European Financial Congress Programme · and financial safety, which awakened fears about the...

E U R O P E A N F I N A N C I A L C O N G R E S S

23-25 June 2014, Sopot

EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 32

W E L C O M E T O T H E 4 T H E U R O P E A N F I N A N C I A L C O N G R E S S I N S O P O T

For the fourth time, at the invitation of the organizers, representatives of the European and national regulatory and supervisory institutions, business, the academic world, politics and media meet in Sopot to identify risks and seek solutions to promote security, stability and integration of the European Union. To talk about good solutions for the joint success of Poland and the EU.

Year 2014 is a special year for Poland. We have just celebrated 25 years since when we set off on our way to freedom, modernity, democracy and sovereignty. We feel safer because for 15 years we have been member of the Atlantic Alliance, and for 10 years – one of the countries of the European Union.

This year’s event, however, takes place in a particular period of political and economic turmoil in Europe, which may prove to be a practical test of the European Solidarity. There has been an accumulation of risks related to energy security and financial safety, which awakened fears about the future. The risk for energy safety stems, among other things, from the Ukrainian crisis, and the risk to the financial security is the result of unfinished construction of the Banking Union, especially in terms of fiscal responsibility.

The Polish point of view and Polish experiences and suggestions can be an inspiration to the process of further European integration and a new definition of security in the twenty-first century. The leading theme of this year’s Congress is Financial Safety and Energy Security and the Integration of the European Union.

The Congress program is co-created by the Programme Board, chaired by Jan Krzysztof Bielecki. It is supported by Steering Committees for each theme block and debate.

The 4th European Financial Congress will be opened by a plenary debate which will try to find answers to questions like: Is it possible to further integrate the EU politically and to increase the competitiveness of the European economy without…- ensuring financial safety?- ensuring energy security?- pro-innovation policy?In the second and third day of the Congress, we invite you to debates on the security of the financial system, sustainable financing of infrastructure development, development of the banking system, value-based management of strategic enterprises, challenges for the development of the capital market and the support for international business cooperation.

The tradition and the achievement of the European Financial Congress are the Recommendations announced at the end of the session, which indicate practical solutions in areas most important for the joint development of the economy of the European Union and Poland. The Recommendations are developed pro bono, for the well and professionally understood benefit of Poland and Europe. Their implementation is supported by studies and media initiatives.

The European Financial Congress is also an open project, which comprises public, pragmatic debates among representatives of business, politics and the academia. The debates are held at seminars and specialist congresses organized by the Gdaƒsk Institute for Market Economics – Gdaƒsk Academy of Banking, as well as at sector-specific and thematic Steering Committees and Programme Boards meetings, which ensure a high level of competence and relevance of initiatives taken as part of the project.

Be welcome to actively join the debates on good solutions for join security and prosperity of Poland and the EU.

C O N G R E S S A G E N D A

23 JUNE 2014

Room COLUMBUS

12.00–12.50 Lunch

13.00–13.15 Welcome speech

13.15–14.00 OPENING ADDRESSES

IS IT POSSIBLE TO FURTHER INTEGRATE THE EU POLITICALLY AND TO INCREASE THE COMPETITIVENESS OF THE EUROPEAN ECONOMY…

… WITHOUT ENSURING FINANCIAL SAFETY?

14.00–15.50 Debate moderated by Jacek Rostowski, Deputy Prime Minister, Minister of Finance of Poland in the years 2007 – 2013Debate partner: PKO Bank Polski> page 13

15.50–16.20 Break

… WITHOUT ENSURING ENERGY SECURITY?

16.20–17.30 THE EU PERSPECTIVEDebate moderated by Janusz Lewandowski, European Commissioner for Financial Progamming and BudgetDebate partner: PKN ORLEN S.A. > page 16

17.30–18.30 THE POLISH PERSPECTIVEDebate moderated by Jan Krzysztof Bielecki, Chairman of the European Financial Congress Programme BoardDebate partner: PGE Polska Grupa Energetyczna S.A. > page 17

20.00–23.00 Gala dinner at the Sopot Forest Opera (transport to the Forest Opera at 19.30-20.00 from the Sheraton Hotel)Partner: The City of Sopot> page 18

… WITHOUT PRO-INNOVATION POLICY?

21.30–22.30 Meeting with Professor Dan Breznitz, Munk School of Global Affairs, University of Toronto

EUROPEAN FINANCIAL CONGRESS 5

– Le

MULTIKINO SOPOT, ROOM NO. 3

24 JUNE 2014

Room COLUMBUS AB COLUMBUS CD MARCO POLO E MARCO POLO F ROTUNDA

09.00–09.30 Infrastructure investments in Europe – the role of theEuropean Investment BankLaszlo Baranyay, Vice-President European Investment BankDebate Partner: PGE Polska Grupa Energetyczna SA> page 21

09.30–10.30 The real crisis, the financial crisis and the rescue measuresHans-Werner Sinn, President of the Ifo Institute for Economic Research, Professor of Economics at the University of Munich> page 21

Macroeconomics of the infrastructureDebate Partner: NDI SA> page 46

Digital commerce trends, opportunities and threats for the banking industryDebate Partner: Accenture> page 23

Use of corporate govern-ance in creating value of enterprisesDebate Partner: PKP Cargo> page 71

10.30–11.00 Break

11.00–12.30 Foreign expansion of Polish resource companies – an opportunity for Polish economy and scienceDebate Partners: KGHM Polska Miedê SA, PKN ORLEN S.A.> page 72

Legal relations between the State and the entrepreneurs – forecasts for infrastructu-ral investments in Poland> page 49

Banking habits of SMEs in PolandResults of research by Deloitte on bank clients in the SME sector Debate Partners: Deloitte, Bank Pekao S.A.

> page 26

12.30–13.00 Break

24 JUNE 2014

Room COLUMBUS AB COLUMBUS CD MARCO POLO E MARCO POLO F ROTUNDA

13.00–14.30 Infrastructure and the growth of economy based on innovationDebate Partner: Baker & McKenzie> page 75

Dilemmas of the European energy policyDebate Partner: Energa> page 51

Non-Euro countries in rela-tion to the Banking UnionDebate Partners: Polish Financial Supervision Authority, EY> page 29

Clients take over control in banksDebate Partner: IBM> page 32

Long-term incentives in motivating top management of enterprisesDebate Partner: BCG> page 78

14.30–15.30 Lunch

15.30–17.00 How to increase the at-tractiveness of the public market for issuers?Debate Partners: Warsaw Stock Exchange, Association of Listed Companies (SGE)> page 65

The role of private capital in financing infrastructureDebate Partner: Bank Pekao S.A.>page 54

Development of mobile payments in PolandDebate Partners: PKO Bank Polski, KPMG> page 35

Whether and how to separate retail banking from investment banking in the EU?Debate Partner: Polish Finan-cial Supervision Authority> page 37

17.00–17.30 Break

17.30–19.00 How to increase the level of long-term domestic savings? Debate Partners: Warsaw Stock Exchange, Chamber of Commerce of Pension Funds> page 67

Model of financing key infrastructural projectsDebate Partners: Bank Pekao S.A., Bank Gospodarstwa Krajowego, KPMG> page 56

When will eCommerce dis-place traditional business?Debate Partner: Bank Pocztowy> page 79

Asset Quality Review and what next? Debate Partners: Polish Financial Supervision Authority, Deloitte> page 40

“Miedê czy nie mieç”, screening of a movie by Ewa EwartMultikino Sopot, room no. 3> page 93

19.50 Departure of catamarans to Gdaƒsk from the Sopot Pier

21.15–23.00 Gala dinner on the premises of the Gdaƒsk Shipyard

W E L C O M E S P E E C H :

13.00 – 13.15Jan Krzysztof BieleckiChairman of the European Financial Congress Programme Board

O P E N I N G A D D R E S S E S :

13.15 – 14.00 Włodzimierz KarpiƒskiMinister of Treasury of PolandDato' Seri Haji Ahmad Husni Bin Mohamad Hanadzlah Minister of Finance II of MalaysiaSteffen KampeterParliamentary Secretary of State, Ministry of Finance, Germany

13EUROPEAN FINANCIAL CONGRESS

EUROPEAN F INANCIAL CONGRESS23-25 JUNE 2014, SOPOT

Is it possible to further integrate the EU politically and to increase the competitiveness of the European economy without ensuring financial safety?

Debate23 June 2014, 14.00 – 15.30The Columbus Room

I N T R O D U C T O R Y S P E E C H E S :

Yves MerschMember of the Executive Board, European Central BankRolf WenzelGovernor, Council of Europe Development BankAndrás SimorVice-President, European Bank for Reconstruction and Development

A C C O M P A N Y I N G E V E N T S :

EFC Academy > page 94PPP in the development of cities and regions – experience and prospects> page 96

25 JUNE 2014

Room COLUMBUS AB COLUMBUS CD MARCO POLO E MARCO POLO F

9.30–11.00 Recommendations for increasing the safety of the Polish banking system through the development of covered bonds market – where are we?> page 43

Is the grey economy "in our blood" or will the business pay taxes if they are lowered?Debate Partner: Dziennik Gazeta Prawna> page 82

The role of economic diplomacy in the development of business cooperationDebate Partner: Warsaw Stock Exchange> page 84

Investment attractiveness of shale gas exploration and extraction in PolandDebate Partners: PGNiG, PAP> page 59

11.00–11.30 Coffee break

11.30–13.00 Supporting business cooperation by financial institutionsDebate Partner: EY> page 86

Immigration policy and the devel-opment of the modern business services sectorDebate Partner: Infosys BPO Poland> page 89

Ownership strategy for the Warsaw Stock Exchange and its impact upon the safety and credibility of the capital market> page 69

Security of the Polish natural gas marketDebate Partner: Gas Transmission Operator GAZ-SYSTEM S.A.> page 62

13.00–13.15 Coffee break

13.15–14.30 ANNOUNCING THE MOST IMPORTANT RECOMMENDATIONS OF THE EUROPEAN FINANCIAL CONGRESS

14.30–15.30 Lunch

15.30–16.30 BUSINESS DISCOVERIES IN AFRICA – PRESENTATION OF THE ECONOMIC POTENTIAL AND THE INVESTMENT OFFER OF ETHIOPIA, GHANA, MOZAMBIQUE, SENEGAL AND OTHER COUNTRIES

EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS

S P E E C H :

Zbigniew JagiełłoPresident of the Management Board, PKO Bank Polski S.A.

