Poland Picks Ex-Banker as Fifth Finance Minister Since July

Dorota Bartyzel and Maciej Martewicz

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Poland’s Premier Mateusz Morawiecki picked Tadeusz Koscinski, a former banker, to become the country’s fifth finance minister in as many months as the ruling Law & Justice party shuffles its cabinet after last month’s election.

London-born Koscinski worked at the lender now known as Santander Bank Polska SA, where Morawiecki used to be the chief executive officer, as well as several other Polish banks. Before his promotion, which is set to officially take place next week, Koscinski served as a deputy finance minister and a government official tasked with luring foreign investors, according to his official profile.

Morawiecki has made a number of changes to his finance team since minister Teresa Czerwinska left in July following clashes over election-year stimulus. The prime minister said Friday that Jerzy Kwiecinski, the latest incumbent, has left the government without specifying the reasons behind the move.

Koscinski’s nomination comes as Poland’s economic growth looks set to decline next year as Germany, its biggest trading partner, loses momentum. Senior ruling party officials have signaled that a budget deficit is becoming more likely, despite Morawiecki’s proposal ahead of the elections to balance the books in 2020.

Morawiecki used the slowdown argument when appointing Jacek Sasin, the current deputy prime minister, as a minister in charge of state-run companies, the supervision of which was spread among several ministries.

“Jacek Sasin will look for synergies among the companies,” Morawiecki said. “There’s a significant economic slowdown around Poland, so using all possible reserves is in our utmost interest.”

Morawiecki also dissolved the Energy Ministry, creating a Climate Ministry for the first time. It will be in charge of fighting air pollution, setting renewable energy goals and talks with the European Union on environmental policies, an area in which Poland wants to agree additional subsidies to finance its transition away from coal. Morawiecki has said Michal Kurtyka, head of last year’s United Nations climate conference in Katowice, will run the ministry.

“We want a full focus on climate negotiations, which in the next 12 to 24 months will be incredibly hard and very important for our economy and society as a whole,” Morawiecki said.

(Updates with details of other appointments from fifth paragraph.)

To contact the reporters on this story: Dorota Bartyzel in Warsaw at dbartyzel@bloomberg.net;Maciej Martewicz in Warsaw at mmartewicz@bloomberg.net

To contact the editors responsible for this story: Andrea Dudik at adudik@bloomberg.net, Marion Dakers, James Amott

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