Glapinski?! He inactive did not explain where he would get PLN 185 billion.

A fewer facts and questions.

1. That's right. no bill neededto sale the NBP reserves. They could be gold, German or American bonds, currencies. Anything. Why didn't he? Don't give Tusk any profit.

2. If NBP reaches profit, it's according to the law of MUST:

• 95% of NBP profit → goes to the state budget (i.e. the Treasury)
• 5% profit → Powers the NBP reserve fund

3. Legally speaking there is no specified thing as ‘extraordinary NBP profit’. There is simply the profit of the central bank, which should be full settled in accordance with the Act and transferred to the budget.

4. Glapiński claims that in the last 3 years the NBP had around 100 billion PLN losses. but at the same time the bank had a immense Unrealised profit on gold. If he sold them, there would be profit. And then, legally, it would go to the state budget, not at the disposal of the NBP president.

5. NBP president besides said that selling gold will not deplete the NBP reserves, due to the fact that it will be converted into another assets – e.g. dollars, euro or US or German bonds.
   And that's actual – then only changes reserve structureNot their worth.

But the apparent question is:

Since gold is only converted to another assets (dolars, euro, bonds), Where does PLN 185 billion come from suddenly?

6. In practice, there are only 3 options:

• Sale of fresh assets for gold – but then the NBP reserves will actually decrease.

• Money printing by NBP – you can print PLN 185 billion and book it based on profit from the sale of gold. It's just that the financial markets are always reacting the same way: a decline in trust. May I remind you that we late had inflation reaching 19%. The addition of this scale would mean force on gold and more costly state debt financing.

• Issue of bonds by Bank Gospodarstwa Krajowego – but it's just borrowing another debt. present Polish long-term debt costs around 6%While the European SAFE programme offers backing closer 3%.

7. There was no answer either. When that money would appear. Even in an optimistic script – no earlier than April of next year.

8. And the most crucial question is: Why do you even request a bill that transfers money from Nawrocke National Bank and not the state budget?
   Because this bill – too – does not introduce any fresh financing mechanism.

For now, it looks like a large amount has been announced, but no real way to get it.

So the simplest question remains:

Where are the 185 billion Polish gold?