D E B A T E M O D E R A T O R :

Jacek Rostowski Deputy Prime Minister and Minister of Finance of Poland in the years 2007 – 2013

I N V I T E D P A R T I C I P A N T S :

Danuta HübnerMember of the European ParliamentPhilippe Legrainprincipal advisor to Jose Manuel Barroso 2011-2014Paul OrmerodPartner, VolterraHans-Werner SinnPresident of the Ifo Institute for Economic ResearchProfessor of Economics at the University of Munich

K E Y I S S U E S :

Is the Banking Union an opportunity for a stronger political integration of the European Union or a risk of disintegra-tion?

Can the Banking Union reduce moral hazard in European banking or will it move it from the national to the Euro-pean level?

Whether and how to limit the excessive regulation of the financial system in the European Union?

D E B A T E P A R T N E R :

The Banking Union from the perspective of an independent domestic bank

23 June 2014, 15.30 – 15.50The Columbus Room

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Is it possible to further integrate the EU politically and to increase the competitiveness of the European economy without ensuring energy security? – the European political perspective

I N T R O D U C T O R Y S P E E C H A N D D E B A T E M O D E R A T I O N :

Janusz LewandowskiEuropean Commissioner for Financial Programming and Budget

Joschka FischerVice-Chancellor and Minister of Foreign Affairs of Germany in the years 1998-2005Maria van der HoevenExecutive Director, International Energy AgencyGünter VerheugenEuropean Commissioner for Enlargement in the years 1999-2004 and European Commissioner for Industry and Entrepreneurship in the years 2004-2010

D E B A T E M O D E R A T O R :

Jan Krzysztof BieleckiChairman of the European Financial Congress Programme Board

Jan ChadamPresident of the Management Board, Gas Transmission Operator GAZ-SYSTEM S.A. Jacek KrawiecPresident & Chief Executive Officer, PKN ORLEN S.A.Henryk MajchrzakPresident of the Management Board, PSEMarcin MoskalewiczPresident of the Management Board, PERN “Przyjaêƒ” SAMarek WoszczykPresident of the Management Board, PGE Polska Grupa Energetyczna S.A.

Is it possible to further integrate the EU politically and to increase the competitiveness of the European economy without ensuring energy security? – the domestic perspective

This year’s event takes place in a particular period of politi-cal and economic turmoil in Europe, which may prove to be a practical test of the European Solidarity. There has been an accumulation of risks related to energy security and financial safety, which awakened fears about the future. What about European integration? An evening at a former production hall of the Gdaƒsk Shipyard (now Club B90), among historic cranes, ramps and industrial facilities.

Departure of catamarans from the Sopot Pier

WelcomePaweł Adamowicz, President of the City of GdaƒskAdam Maciejewski, President of the Management Board, Warsaw Stock Exchange

Dinner

“The future of the European Union and the European economy”. A discussion between Paul Ormerod and Jan Krzysztof Bielecki, led by Marek Orzechowski

After the discussion, all Guests will be welcome to continue the conversation in an informal atmosphere. The meeting will also be led by Marek Orzechowski.

Return to Sopot by coach.

P A R T N E R :

Gala dinner at the Gdaƒsk Shipyard

24 June 2014, 20.15 – 23.00Gdaƒsk Shipyard, Club B90

23 June 2014, 20.00 – 23.00The Forest Opera

Coaches to the Forest Opera from the Sheraton Hotel

Welcome speechJacek KarnowskiPresident of the City of Sopot

Dinner

Is it possible to further integrate the EU politi-cally and to increase the competitiveness of the European economy without pro-innova-tion policy?Meeting with Professor Dan Breznitz, Munk School of Global Affairs, University of Toronto

Professor Dan Breznitz is a renowned authority on innova-tion policy and strategy; he was advisor to national and lo-cal governments; he is the author of numerous publications on innovation strategies and their impact on the growth and competitiveness of the economy.

C O M M E N T A R Y :

Jacek K´dziorManaging Partner, EYGra˝yna Piotrowska-OliwaVice-president, Employers of Poland

P A R T N E R :

19.20 – 20.00

20.20- 21.30

21.30 – 22.30

Gala dinner at the Sopot Forest Opera

EUROPEAN FINANCIAL CONGRESS

S P E E C H E S :

2 4 J U N E 2 0 1 40 9 . 0 0 – 0 9 . 3 0

„Infrastructure investments in Europe – The role of the European Investment Bank” Laszlo Baranyay Vice-President, European Investment Bank

P A R T N E R :

2 4 J U N E 2 0 1 40 9 . 3 0 - 1 0 . 3 0

„The real crisis, the financial crisis and the rescue measures”Hans-Werner SinnPresident of the Ifo Institute for Economic Research Professor of Economics at the University of Munich

Mateusz MorawieckiPresident of the Management Board, Bank Zachodni WBK

M O D E R A T O R :

Michał KoboskoEditor-in-chief, Project Syndicate

S P E E C H E S

S P E E C H :

Michele MarroneManaging Director, Accenture European Lead for Analitics and Mobility

Joao Bras JorgePresident of the Management Board, Bank Millennium

K E Y I S S U E S :

The session “Digital commerce trends, opportunities and threats for the banking industry” will be devoted to the changes and opportunities taking place on the financial market.

Michele Marrone, Accenture European Lead for Analit-ics and Mobility, will present the research on the trends that can be noticed in the behavior of the contemporary consumers, he will show how traditional trade is being transformed into d-commerce and he will also explain how Accenture perceives the role of banks in today’s dynamic and digital world. His presentation will include many exam-ples of solutions implemented by the leaders standing

THEMATIC BLOCKSECURITY AND DEVELOPMENT OF THE BANKING SECTOR

Digital commerce trends, opportunities and threats for the banking industry

Speech24 June 2014, 09.30 – 10.30Marco Polo E

S E C U R I T Y A N D D E V E L O P M E N T

O F T H E B A N K I N G S E C TO R

At the meeting, Michele Marrone will present the concept of an “Everyday Bank” - created by Accenture and success-fully implemented at customers, which is an answer to the changes taking place in the global and digital economy.

We kindly invite you to attend the session “Digital com-merce trends, opportunities and threats for the banking industry” and to take active part in the discussion.

P A R T N E R :

at the head of the global digital banking (r)evolution.The role of banks in d-commerce space should be per-ceived multi-dimensionally. The revolution taking place in commerce today is driven by technology, which will revo-lutionize the way B&M retailers promote, sell and manage the relationship with customers, and the way consumers shop and pay in the store.

What’s important for banks, payments are being disrupted by new technology that eliminates the need for traditional infrastructure, making payments a seamless moment of truth within the shopping process. To meet their cus-tomers’ requirements, retailers reach for solutions such as Google Wallet. In this way, players from outside the industry join the game and also want to have their share in profits, which forces traditional banks to continuously implement more flexible and broader product offering and omni-channel access to their services. In the payment race the banking sector has one very im-portant asset. Millions of mobile devices, which are on 24/7 and collect plenty of information about every individual customer, combined with the history of transactions in his account give them a considerable advantage. Analytics, Mobile and Big Data may become a solution that will help the sector design an optimal offering for customers.

Today, the concept of providing customers with bespoke products on an as-needed basis, for instance, using new production paradigms such as 3D printing with express and automatic delivery (e.g. drones) may seem far-fetched. However, it is very likely to become popular in the near future. The banking sector must face the new d-commerce reality – if its model proves unattractive to consumers and not compliant with the modern trends, it will be replaced with more innovative and simpler solutions provided by external competitors.

I N T R O D U C T O R Y P R E S E N T A T I O N :

Piotr SadzaDirector, Financial Institutions Sector, Deloitte

M O D E R A T O R :

Andrzej LachowskiPartner, Financial Institutions Sector, Deloitte

I N V I T E D P A N E L I S T S :

Mariusz CholewaPresident of the Management Board, Credit Information BureauPrzemysław GdaƒskiVice-President of the Management Board, mBank S.A.Andrzej GliƒskiVice-President of the Management Board, Bank Millennium S.A. Jacek Obł´kowskiVice-President of the Management Board, PKO Bank Polski S.A.Grzegorz PiwowarVice-President of the Management Board, Bank Pekao S.A.Józef WancerPresident of the Management Board, Bank BG˚ S.A.

Banking habits of SMEs in Poland. Results of the Deloitte survey concerning bank customers in the SME segment.

