Iwona Duda, president of PKO BP: Demand for cash has indeed increased significantly following the Russian invasion of Ukraine. Customers of Polish banks more often withdraw cash at ATMs and in bank branches, the demand for foreign currencies has also increased. Of course, it is behind the growing concern about the situation beyond our eastern border. In our opinion, emotions and concerns about whether cash will be available on an ongoing basis have entered the game and thus queues in front of ATMs have arisen. However, there is nothing to be afraid of – there will be plenty of cash.
We are well prepared for this situation. We practiced a similar one less than two years ago, when the COVID-19 pandemic was announced and the first restrictions in the functioning of the economy were introduced. At that time, the situation was also new, surprising and stressful for everyone, and just like today, our clients started to withdraw banknotes at first. Two years ago we dealt with it and today the situation is also under control.
PKO BP has adequate cash resources and in most branches and ATMs it is available on an ongoing basis. In some locations, where the demand for cash is particularly high, it may actually be difficult to withdraw cash temporarily. The sole reasons for this are logistical issues – we need time to bring the right amount of cash to the branches and replenish its resources in ATMs. This is a process that is difficult to speed up due to quite restrictive procedures.
We deliver cash wherever there is a need, and local difficulties with withdrawals are temporary. We encourage all customers who can choose an alternative to cash payment method to use non-cash solutions – transfers, card payments and BLIK transfers.
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In the context of the war in Ukraine, may it be necessary to introduce any limits on withdrawals from ATMs or bank branches?
The Polish banking sector is well secured and has an adequate amount of cash. That it is enough, he also provides National Bank of Poland. In the case of PKO Bank Polski, its stability is additionally evidenced by the results of European stress tests announced in July last year, which confirmed that it is one of the most resistant to economic turmoil banks in Europe. The good condition of the bank is also confirmed by record financial results – in 2021, our capital group generated almost PLN 5 billion of net profit.
Larger cash withdrawals in branches must always be advised – that is, the branch should be informed about the intention to make such a withdrawal and arrange a convenient date for such an operation. However, the necessity to notify larger payments is not a new solution. It has been used for many years and is related to safety. No large amounts of cash are kept in bank branches. The demand for it must be reported in advance so that appropriate deliveries can be planned. The amount of the withdrawal limits that must be notified may also vary from branch to branch and may change over time. The directors of the bank’s branches adapt it to the current situation.
Does PKO BP observe increased cyber attacks on banking infrastructure? It is also one of the factors that can make your customers anxious.
We are aware of the risks – also in the context of potential cyber attacks on bank systems. At this point, despite the increased traffic in the network, there is no threat to the stable operation of the systems. We undertake actions aimed at counteracting attacks, we cooperate in this area with banking supervision and state services. Scenarios for such threats are developed. We are really well prepared, we know the problems we can face. Our clients’ funds and the business continuity of PKO Bank Polski are fully secured. Of course, we are also aware of the risks associated with the potential spreading of false information about financial institutions, which would be aimed at creating unrest in the market. Therefore, at the end, I would like to appeal to you to remain calm and to emphasize once again: there will be no shortage of cash for anyone.
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