Agenda10:00 - 10:05CEST
Welcome Address10:05 - 10:25CEST
Sovereigns’ strong economic rebound and gradual fiscal consolidation support credit profiles
10:25 - 10:45CEST
- Strong rebound of growth in 2021 and robust outlook for 2022, supported by EU funds
- Improving fiscal and debt trends for most from 2022 onwards
- Gradual monetary policy normalization poses limited risks
- Long-standing structural challenges, mainly from demographics, remain
CEE banks’ pandemic resiliency, despite the low-rate environment and legal risks facing Polish banks
10:45 - 11:05CEST
- CEE banks will maintain strong balance sheets with limited pressure on asset quality
- Profitability will remain hindered by the low-rate environment
- Polish banks face significant legal risks
- Regulatory requirements to increase market funding by issuing bail-in-able debt
Carbon transition risk in the energy and refining sectors
11:05 - 11:25CEST
- In Europe, CEE utilities are most exposed to carbon transition risk today due to high saturation of coal and lignite
- Supportive policy stance mitigates carbon exposure risk for power producers
- Fuel demand is expected to flatten out slower than in Western Europe
- Strong investments in petrochemicals will support growth
- Major renewable investments of PKN Orlen will help partially mitigate carbon transition risk
Enhancements in legal frameworks following implementation of the EU covered bond directive
11:25 - 11:55CEST
- Covered bonds have strong growth potential, though issuance is expected to remain weak in the short-term
- Positive rating actions despite pandemic
- The transposition of EU covered bond directive into national law is expected to have a positive impact
Panel: Key ESG issues in Poland and the CEE region
11:55 - 12:00CEST
- How does Poland’s sovereign ESG profile compare to the region?
- How do the ESG initiatives between CEE banks and central banks differ?
- What do the EU’s targets for greener buildings mean for covered bond collateral?
- Energy transition in Poland – more state, less carbon?
- What role is PKN Orlen playing in the Polish energy agenda for renewables?
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