Debate24 June 2014, 11.00 – 12.30Marco Polo E

K E Y I S S U E S :

The market of small and medium-sized enterprises in Po-land is one of the most prospective customer segments for banks. SMEs generate up to ~18% of the national GDP and hire ~40% of the employees in the companies sector. This segment is characterized by a very high level of diversity from the viewpoint of needs and preferences in terms of cooperation with banks. The SME segment includes both companies that are small, with stable prospects and small product requirements, which finance their activities with their own funds, as well as companies with large develop-ment potential, focusing on growth and leading active operations in foreign markets, with large needs for the cur-rent financing, investment financing, and trade finance.

This diversity clearly translates to revenue potential for banks. The cost aspect is equally important: the one related both to the credit risk and the cost of customer service corresponding to the actual needs of the customer.

The first step to build profitable banking for the SME segment is to understand who the customers are, how they bank and what they expect. To this end, Deloitte has conducted extensive research in this sector in Poland, which helped to capture the needs, the intensity of use of individual products, preferences for access channels, including electronic channels and key expectations and the most important criteria for the selection of the bank.

Issues for discussion:What is the potential of the SME segment for banks in Poland?Which group of SME customers are the most attractive for the banks?How to build an attractive offer for the SME customers?What are the most effective channels to reach SME customers?

How to diversify the sales and service model for the SME customers?What will the SME banking look like in Poland over the next 3-5 years?

D E B A T E P A R T N E R S :

M O D E R A T O R :

Michał KoboskoEditor-in-chief, Project Syndicate

Jean-Christophe CabotteDeputy Head of Supervisory Law Division, European Central BankIwona KozeraPartner, Head of Financial Markets, EYAlexander LehmannLead Economist for Central Europe, EBRDMario NavaDirector, Financial Institutions, European CommissionAndrzej ReichDirector of the Department of Banking Regulations, Payment Institutions and Credit Unions, Polish Financial Supervision AuthorityBernhard SpeyerSenior Advisor, Senator's Office, Berlin Senate for FinancePeter WalshDeputy Head of Division, Institutional & Sectoral Oversight, DG Micro-Prudential Supervision, European Central Bank

Non-Euro countries in relation to the Banking Union

Is the Banking Union only an organisational solution, or will it also have far-reaching political implications? Will it lead to the rapid integration of countries in the Eurozone by dividing the Member States into two unequal groups? If so, which group of countries will the closely cooperating countries fall into? What should be the approach of the non-Eurozone countries to the earlier membership in the Banking Union? How should the legal measures intended to protect them be rated? Are they appropriate or insufficient? Perhaps they are not touching the essence of the problem and should be supplemented in some way?

K E Y I S S U E S :

The Banking Union concept was developed at the EU Summit in June 2012. It is increasingly seen as a solution whose impact on the process of European integration can be compared with the effects of the Coal and Steel Com-munity established years ago. Due to legal conditions, the Banking Union only covers the Eurozone countries. Other countries may be full members, although it is possible that they establish close cooperation with the Banking Union. It is a substitute of the full membership. The adopted solution allows non-Eurozone countries to participate to a limited extent in the decision-making process. For this reason, the regulation entrusting the ECB with supervision over the banking sector of the Eurozone has introduced safeguards to limit the potential risks associated with the different status of the countries cooperating closely with the ECB. It should be kept in mind that the Banking Union is not only about close cooperation. First of all, the solutions which prevent the factors threatening the stability of the Eurozone banks and the banking system as a whole are primarily the access to the EU's liquidity and capital support. This mechanism will not be available to the banks of close cooperating countries. The Banking Union will go live in four months. The next months will help us to understand better this fact and its effects. Right now, there is a number of questions worthy of discussing:

Issues for discussion:What is the Banking Union now, what will it be in the future?How to evaluate the mere fact of establishment of the Banking Union?What are the benefits and threats of the parallel op-eration of two (actually three) systems: the Eurozone countries, closely cooperating countries, and countries outside the Eurozone? What is the anticipated cost-benefit account?

M O D E R A T O R :

Władysław SzwochFinancial Services Sector Leader, IBM Global Business Services, CEE

I N T R O D U C T O R Y P R E S E N T A T I O N :

“Clients take over control in banks"Władysław SzwochFinancial Services Sector Leader, IBM Global Business Services, CEE

Maria Jose CamposMember of the Management Board, Millennium Bank S.A.Piotr KrólikowskiMember of the Management Board, Provident Polska S.A.Piotr PopowskiDirector, EYMirosław SkibaMember of the Management Board, Bank Zachodni WBK

Clients take over control in banks

Debate24 June 2014, 13.00 – 14.30Marco Polo F

K E Y I S S U E S :

At times of universal digitalization, access to the Internet and ubiquitous information, more than half of CEOs of banks in the world expect forthcoming difficulties in understanding and involving customers as individuals, rather than as market segments.Banks should prepare for the future by:

being open to influences and suggestions from customers;emotional involvement of customers in proposals of the bank

and they can do this through innovations, particularly innovations based on digital solutions. A growing number of CEOs believe that customer feedback should be used not only with regard to traditional areas, such as creation of new products and services. CEOS are even willing to open up to opinions of customers in tasks which to date were the sole tasks of the CEOs, namely development of business strategy. Recognition of customers as new members of the manage-ment board is also a way to unite the management board for one common goal – to meet the needs of customers. Erosion of trust is now a major challenge for many banks on the road to growth. Management boards are therefore open to collaborate with customers and are looking for new ways to speak with them and build trust. If one initia-tive could unite the whole management board to work together for the success of the bank, building relations with customers is definitely the solution.

Issues for discussion:What are the best ways to engage customers which lead to development of good relations with custom-ers? Customer advisory boards? Opinion leaders in social media – other?How to define unique customer experience so that bank customers feel at home, whether they use online serv-ices, mobile solutions, social networks or visit a branch?

Is hiring a creative agency to design customer experi-ence in a mobile or online service the solution? How to ensure the same experience at the branch?Are we ready to change the way in which we run banks if customers require so?How can we use social networks to gather customer feedback and respond to such feedback?How can we find the right balance between the world of social media, online banking and branches?How to involve all employees of banks in creation of the proper customer experience?What are the innovative ways of analyzing customer behaviour so as not to interfere with customer privacy?How can the banks work together with other institu-tions outside the banking sector in order to enhance customer experience?

Development of mobile payments in Poland

M O D E R A T O R :

Jerzy KalinowskiPartner, KPMG

Jakub GrzechnikDirector, Payments and Analyses, PKO Bank Polski S.A.Andrzej MalickiPresident of the Management Board, Polish Payment StandardJarosław MastalerzVice-President of the Management Board, mBankMałgorzata O’ShaughnessySenior Vice-President, Visa Europe Mirosław RakowskiPresident of the Management Board, T-Mobile

K E Y I S S U E S :

Internet revolution and the development of mobile tech-nologies has radically changed the patterns of consumer behaviours and preferences. We are increasingly more often talking about the digital consumer, who regularly uses fixed and mobile access to the global network resourc-es and digital services to satisfy their needs. The widespread use of smartphones allows the consumers to use mobile banking and payments in a very conscious manner.

EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS 37 36

However, the development of the mobile payments market in Poland is currently not proportionate to adoption of mo-bile telephony, smartphones and mobile Internet in Poland. The aim of the session is to find answers to key questions from the viewpoint of development of the mobile pay-ments market in Poland:

Why digital consumers need mobile payment services? What are the media for the development of mobile payments in the world?Are Polish consumers ready for the widespread adop-tion of mobile payment services?Is the market of mobile payments still at its embryonic stage or has it already ripened?What are the main barriers to the implementation and universal acceptance of mobile payment systems in Poland? Are there any technological barriers? How can we overcome these barriers?How can we effectively build a mobile payment ecosystem in Poland to support universal and rapid acceptance of mobile payments?What role in the development of mobile payments in Poland can the individual market players have (banks, payment institutions, mobile operators, solution providers)?

Whether and how to separate retail banking from investment banking in the EU?

S P E E C H :

Mario NavaDirector, Financial Institutions, European Commission

Adam KetessidisHead of Bankresolution, Federal Financial Supervisory Authority, Germany Tomasz PiwowarskiDirector of the Department of Inspections for Banks, Payment Institutions and Credit Unions, Polish Financial Supervision Authority Jürgen SchaafCounsellor to the Executive Board, European Central BankAndrzej SławiƒskiDirector General of the Economic Institute, National Bank of PolandWiesław ThorCounsellor to the Board, Deloitte

K E Y I S S U E S :

After the Great Depression, the US banking was charac-terized by the statutory distinction between commercial banking and investment banking. From 1984 to 1999, the lobbyists were pushing for reinstatement of universal banking in the US that would combine commercial and investment banking, which eventually happened in the year 2000. Earlier, in 1989, such a possibility was introduced in the EU by the so-called the Second Banking Directive. One of the consequences was a rapid surge in profits and bal-ances of banks. The crisis of 2007 manifested, inter alia, the significant risks associated with a strong desire to achieve a superstandard return on investment activity of banks, but primarily the risks of charging the deposits are guaranteed by the deposit guarantee schemes, and subsequently by the state, with the risk of speculative activities. The scale of the losses incurred as a result of the recent crisis resulted in preparation of a number of reports in the US and Europe, which scrutinize the causes of the crisis. The most important of them include: The Financial Crisis Inquiry Report (USA), Volcker’s Rule (USA), Vickers Report (Great Britain), and Liikanen's Report (EU). The latter calls for:

separation of excessive commercial activity as regards transactions conducted on own account, assets and derivatives associated with market animation opera-tions, exposure to hedge funds, SIVs (structured in-vestment vehicles) and private equity funds to another legal entity, andadditional separation of activities of banks for possible improvements of the scope of resolution operations.

