Prezes mBanku Cezary Kocik proposes exempting loans for the defense sector and dual-use technologies from the Polish bank tax. The move would immediately lower the cost of financing strategic investments by approximately 0.5 percentage points, the bank estimates.
Currently, when a bank grants a loan to expand a Polish defense factory, it must immediately pay a tax on the increase in assets. This cost is factored into the price of financing from the start, making the loan more expensive for defense companies. Lifting the tax on such loans would automatically reduce lending costs by roughly half a percentage point.
For long-term projects, the difference is significant. On an investment worth 1 billion Polish zloty carried out over one year, lowering the cost of capital results in savings of about 5 million zloty – money that stays directly in the company’s coffers.
Real savings, measurable impact
According to mBank’s press release, the 5 million zloty in savings could be used to purchase approximately 1,000 FPV drones or to invest in additional production capacity, such as building new assembly lines or hiring engineers. The bank emphasizes that the proposal is a simple, measurable solution that does not require complex subsidy mechanisms.
Kocik points to a similar logic already applied by the state: treasury bonds were exempted from the bank tax to lower the cost of servicing the country’s debt. The same principle, he argues, should now be applied to defense financing.
Capital must flow to factories, not stay in banks
– We want it to be clear: these saved funds will not remain in banks, but will work in Polish factories. The military buys security, but it is our economy that must first efficiently produce the ordered equipment. Polish companies need contracts, that is true, but without access to capital on preferential terms and without adequate liquidity, not one more drone and not one more tank will be built – said Cezary Kocik, CEO of mBank.
The proposal comes at a time when Poland is rapidly expanding its defense capabilities and domestic arms production. Lowering the cost of capital for defense contractors could accelerate the delivery of equipment to the armed forces and strengthen the country’s industrial base.
Źródło: WNP.PL, Fot. Karolis Kavolelis / Shutterstock
