The National Depository for Securities (NDS) in Poland has confirmed that the National Bank of Poland (NBP) has been appointed as a clearing bank for payments done in euros. It assumed the task on 7 March 2005.
It means that dividends paid in euros by foreign companies listed in Poland – such as Bank Austria Creditanstalt AG or BMP AG – will be processed by the NBP this year. In addition, companies whose shares are listed and traded in euros in Warsaw will enjoy the benefit of having their trades cleared in central bank money in euros via the NBP, in the same way as it settles trades executed in PLN already.
“At the same time, the NDS announced it would no longer use accounts at Kredyt Bank SA which it had been using for euro clearing,” explains Dariusz Domaradzki, head of custody at Bank BPH in Poland. “The transition from the local bank to the National Bank of Poland guarantees proper and effective clearing of euro payments related to foreign securities.”