After the Liikanen's Report was published, some Member States began to implement recommendations of the report:

The European Parliament issued a resolution on the reform of the structure of the EU banking sector;France and Germany have been updating their legisla-tion which separates speculative / investment activities

from traditional activities of the banks,a process has been started in the UK to implement the proposals included in the Vickers Report to the British law.In Poland, at the beginning of January 2014 the Com-mission for Banking Supervision accepted recom-mendations on compulsory separation of speculative activities on own account after a certain materiality threshold is exceeded.In January 2014, the European Commission launched consultations on the draft legislative changes pro-viding for mandatory separation from the bank, to another entity in the group, of speculative activities after a specified scale of this activity is exceeded.

Issues for discussion:What was the impact of the speculative activities of universal banks on the scale of the last financial crisis?Was the speculative activity the sole/main factor leading to the crisis?What risk factors are associated with retail activities and which are associated with investment activities?Are universal banks necessary? - account of benefits and costs.Is there place for any investment activities at all in a retail bank?How should Liikanen Report's recommendations in the field of separating speculative activities of banks be evaluated?How should the process of separating speculative activities from retail activities be carried out?

Asset Quality Review and what next?

M O D E R A T O R :

Adam KołaczykPartner, Financial Institutions Sector, Deloitte

Mirosław BodaVice-President of the Management Board, ING Bank Âlàski S.A.Andrzej BurligaMember of the Management Board, Bank Zachodni WBKBartosz DrabikowskiVice-President of the Management Board, PKO Bank Polski S.A.Piotr KoniecznyMember of the Management Board, Raiffeisen Bank Polska S.A.Andrzej ReichDirector of the Department of Banking Regulations, Payment Institutions and Credit Unions, Polish Financial Supervision Authority Bernhard SpeyerSenior Advisor, Senator's Office, Berlin Senate for FinanceDariusz SzkaradekPartner, Financial Institutions Sector, Deloitte

K E Y I S S U E S :

What has caused the need to carry out an asset quality review (AQR) in banks?

How does the AQR translate to the Polish banking sector?

What are the positive and negative aspects of the AQR?

Are the banks afraid of the AQR results? If so, where do such concerns come from?

Is there a real risk/threat that the AQR results may be signifi-cantly different from the results reported in the financial statements for 2013?

Does the AQR conservative methodology take into account the specific nature of individual local markets?Is it possible to carry out the AQR in a uniform manner for all banks and countries?

Will a new reporting standard be created on the basis of the AQR?

How will the banking landscape look like after the AQR?

D E B A T E D E S C R I P T I O N :

In recent times we have seen an increasing discussion on the European integration in all of its dimensions, starting with the purely political dimension to social, economic or military dimensions. Dimension of integration of the financial sector in the form of a Banking Union is one of the most important considerations. The establishment of the Banking Union is designed to contribute to minimisation of social concerns about the health of the banking sector and the long-term quality of assets. This concept is built on three pillars. One of them is the Single Supervisory Mechanism, SSM. The single supervisory mechanism is to be exercised by the European Central Bank (ECB) in the direct form over relevant credit institutions and in the indirect form, in close coopera-tion with the competent national authorities, over all other credit institutions. Before taking over direct supervision over relevant credit institutions, the ECB, in cooperation with the

local regulatory bodies, performs a review of the "open-ing balance", which consists of the Asset Quality Review (AQR) and a stress-test. The AQR and stress-testing will be applied to 128 largest banks in 18 European countries, which account for 85% of the assets of the banking sector. In Poland, a few banks which are owned by banks from the Eurozone will be assessed in the framework of the Pan-European process. At the same time, the Polish Financial Supervision Authority has decided to use the same meth-odological assumptions to analyse the quality of assets in selected 15 banks, including nine banks in the EU banking groups surveyed by the ECB, and six local banks. For banks surveyed by the ECB, works are carried out in cooperation with the PFSA, in the other banks, works are carried out by the PFSA only. Thus, the Polish banking sector will be subject to the same assessment as the Eurozone banks. The year 2014 will mark the definition of the opening balance for the banking sector, by applying a uniform standard for assessing the quality of assets, both in banks in Europe and in Poland. It was decided to subject the Euroland financial sector to uniform evaluation, in order to begin the process of enforcing assumptions of the Banking Union based on full, unified knowledge. At the European level, introduction of a single supervisory mechanism and the preceding ex-amination of the quality of assets as well as stressed tests turned out to be necessary, as confidence in the financial sector is still small. The tests are designed to dispel the last doubts as to the condition of the banking sector. There is a deep belief in the Polish banking environment that the situation of the domestic sector is stable and secure. How-ever, the question remains: AQR and what's next?

Recommendations for increasing the safety of the Polish banking system through development of covered bonds market – where are we?

Conference25 June 2014, 09.30 – 11.00Columbus AB

P A R T I C I P A N T S :

Zbigniew JagiełłoPresident of the Management Board, PKO Bank Polski S.A. – conference host Rafał KozłowskiAdvisor to the President of the Management Board of PKO Bank Polski, Project Manager of PKO Bank HipotecznyTomasz MozerPresident of the Management Board, Pekao Bank Hipoteczny S.A. Grzegorz PiwowarVice-President of the Management Board, Bank Pekao S.A.

K E Y I S S U E S :

The October Retail Banking Congress presented the Ministry of Finance and the Ministry of Justice with recommenda-tions for increasing the security of the Polish banking system through development of the covered bonds market. These recommendations are the answer to the most important system-wide risk of the Polish banking sector, which results from the structural liquidity gap (long-term loans are financed with short-term deposits). Following their

implementation, the Polish covered bonds will develop, mainly to refinance home loans. The Ministries and the Polish Financial Supervision Authority carry out intense work on the implementation of recommendations of the Retail Banking Congress. Representatives of the banks will present the current status of the works, deadlines and expected deliverables.

Conference agenda:1. Context:

the risk of liquidity dates mismatch;European regulations and requirements;the safety of banks and customers;release of liquidity to finance development of the economy (SMEs, business loans) by acquiring financing from institutional investors from Poland and abroad;

2. Recommendations of the Retail Banking Congress 3. Where are we with implementation of changes into acts of law (law on covered bonds and mortgage banks, investment limits for the open pension funds and insur-ance companies, tax laws)? When will such changes be introduced?4. What changes in the PFSA recommendations concerning covered bonds?5. What are the expected results of changes? An attempt at quantification.

the scale of issue;release of liquidity to be allocated by banks to other forms of lending (e.g. SMEs, business, etc.).

6. Q&A

F I N A N C I N G O F I N F R A S T R U C T U R A L

P R O J E C T S

M O D E R A T O R :

Dariusz FilarProfessor, University of Gdaƒsk

I N V I T E D E X P E R T S :

Mirosław GronickiMinister of Finance of Poland in the years 2004-2005Jerzy HausnerProfessor, Cracow University of EconomicsJanusz LewandowskiEuropean Commissioner for Financial Programming and BudgetMarek RozkrutChief Economist, EY

K E Y I S S U E S :

The role of the state in the economy: Is influence of the state on the Polish economy excessive or perhaps just slight? Is it possible to precisely determine what are the objectives of the state in the economy? What is the efficiency/effectiveness of the Polish State institutions in achievement of such objectives?

Interventionism: What is the scope/scale of interventionism in the Polish economy? What tools are available to state institutions? Is it necessary?

THEMATIC BLOCKFINANCING OF INFRASTRUCTURAL PROJECTS

Macroeconomics of the infrastructure

Debate24 June 2014, 09.30 – 10.30Columbus CD

The role of the state in developing and maintaining the technical infrastructure: the impact of actions of the state on the business cycle, economic stability and macroeco-nomic imbalances.

Infrastructure and coordination of policies at the national and EU level.

The administrative technical infrastructure is one of the major barriers to economic growth in Poland. Although the telecommunications infrastructure is relatively well-developed and does not deviate too much from the level achieved in the countries of the European Union, the situation is much worse in inland transport and power net-works. In particular, Poland does not have a well-developed network of roads and railways.

The current state of the technical infrastructure requires significant outlays necessary for the expansion, moderni-zation and maintenance of the infrastructure. Currently, the Government does not have effective instruments of economic policy to ensure development of the infra-structure. Management of this sphere is scattered among multiple ministries and institutions while plans are adopted on a wishful thinking basis. In particular, such plans do not specify the sources of financing the investments planned.

From 2008 to 2014 the economic policy positively and negatively affected the business cycle. At first (2008-2009) both current and capital expenditures were increased (in-vestment expenditures) to prevent recession. This increased the public finance sector deficit from 1.9 in 2007 to 7.4% of GDP in 2009. At the same time, the share of public in-vestments in the GDP increased. This share increased until mid-2012 (Euro 2012) followed by a sharp reduction in the following quarters. In the first case, it was a classic positive

Keynes impulse (manifestation of state intervention in the economy). In turn, from the second half of 2012, it turned into a negative demand impulse, leading to the decline in domestic demand and curbing the economic growth. As far as the initial impulse was understandable, the vio-lent cut in investment expenditure had to have a negative impact on the Polish economy, resulting in a disturbance (reduction) of the business cycle.

