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Poland - Enterprise and Financial Sector Adjustment Loan Project (Inglês)

The project rating is highly satisfactory, because, despite its shortcomings, the project achieved its main objectives, and laid the foundation for a robust financial sector. Sustainability is likely, in light of the positive privatization process of commercial banks, the improved management, and governance of the banking, and enterprise sectors, and, Poland's progress towards joining the European Union, proves that the reforms achieved under the project, will be sustained. The lessons reinforce once again, the value of participatory processes. The initial concept of the project - conducted in coordination between the Bank, and the Government - was entirely different to the eventual design: linking bank recapitalization to enterprise restructuring, proposed by innovative Polish Government officials, became the core concept in what proved to be a successful operation. The comprehensive approach in addressing the insolvency problems of state-owned commercial banks' loans, was instrumental in improving credit assessment, and risk control systems. This ensured the success of bank recapitalization, in addition to the careful sequencing of events, which required that bank recapitalization be started following prerequisites for bank practices. Legal documents should contain precise conditionalities, to avoid mandate failures of loan covenants, particularly on privatization issues.

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