Poland - Factors to Watch Sept 22
Following are news stories, press reports and events to watch that may affect Poland's financial markets on Tuesday. ALL TIMES GMT (Poland: GMT + 2 hours):
BANKS
Poland's parliament is likely to approve at this week's sitting a bill creating a fund for troubled mortgage holders, head of parliamentary finance committee Krystyna Skowronska was quoted as saying by Parkiet daily.
The bill assumes that the 600 million zloty ($160 million) fund will be financed by lenders, proportionately to their respective mortgage portfolios, the daily reported.
FX LOANS BILL
The bill on conversion of FX mortgages into zlotys, proposed by the ruling Civic Platform party, is in many respects unconstitutional, daily Puls Biznesu reported citing a lawyer preparing a legal opinion for the parliament.
The bill will not be approved by the parliament, the daily said.
GRUPA AZOTY
The chemical producer's new manufacturing unit in Tarnow, southern Poland, currently built at a cost of 320 million zlotys, will increase the group's operating profit by 115 million zlotys by 2020, Rzeczpospolita daily reported.
KGHM
Europe's No.2 copper producer said on Monday it would put its McCreedy West copper mine on care and maintenance, the latest victim of sinking prices as worries about demand from China fuel the biggest market rout in years.
CYFROWY POLSAT
Poland's No.1 media group Cyfrowy Polsat said on Monday it signed 12.5 billion zlotys ($3.4 billion) worth of loan agreements with a consortium of banks to refinance its existing debt.
MINING
British private equity fund CD Capital will inject up to A$ 83 million into Australia's Praire Mining, which will allow the company to develop its 2.5 billion zlotys mining project in the Lubelskie region, eastern Poland, daily Parkiet reported.
SHALE GAS
The number of shale gas drillings in Poland has fallen this year compared to the last and is the lowest in five years, daily Parkiet reported, citing the environment ministry's data.
Only two shale drillings have been conducted so far this year, the daily said, with two more being developed, compared to 15 drillings last year. In 2012, at the peak of shale gas exploration, Poland conducted 24 drillings, it added.
****Reuters has not verified these stories and does not vouch for their accuracy.****
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