With the new EU financial prospect, this is likely to repeat. After the experience of the years 2008-14 it is necessary to think over the method of managing the investment process in the infrastructure so as to not cause excessive fluctua-tions in investment expenditure and not to interfere with the business cycle. Otherwise, we will suffer unnecessary economic costs (excessive slowdown in economic growth) and social costs (possible growth in unemployment).

Legal relations between the State and entrepreneurs – forecast for infrastructural investments in Poland

M O D E R A T O R :

Tomasz Siemiàtkowski Professor, Warsaw School of Economics Member of the Companies Law Unit, Civil Law Codification Commission Głuchowski Siemiàtkowski Zwara Law Firm

Zbigniew åwiàkalskiProfessor, Faculty of Law and Administration, Jagiellonian University in Crocow T. Studnicki, K. Płeszka, Z. åwiàkalski, J. Górski Law FirmWojciech J. KatnerProfessor, University of LodzJugde of the Civil Chamber, Supreme Court of Poland Andrzej KidybaProfessor, Faculty of Law and Administration, Maria Curie Skłodowska University in LublinZygmunt NiewiadomskiProfessor, Warsaw School of Economics Chairman of the Construction Law Codification Commission, Supreme Administrative Court

K E Y I S S U E S :

As a result of performance of contracts between the public party and a private party, there have been a number of tensions and claims resulting in arbitration and judicial proceedings in Poland over the recent years. Currently we are looking towards investments related to construction of the energy infrastructure, gas infrastructure, etc. The contracting authority is yet again the State and the contractors are the same largest construction companies (private companies involved in litigation with the State Treasury, where the value in dispute exceeds 10 billion zlotys).

The private party thus distances from entering into further contracts, fearing that the story may happen again. On the other hand, if such companies do not conclude the con-tracts, the state will not implement the next considerable infrastructural investments.

Experts invited to the debate will discuss the history of legal relations between the State and the infrastructural companies, as well as the solutions that would prevent similar events from happening in the future when imple-menting planned contracts (in particular as regards private and legal issues, legislative, bureaucratic, axiological, at-titudinal and any others issues that seem to be relevant).

Dilemmas of the European energy policy

M O D E R A T O R :

Marek GarbiczProfessor, Warsaw School of Economics

Mirosław BieliƒskiPresident of the Management Board, ENERGA SA Katarzyna JasiƒskaColleague of the Warsaw School of EconomicsMariola JuszczukPhD student, Warsaw School of Economics in WarsawZbigniew KasztelewiczProfessor, AGH University of Science and Technology in KrakówStephan LehrkeSenior Partner & Managing Director, The Boston Consulting Group Partner in Warsaw and Berlin Wojciech PaprockiProfessor, Warsaw School of Economics Jan PopczykProfessor, Silesian University of Technology

J U S T I F I C A T I O N :

EU energy policy has been dominated by environmental concerns (the other elements of the triple objective, such as competitiveness and security have been ignored to date). Today we are in a trap, because this policy has completely broken into pieces. Strong EU support mechanisms for the renewable energy sources in the form of high subsidies and privileged access created excessive supply of (unavail-able!) renewable energy. This has created real problems for regulatory capacity of power systems as well as for the competitiveness of the European industry.The technological revolution in shale gas, Fukushima and Ukraine have posed new challenges related to building of energy strategy for the EU and Poland. An EU policy will be implemented on such quicksand. For political, economic and prestigious reasons, the EU cannot simply withdraw from its existing strategy. Poland has therefore every reason to believe that the anti-coal course will continue. The crash of the existing EU strategy poses certain op-portunities of developing a more realistic national and EU policy. We need, however, a substantive and not ideological discussion on this topic.

K E Y I S S U E S :

Energy policy of the EU – carry on or change? The future European energy scenarios are unclear.The pace of the EU's switching to renewable energy may slow down or the "escape forward" scenario will be implemented, as a result of aggravating the situation around Ukraine. Threats to Poland? Dilemmas related to the European energy policy are linked to the TEN project, which comprises three sectors: transport, energy and ICT. Modern solutions (until 2050) should take into account integration of actions in these three sectors.

Policy of standing on many legs. Under conditions of high uncertainty in energy markets: maintaining the im-portant role of hard coal and lignite in the national energy balance, expansion of the potential of renewable energy sources when they ensure economic efficiency, continua-tion of the efforts to find new sources of natural gas (shale gas), priority of energy saving and demand management which results in reduced consumption, especially at peak times.

Distributed energy. Prosumer energy built on renewable energy sources. Real solutions on a mass scale based on cheap technologies of energy storage. Consequences of the lack of availability and unreliability of key renewable energy sources (wind and solar) for the operation of the power engineering system. Desired or excessive level of subsidising renewable energy sources?

Expansion of the transnational connections infra-structure.Benefits and risks. Risks as the possibility of vigorous push-ing and shoving of certain players. Mechanism of a strong fare dodger abusing someone else's infrastructure. Not necessarily the same advantages without mutual agree-ment and arrangements.

M O D E R A T O R :

Andrzej KopyrskiVice-President of the Management Board, Bank Pekao S.A.

Eriks AtvarsManaging Director, Deputy Global Head Infrastructure and Power Project Finance, Corporate & Investment Banking, UniCredit Bank AG Krystyna BrzozowskaProfessor, University of SzczecinRemigiusz ChlewickiPartner, Financial Advisory Department, EYJerzy GajewskiPresident of the Management Board, NDI SAEric GällstadBaltic Sea Department, Poland – Public Sector and Infrastructure, EIBMarco RossoDirector of business development, Meridian InfrastructureLucyna StaƒczakCountry Director, Poland, EBRD

The role of private capital in financing infrastructure

K E Y I S S U E S :

What are the main obstacles to investing in the Polish infrastructural sector? - viewpoint of a private investor

How important is the National Strategy for the Development of Infrastructure?

Whether and what kind of structural solutions do lenders and private investors require (from the Government and regulators)?

What is conducive to private investment in infrastructure in Poland and all over the world? How could Poland attract more international capital (own and borrowed)?

What should be the role of local development banks in expansion of the national infrastructure?

What sectors are currently being preferred by investors in Poland and why?

S P E C I A L G U E S T :

El˝bieta BieƒkowskaDeputy Prime Minister of Poland, Minister of Infrastructure and Development

M O D E R A T O R :

Krzysztof RozenPartner, KPMG

Magdalena BartoÊ Managing Director for economic and financial affairs, PGE Polska Grupa Energetyczna SAJean BensaïdChief Executive Officer, CDC Infrastructure Mariusz GrendowiczPresident of the Management Board, Polish Investments for Development S.A.Dariusz KacprzykPresident of the Management Board, Bank Gospodarstwa KrajowegoAndrzej KopyrskiVice-President of the Management Board, Bank Pekao S.A.

Model of financing key infrastructural projects

Remigiusz PaszkiewiczPresident of the Management Board, PKP PLKArthur RakowskiSenior Managing Director, Macquarie Infrastructure

K E Y I S S U E S :

The debate will be devoted to the possibility of financing infrastructural projects. The need for infrastructure development in Poland makes it necessary to pay particular attention to ensuring appropriate financing. Infrastructural projects require long-term commitment of significant funds, which is why during the debate the partici-pants will discuss opportunities and limitations connected with the possibility of securing such funds from the private sector - banks, sponsors, private partners involved in projects implemented in the Private-Public Partnership formula, as well as from state institutions, in particular state de-velopment banks. What seems to be an important challenge is the package of CRD IV/CRR regula-tions, whose aim is to strengthen the stability of the European banking sector. What is still challenging, however, is the issue of ensuring long-term financing in conditions in which new prudential regulations have been imposed. In view of the foregoing, the debate will also draw atten-tion to the domestic environment of Bank Gospo-darstwa Krajowego, which is not subject to the EU prudential and supervisory regulations.The debate will also include the issue of coopera-tion between various types of entities involved in infrastructural projects, in particular in connection with the PPP mechanism, which is insufficiently used in Poland in the context of the European experience.

Investment attractiveness of shale gas exploration and extraction in Poland

Maciej H. GrabowskiMinister of the Environment of Poland

M O D E R A T O R :

Agnieszka ŁakomaPolish Press Agency

Mikołaj BudzanowskiMember of the Management Board, Boryszew SAMariusz GrendowiczPresident of the Management Board, Polish Investments for Development Mateusz PociaskPartner, Tax Advisory, EY Wiesław PrugarPresident of the Management Board, Orlen Upstream Zbigniew SkrzypkiewiczVice-President, Exploration and Production, PGNiG

Given significant domestic resources, shale gas is an op-portunity for increasing independence of Poland from imported gas and thus improving the energy security. Production of national raw materials, including shale gas, is also one of the postulates formulated by the Prime Min-ister of Poland, Donald Tusk, as part of the energy union project, which is currently being analysed by the European Commission. The EFC Panel will provide an opportunity to discuss the potential to produce the shale gas on an industrial scale in Poland and assess attractiveness of this type of an investment.

K E Y I S S U E S :

Shale gas as one of the elements of the energy union project in the Community: will Poland have to con-vince its partners?

The progress of exploration works in Poland: what are the main barriers to such works? (what makes such works difficult?) Why Poland is an attractive place for exploration for some companies and others it is not? What is the reason: technological, legal or financial barriers?

Prospects and conditions for future works, plans of companies: does success depend on the capital employed?

