the Constitution, citing the NBP’s trillion złoty in reserves and 180 billion zł revenue from investment operations over the past 30 months.
Defense Minister’s Position
Defense Minister Cezary Tomczyk stated the government side is unaware of any invitation for meetings and characterized the proposal as purely media-oriented. He emphasized the president’s plan is not an alternative to the EU SAFE program and appealed to the president to sign the implementing legislation to access 200 billion zł for military modernization.
