Anna Smuniewska-Kawka from the NBP regional branch in Warsaw speaks in an interview with the “Financial Observer” about the NBP’s reports on the balance of payments and the international investment position.
Regulation of reporting obligations
Reporting obligations to the NBP are regulated by the Regulation of the Minister of Development and Finance of August 9, 2017, which specifies the main methodology regarding reporters, i.e. it indicates who should prepare reports for the NBP and in what case, on what dates and with what frequency. The largest group of reporters are the entities mentioned in the regulation, which are other residents. These are companies that usually reach the minimum threshold of PLN 10 million, which consists of the sum of assets and liabilities in foreign currency with non-residents. Here, if the amount I am talking about exceeds PLN 300 million, there is a reporting obligation, if it is up to PLN 300 million … Monthly reports. If it is up to PLN 300 million, the obligation is quarterly. The next group are units of the public finance sector. Here we are talking about the minimum threshold of 26 million, and unless they exceed 500 million, they are reported quarterly. However, if this amount is exceeded, they are obliged to report monthly to the National Bank of Poland. The next group are investment companies. There is no regulated minimum threshold here. Every entity that is an investment company, i.e. operates in accordance with the Act on Trading in Financial Instruments, is obliged to submit data monthly to the National Bank of Poland. The next and last group are individuals. Then the threshold I mentioned at the beginning must be at least PLN 7 million. In this case, the reporters always provide us with quarterly reports.
– explains Anna Smuniewska-Kawka.
Reporters are required to verify total assets and liabilities
The de facto reporting obligations that are included and that we expect from our reporters are actually on their side. They are required to check the total of their assets and liabilities in foreign trade with non-residents. To know whether they have to comply with this obligation at the moment or whether they do not exceed these minimum thresholds and generally this obligation does not arise
– emphasizes the expert.
The principle of data continuity
It is worth noting that our reporting is guided by exactly the same principle as the Accounting Law, namely, the continuity of data retention. This concerns both the issues that are presented in the forms, which concern the non-resident sector itself, the capital link sector, the currency, the non-resident’s country of origin, and the lack of continuity of states that exist between periods. It is important to maintain this continuity by reporting exactly the same thing between periods.
– says Anna Smuniewska-Kawka from the regional branch of the NBP in Warsaw.