Costs and capital expenditure: what are the basic sources of financing exploration projects? (difficulties and barriers to obtaining capital)

"Polish shale" in the opinion of the banking sector: What conditions must the investors meet? What borrowing if any is available to them?

Exploration and production industry from the view-point of investment banks: how do the investment bank assess attractiveness of such projects? What is the impact of proposed tax solutions on the assess-ment performed by the banks?

The experience of companies involved in capital rais-ing: what are their expectations towards the banks? What is the price of risk related to exploration works?

The role of the state in supporting exploration and production: could the regulatory risk be avoided? What should be the effective tax system for the sector?

Whether and how could the State financially support research aimed at development of the exploration and production technologies?

M O D E R A T O R :

Andrzej SikoraPresident of the Energy Studies Institute

Mirosław DudaAdvisor to the Management Board of the Energy Market AgencyMarek KamiƒskiPartner, EYWojciech Kowalski Member of the Management Board, Gas Transmission Operator Gaz-System S.A.Ireneusz ŁazorPresident of the Management Board, Polish Power ExchangeStanisław NagyProfessor, AGH University of Science and Technology in Kraków

K E Y I S S U E S :

Sources of acquiring gas, in particular development of the national resources of natural gas (and oil)Security of gas supplies during creation of a single European energy market

Security of the Polish natural gas market

Liberalisation of the gas market in terms of "take or pay" long-term contracts Prices of gas and keeping the tariffsSources of financing investment programmes of the natural gas market, including from the EU fundsPreferred (possible) energy mix until 2030 and 2050

D E V E L O P M E N T S T R AT E G Y O F T H E C A P I TA L M A R K E T

THEMATIC BLOCKDEVELOPMENT STRATEGY OF THE CAPITAL MARKET

How to increase the attractiveness of the public market for issuers?

Debate24 June 2014, 15.30 – 17.00Columbus AB

S P E E C H :

Valerie Bannert-ThurnerVice-President, NASDAQ OMX

M O D E R A T O R S :

Adam MaciejewskiPresident of the Management Board, Warsaw Stock ExchangeMirosław KachniewskiPresident of the Management Board, Polish Association of Listed Issuers

Daniel BonieckiManaging Director, McKinsey & Company Zbigniew JakubasCEO, Multico Capital GroupJakub PapierskiVice-President of the Management Board, PKO Bank Polski Wojciech SobierajPresident of the Management Board, Alior Bank S.A.Artur TomalaExecutive Director, Goldman Sachs

K E Y I S S U E S :

The role of the capital markets in financing the economic development (vs. bank financing)

Why are some businesses not willing to use the tools offered by the public capital market?

Disadvantages of the public capital market: how could these be eliminated if at all?

Why are public companies less effective than private ones?

What incentives could be offered to the issuers so that they use the public capital market more willingly (enter and stay on the market)?

How could the capital market be used to finance start-ups?

S P E E C H :

Eric BertrandPrincipal Consultant, Exchange Business Solutions, Euronext

M O D E R A T O R :

Ryszard PetruPresident of the Association of Polish Economists

Beata JaroszVice-President of the Management Board, Warsaw Stock Exchange Stefan KawalecPresident of the Management Board, Capital StrategyWojciech KowalczykUndersecretary of State, Ministry of Finance of PolandMichał MarkowskiChief Economist, Ministry of TreasuryPaweł PytelPresident of the Management Board, Aviva PTE

How to increase the level of long-term domestic savings?

Panel debate24 June 2014, 17.30 – 19.00Columbus AB

K E Y I S S U E S :

The importance of long-term national savings for the macroeconomic stability of the country.

The importance of long-term national savings for the development of the capital market.

The need for long-term savings from the banking sector as a result of Basel III regulatory changes.

The importance of long-term national savings for ensuring access to long-term financing of infrastructural and energy projects.

Voluntary pension schemes (third pillar) as a way to miti-gate the decline in the replacement rate and to generate long-term savings which finance development and increase macroeconomic stability of the country.

Experience of other countries in mobilisation of voluntary pension savings.

How to motivate and encourage the Poles to save on a long-term basis?

Ownership strategy for the Warsaw Stock Exchange and its impact upon the safety and credibility of the capital market

Round table debate25 June 2014, 11.30 – 13.00Marco Polo E

M O D E R A T O R :

Bartłomiej MayerEconomic journalist, Dziennik Gazeta Prawna

K E Y I S S U E S :

The aim of the debate is to make an attempt at answering the question of whether and how a long-term and stable development of the capital market could be ensured in Poland.

The original question is about the advisability of such an action – should the capital market be supported. The an-swer seems to be obvious – yes, the capital market should be supported, because its function in promoting the econo-my, in particular young, innovative and prospective entities is crucial. The banking market has limited opportunities of financing development of this part of the economy. The second question is how to support the capital market in the long term.

It seems that the sustainable development of the capital market in Poland requires system-wide changes, including institutional changes. Part of them is the ownership policy of the State Treasury to the Warsaw Stock Exchange. This will be the main subject of the debate.

V A L U E - B A S E D M A N A G E M E N T

O F E N T E R P R I S E S

S P E E C H :

Paweł WojciechowskiAmbassador, Permanent Representative of the Republic of Poland to the OECD

I N V I T E D C O M M E N T A T O R S :

Beata BinekPresident of the Polish Institute of Directors Małgorzata DecDirector of the Department of Analyses, Ministry of Treasury of PolandAndrzej DychaUndersecretary of State, Ministry of Economy of Poland Beata JaroszVice-President of the Management Board, Warsaw Stock ExchangeAdam PurwinPresident of the Management Board, PKP Cargo

D I S C U S S I O N P O I N T S :

The impact of corporate governance on the quality of the investment process in the enterprise Corporate governance and the financial crisis The concept of investor’s activism Shaping and quality of salaries "Soft" and "hard" regulations The universalism of the OECD corporate governance principles

THEMATIC BLOCKVALUE-BASED MANAGEMENT OF ENTERPRISES

Use of corporate governance in creating value of enterprisesDebate 24 June 2014, godz. 09.30 - 10.30Rotunda

M O D E R A T O R :

Daniel BonieckiManaging Director, McKinsey & Company

Paweł JarczewskiPresident of the Management Board, Azoty S.A. GroupSławomir J´drzejczykVice-President of the Management Board, Chief Financial Officer, PKN ORLEN S.A.Włodzimierz KarpiƒskiMinister of Treasury of PolandMichał KrupiƒskiManaging Director, Bank of America Merrill Lynch in PolandHerbert WirthPresident of the Management Board, KGHM Polska Miedê S.A.Paweł WojciechowskiAmbassador, Permanent Representative of the Republic of Poland to the OECD

Foreign expansion of Polish resource companies - an opportunity for Polish economy and science

Panel debate24 June 2014, 11.00 – 12.30Columbus AB

K E Y I S S U E S :

What will be the role of international expansion of Polish companies in the development of the econo-my in the coming years?

Poland is increasingly open to international competi-tion. Polish companies must compete with the biggest companies in the world. To face this competition, we need our own, global players.

National champions, large economic entities, signifi-cantly stimulate economic growth through access to cheaper capital, the dominant role in the international trade and research and development activities. This is particularly important in the case of capital intensive and highly globalised markets of commodities.

There are 60-100 companies in Poland which carry on global activities. A group of Polish champions could quickly increase. International expansion of the largest players could cause a snowball effect. The success of some companies may be forged into success of other companies. If the most effective players gain effective international presence, they will pull smaller companies, such as their vendors.

What should be the role of state institutions in sup-porting international expansion?

The strategy of economic development of the country and intelligent activity of the states in the regulatory field is strictly essential in construction of solid foun-dations for the development of an innovative and internationally-oriented economy.

Obviously, attention must be paid to the limits of such an aid and dependency. Interests of the company should not stand above national interests and not be in conflict with the interests of the European Union and the European Common Market.

What is the recipe for a successful international expansion?

There is no magic formula for a successful acquisi-tion. Each transaction must have its strategic logic. Experience shows that buyers in the most successful transactions have clearly defined objectives, based on which they carry out the transaction.

Infrastructure and the growth of economy based on innovation

I N T R O D U C T I O N A N D D E B A T E S U M M A R Y :

Marek RosiƒskiManaging Partner, Baker & McKenzie

M O D E R A T O R :

Marcin PiaseckiEditor-in-chief, Sukces

Michał BaƒkaDirector of the Department of Business Environment Institutions Development, Polish Agency for Enterprise DevelopmentKrystian BestryAVP & Head of BPO Services EMEA, Infosys BPO Ltd, Vice-President of the Board of ABSLZbigniew JagiełłoPresident of the Management Board, PKO Bank PolskiAdam MaciejewskiPresident of the Management Board, Warsaw Stock ExchangeJarosław RomanowskiFirst Vice-President of the Management Board, KGHM Polska Miedê SA

at achieving the common goal, which is how to move from a developing economy driven by external capital and based on an inexpensive cost base to a developed economy that creates and exports modern solutions.In 2013, Baker & McKenzie law firm prepared a report for the Ministry of Infrastructure and Development, which analysed the best practices in innovations and recommen-dations for Poland in this scope. Many of these recommen-dations have been applied in the works of the Government. During the debate, key areas of success for innovation-based economies will be presented, along with the changes that we have seen in the recent months. We will also dis-cuss areas where there is still a need for consistent actions.

Adam ÂwirskiVice-President of the Management Board, Bank Gospodarstwa KrajowegoAgata Wacławik-WejmanPolicy Counsel Google Poland

K E Y I S S U E S :

How should the largest enterprises engage in develop-ment of an innovation-based economy?How to ensure proper intellectual infrastructure (courts, administration) for the country which is to build its competitiveness on the creation and imple-mentation of innovations?Is it possible to implement tax solutions that will encourage companies to invest in innovations?How should the ecosystem for trading innovative ideas look like and what role could the WSE adopt in such a scenario?How is the strategy based on innovations being imple-mented by the largest international enterprises?What should be the role of public institutions (Polish Agency for Enterprise Development, BGK, National Centre for Research and Development) in development of an innovation-based economy?How could the potential of international corporations be used in the transformation of business processes of Polish enterprises?

Besides energy and financial security, the issue of the innovation-based economy is crucial for the competi-tiveness of Poland in the years to come. After a period of absorption of funds from 2004 to 2013, the time has come to summarise the use of such funds and to plan the optimal use of funds for the years 2014-2020. This will probably be the last such a big financial injection for Poland. Despite polarisation, the public debate is aiming

Long-term incentives in motivating top management of enterprises

Debate24 June 2014, 13.00 – 14.30Rotunda

S P E E C H :

Frank PlaschkePartner and Managing Director of the Boston Consulting Group in Munich, Leader of the Corporate Development Global Practice

I N V I T E D C O M M E N T A T O R S :

Małgorzata DecDirector of the Department of Analyses, Ministry of Treasury of PolandAndrzej HermanProfessor, Warsaw School of EconomicsSebastian MikoszPresident of the Management Board, PLL LOT

M O D E R A T O R :

Cezary SzymanekEditor-in-chief, Bloomberg Businessweek Polska

Bartosz CiołkowskiGeneral Manager, Polish branch of MasterCard EuropeJerzy JóêkowiakPresident of the Management Board, Poczta Polska S.A. Marcin KarnowskiHead of Marketing Central and Eastern Europe at GoogleMarcin KotlarekPartner and Managing Director, The Boston Consulting Group Szymon MideraVice-President of the Management Board, Bank Pocztowy S.A. Przemysław SchmidtMember of the Supervisory Board, Merlin.pl SA

K E Y I S S U E S :

Online and offline lived in a perfect harmony. How has the development of e-business affected and will affect the rules of the game on the trade, logistics and financial markets?

When will e-commerce displace traditional business?

Building a competitive edge in the world in one click.

How to satisfy the ever-changing customer needs in a faster and cheaper way?

Are large traditional companies able to change their busi-ness model to succeed in e-commerce and not drown?

How big a piece of the cake called e-commerce will fall into the hands of banks and financial institutions yearning success?

The potential of the e-commerce market and related busi-ness models is best demonstrated by numbers: 14 million people buying over the Internet, PLN 26 billion spent on the purchase of goods and services in the 2013, 15,000 shipments delivered per hour, 130 million shipments per year, more than 25% annual growth of trade based on this business model. Based on estimates, the value of the Internet economy in 2015 will be higher than the value of the market of financial services. These figures are quoted for Poland only, which only aspires to the role of a major player in the world map of e-commerce. How powerful is the scale of this business throughout Europe and in the world? Will e-commerce companies soon form the backbone of the economy, as once the industry or services did?From the chains of shops to large telecom operators to the local library: today all these projects base, more or less, on the customer relations experience developed by e-business. They do change, by offering 24 hours a day availability instead of the already inadequate shipment in 24 h, competing in proposing improved mobile payments, payment gateways and other solutions related to online purchasing.

If today we can say "the e-customer is always right", how will this change the traditional business?The e-commerce based model has permeated and changed business models followed to date – this is evident when we look at the changing shops or banks. However, success is not for everyone as e-commerce has many faces. Is it enough to launch an online shop to save the traditional business? How great a challenge is moving from offline to online business? What directions will the banks and other financial institutions choose? How they can adapt their business models to take advantage of the growing market? What will happen to those players who will let it go and fail to find their place in the world of e-commerce?

M O D E R A T O R :

Dominika Malicka-SikoraDeputy Editor-in-chief, Dziennik Gazeta Prawna

Andrzej MalinowskiPresident, Employers of PolandTomasz MichalikMDDP tax advisorJacek SantorskiBusiness psychologistMichał SkowronekGeneral Manager, Poland and Balkan Countries, MasterCard Europepriest Jacek StryczekPresident of the Management Board, WIOSNA Association

K E Y I S S U E S :

Grey economy is expanding and costs the budget billions of lost zlotys. Estimates are about 30-50 billion zlotys per year. Poland has a budget deficit and reduction of the grey economy would be the simplest solution. Expenditures

Is the grey economy "in our blood" or will the business pay taxes if they are lowered?

(on education, health, etc.) are limited. If the common budget is increased, we could afford more.

Citizens living in the grey economy live at our cost as they use the public infrastructure, including schools and roads, without paying the taxes.

Issues for discussion: Will enterprises pay taxes if we cut them down?Balance of profits or cultural conditions: what determines our attitude toward fiscal burden;Is fiscal optimization moral?Down to earth: lower taxes, how low exactly?Is it possible to work out the consensus between entrepreneurs and the Government?Labour market gone wrong: will the employees return to their jobs with lower costs of employment?

M O D E R A T O R :

Piotr Ch´ciƒskiJournalist, Telewizja Polska S.A.

Katarzyna KacperczykUndersecretary of State, Ministry of Foreign Affairs of Poland

Representatives of the diplomatic missions and consular offices in Poland Representatives of the Ministry of Economy Representatives of the Ministry of Agriculture Representatives of the Ministry of the Environment Business representatives

K E Y I S S U E S :

In order to maintain a high growth rate, Polish economy needs a series of stimuli. These should include actions to facilitate the geographical expansion of Polish enterprises.The aim of the debate is to find an answer to the follow-ing question: How to effectively coordinate diplomacy and business so that the latter could be facilitated international expansion? During the debate, speakers will discuss current

The role of economic diplomacy in development of business cooperation

Round table debate25 June 2014, 09.30 – 11.00Marco Polo E

practices (national and international) and experience of the recent years. The key will be to find an idea to combine the expectations of business with assistance from the diplomacy.

Issues for discussion:What are the good practices in promoting business cooperation by diplomacy?What are the experiences and expectations of business circles?How does the diplomacy support international expansion of companies?Who should support business cooperation of enterprises from different countries?How to effectively coordinate diplomacy and business?

EXPLORING BUSINESS IN AFRICA – presentations of the business potential and investment possibilities of Ethiopia, Ghana, Mozambique and Senegal, among others.25 June 2014, 15.30 -16.30Columbus AB

G U E S T S :

Anabela ChambucaChief Executive Officer, Mozambique Stock ExchangeMamadou DiopSecretary General of the Ministry of Industry and Mines, SenegalHaruna IddrisuHon. Minister of Trade and Industry, GhanaAhmed SufianMinister of Finance and Economic Development, Ethiopia

I N T R O D U C T I O N :

Piotr PopowskiDirector, Financial Markets Group, EY

M O D E R A T O R :

Iwona KozeraPartner, Leader of the CSE Financial Markets Group, EY

Katarzyna KacperczykUndersecretary of State for Non-European policy, public and economic diplomacy, Ministry of Foreign Affairs Andrzej KopyrskiVice-President of the Management Board, Bank Pekao S.A.Piotr LaseckiVice-President of the Management Board, Bank Gospodarstwa KrajowegoJakub PapierskiVice-President of the Management Board, PKO Bank PolskiAdam PurwinPresident of the Management Board, PKP CargoMarek WierzbowskiDeputy Chairman of the Supervisory Board, Warsaw Stock Exchange

Supporting business cooperation by financial institutions

K E Y I S S U E S :

From the point of view of economic development one of the key issues is to support the development of en-terprises through the banking sector, and in the context of Polish exporters – to support them in developing and strengthening their position on foreign markets. The trend in Polish export is positive: since the mid 90's its value (in USD) increased 8-fold, the volume increased 4-fold and the share of exports in the GDP has doubled. However, the increasing competition and the economic downturn in recent years have caused that carrying out effective export activities is becoming increasingly challenging for com-panies, and the still existing uncertainty about the future economic situation reduces the tendency of companies to finance their development through loans. At the same time, despite the healthy foundations of the banking sector in Poland, the financial crisis in other EU countries translated into a reduction in lending also for businesses in Poland, which is at the lowest level (relative to GDP) in the EU, anyway. In the context of a gradual upturn in overseas markets, including in particular the EU, we should engage in discussion, whether and what additional support mecha-nisms, including the financial sector, would be possible to fully seize the opportunity to significantly strengthen the position of Polish enterprises on the international markets.

Issues for discussion We suggest the following issue be discussed during the panel:

Is there a need for further development of government programs in support of export-oriented activity of Polish enterprises?Is the promotion and communication activity for the support of Polish business in foreign markets suffi-cient? What initiatives could be additionally taken and who should be involved in them?

How do we perceive the activity of Polish enterprises in the field of operational flexibility and the ability to find market niches? What tools and solutions could allow exporters to strengthen their position on inter-national markets? How can we assess the degree of utilization of the available financial instruments to support businesses activity? What is the availability of loan financing and trade finance products offered by domestic banks in the context of the competitiveness of small- and medium-sized businesses and their expansion into international markets? How are customers supported in foreign markets by Polish banks (e.g. formation of companies operating abroad), is it sufficient?

Immigration policy and development of the modern business services sector

I N T R O D U C T I O N :

Krystian BestryAVP & Head of BPO Services EMEA, Infosys BPO Ltd, Vice-President of the Board of ABSL

M O D E R A T O R :

Paweł PanczyjManaging Director, ABSL

Piotr BadowskiManaging Partner, Neo InvestmentsKrystian BestryAVP & Head of BPO Services EMEA, Infosys BPO Ltd, Vice-President of the Board of ABSLAndrzej BojanowskiVice-President of the City of Gdaƒsk Tomasz CytrynowiczDirector of the Department for Legalization of Stay, Office for ForeignersJarosław DrozdConsul General of the Republic of Poland in Lviv, UkraineRyszard PetruPresident of the Association of Polish EconomistsBeata StelmachCEO of GE in Poland and the Baltics

D E S C R I P T I O N :

Over the recent years Polish economy has grown contrary to the global trends. One of the fastest growing divisions of the Polish economy is the sector of modern business services, which for the recent years has been growing a rate of 20% per year, with over 130,000 employees, with more than ten thousand more people employed each year. Poland is able to offer business process outsourcing of increasing complexity. The Polish offer has been pre-pared on the basis of analyses and plans of key actions of corporations for the coming years. To continue the growth in demand for business process outsourcing, some needs of the sector need to be satisfied. The most impor-tant of these needs is a steady supply of human resources, both graduates and people with experience, because today we can see some shortage, in particular among people with proper qualifications. These shortcomings cannot be satis-fied merely by changes in the educational system, although this is one of the ways for the future. The solution may be to change the Polish immigration policy that would allow citizens of other countries, including those from outside the European Union, to obtain visas and work permits easier. Facilitation of the supply of skilled non-EU person-nel could be a way to maintain the competitive position of Poland, and thus support further development of the sector of modern business services.

K E Y I S S U E S :

Who are the employers looking for? Diagnosis of widely understood needs of the sector.Staffing needs of business today and in the coming years and the situation in the labour market.Current efforts to open up the labour market in Poland and future needs in terms of finding graduates and experienced employees.

How to simplify the procedures which must be carried out by foreigners to work in Poland? What are the experiences and good practices of other Member States? How to minimize the risk of treating Poland by foreigners as a "country of transit"? How to facilitate foreigners to conduct business in Poland?

A C C O M PA N Y I N G E V E N T S

A film directed by Ewa Ewart about acquisition of a Cana-dian company, Quadra FNX Mining, preceded by a conver-sation between Ewa Ewart and Herbert Wirth, President of the Management Board of KGHM Polska Miedê SA. Discussion after the screening.

P A R T N E R :

ACCOMPANYING EVENTS

“Miedê czy nie mieç?”(All about copper)

Film screening24 June 2014, 17.30 – 19.00Multikino Sopot

15.15-17.15 CASE STUDY Bank Zachodni WBK, Patron of the EFC AcademyWarsaw Stock ExchangeKGHM Polska MiedêPKN ORLEN S.A.

17.30-19.00 SCREENING OF ”MIEDè CZY NIE MIEå” FILM, DIRECTED BY EWA EWART, (MULTIKINO SOPOT, SCREEN NO. 3)After the screening, a discussion with Mr Herbert Wirth, President of the Management Board of KGHM Polska Miedê and Ms Ewa Ewart

19.50 Catamarans leave to Gdaƒsk from the Sopot Pier

21.30-23.00 AN EVENING IN THE GDA¡SK SHIPYARD

09.30-11.00 Presentation and debate of young entrepreneursModerator: Jacek Uryniuk journalist, Dziennik Gazeta Prawna

11.00-11.30 Break

11.30-13.00 LECTURE BY PAWEŁ WOJCIECHOWSKI, PHD, AMBASSADOR, PERMANENT REPRESENTATIVE OF THE REPUBLIC OF POLAND TO THE OECD

13.00-13.15 Break (Hotel Sheraton)

13.15-14.30 ANNOUNCEMENT OF THE MOST IMPORTANT RECOMMENDATIONS OF THE EUROPEAN FINANCIAL CONGRESS (Hotel Sheraton)

14.30-15.30 Lunch (Hotel Sheraton)

P A T R O N O F T H E E F C A C A D E M Y :

09.30-10.30 Parallel debates of the European Financial Congress (Ho-tel Sheraton)

10.30-11.30 BRUNCH – NETWORKING

11.30-11.40 OPENING, INTRODUCTORY ADDRESS :Mateusz MorawieckiPresident of the Management Board of Bank Zachodni WBK, Patron of the EFC Academy

11.40-11.50 Break – discussion groups move to discussion rooms

11.50-12.50 DISCUSSIONS WITH LEADERS, PART 1:Jan Krzysztof BieleckiChairman of the Programme Board of the EFCAdam MaciejewskiPresident of the Management Board of the Warsaw Stock ExchangeMateusz MorawieckiPresident of the Management Board of Bank Zachodni WBK

13.15-14.15 DISCUSSIONS WITH LEADERS, PART 2:Sławomir J´drzejczykVice-President of the Management Board, Chief Financial Officer, PKN ORLEN S.A.Herbert WirthPresident of the Management Board, KGHM Polska Miedê

13.00-14.30 Parallel debates of the European Financial Congress (Ho-tel Sheraton)

ACCOMPANYING EVENTS

24 June 2014, Grand Hotel

25 June 2014, Grand Hotel

10.45-11.00 OPENING:Dariusz Kacprzyk President of the Management Board, Bank Gospodarstwa KrajowegoJacek KarnowskiPresident of the City of SopotAndrzej KopyrskiVice-President of the Management Board, Bank Pekao S.A.

11.00-14.30 COURAGE IN DECISION MAKING

11.00-12.05 CASE STUDY:CENTRUM HAFFNERA AND DEVELOPMENT OF AREAS OF THE RAILWAY STATION IN SOPOTJacek KarnowskiPresident of the City of SopotRobert KasprzakDirector of Structured Finance Department, Bank Gospodarstwa KrajowegoMPEC OLSZTYNMariusz GrendowiczPresident of the Management Board, Polish Investments for Development S.A.CONSTRUCTION OF THE RAILWAY STATION IN KATOWICE Piotr UszokPresident of the City of Katowice

12.05-12.30 Address on innovative PPP projects (projects of governmental administration – Nowy Sącz and hybrid projects) and the support from local governments for the preparation of projects within the framework of the PPP PlatformRobert Kału˝aDirector of the Department of Public-Private Partner-ship Projects’ Support, Ministry of Infrastructure and Development

12.30-13.00 Break

13.00-13.25 Presentation and discussion of results of inspection into “Implementation of projects based on public-priva-te partnership"Marian CichoszVice-President of the Supreme Chamber of ControlCOMMENTARY:Wojciech Misiàg, PhDAdvisor of the President of the Supreme Chamber of Control, Associate Professor at the University of Infor-mation Technology and Management in RzeszówPaweł OrłowskiUndersecretary of State, Ministry of Infrastructure and Development

13.25-14.30 ROUND TABLE DEBATE:MODERATOR: Mikołaj KunicaCommunications Director, Polskie Inwestycje Rozwojowe S.A.INVITED PARTICIPANTS: Mariusz GrendowiczPresident of the Management Board, Polish Investments for Development S.A.Rafał PetschManaging Director, Department of Financial Institutions and Public Sector, Bank Pekao S.A.Bartosz PiotrusiewiczVice-President of the City of Sopot Participants of the meeting

ACCOMPANYING EVENTS

PPP in the development of cities and regions – experience and prospects

24 June 2014The National Gallery of Art

EUROPEAN FINANCIAL CONGRESS98

O R G A N I S E R S A N D PA R T N E R S

15.30-17.00 A CLASH OF EXPECTATIONS OF THE PARTIES AND ALLOCATION OF RISKS IN THE PROJECT

15.30-16.00 Joint presentation by Bank Pekao SA and Baker&McKenzie on the practical aspects of project finance and the con-tractual relationship in a PPP project, where the proper allocation of risks is the key issueArtur BujakInvestment Project Finance and Leveraged Finance Bureau Director, Bank Pekao S.A.Ireneusz StolarskiPartner responsible for the Baker&McKenzie Financial Group

16.00-17.00 PANEL DEBATE: MODERATOR: Agnieszka Ferek Partner responsible for the PPP Practice at Baker&McKenzieINVITED PARTICIPANTS:Paweł AdamowiczPresident of the City of GdaƒskJoanna Budziƒska-LobnigFirst Investment Director, Polskie Inwestycje Rozwojowe S.A. Artur BujakInvestment Project Finance and Leveraged Finance Bureau Director, Bank Pekao S.A.Sławomir Listkiewicz Director, Bureau of Analyses and Public Sector Financing, Bank Pekao S.A. Mariusz MielczarekAlstom PolandWaldemar OlbrykSenior Vice President Business Development, Skanska Infrastructure Development

P A R T N E R S :

EUROPEAN FINANCIAL CONGRESS EUROPEAN FINANCIAL CONGRESS100 101

C O - O R G A N I S E R S

P A R T N E R S

M A I N P A R T N E R S

I N S T I T U T I O N A L P A R T N E R S

Oficjalny Przewoênik Europejskiego Kongresu Finansowego

EUROPEAN FINANCIAL CONGRESS104

M E D I A P A R T N E R S

M A I N M E D I A P A R T N E R

European Financial Congress Programme · and financial safety, which awakened fears about the...

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