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National Economy Bank

Bank Gospodarstwa Krajowego

Short history

National Economy Bank (Bank Gospodarstwa Krajowego) was established in 1924. BGK is the one of only few state-owned banks in Poland. BGK was one of the largest banks in Poland between World War I and World War II. BGK financed and supervised many Polish strategic business projects, for example the Central Industrial District, port and city of Gdynia.

BGK implemented coherent state policy in the construction sector. As a result of the banking system reform in 1948, the Bank's activity was suspended. In 1989 the Bank was re-activated in order to issue bonds later on converted into shares in the first privatised enterprises.

Currently BGK plays a special role in the Polish banking system and plays an important role in the Polish banking sector; it finances and supports housing development, small and medium enterprises and local governments activity.

The Bank mission and current activities

The Bank's mission has been specified in the following manner: Bank Gospodarstwa Krajowego, as a highly reliable financia linstitution, specialises in the support of the public finance sector, assures economically effective and operationally efficient support of the state’s social and economic programmes and local government regional development programmes and pays due attention to modern high quality products, as well as maintaining good relations with its customers by flexibly responding to their needs.

The Bank implements this mission by developing its activities in three main areas:

  1. commissioned activities,
  2. the Bank's own activities supporting the commissioned activities and
  3. commercial activities.

The essence of the change is a different view of the Bank's own activities. The strategic plan assumes its reorientation from strictly commercial purposes to functions that support and supplement the commissioned activities. This means that within its own activities, the Bank will perform tasks not included within the statutory scope of activities of the entrusted funds, but which are a part of the general direction and objectives of the activities undertaken by the government and the local authorities in Poland. Such a vision of the Bank's functioning anticipates a significant increase in its commitment to local government units and the sector of small and medium sized enterprises. This also means the financial support of the central bodies of government administration, as well as public sector units and agencies, as well as State Treasury companies. The Bank was already conducting its activities in 2004 on the basis of these strategic assumptions. It took steps, both within the dimension of its operational financial activities and
the organisational dimension, towards implementing the Strategy.

BGK's defined mission has been practically reflected in the significant increase in the scale of commissioned activities. Three new task funds started to operate within the Bank in 2004:

  • The Municipal Investments Development Fund (FRIK) operating under the Act on the Municipal Investments
    Development Fund of 12 December 2003; the FRIK’s main objective is to grant credits to municipalities and their associations for preparing municipal investment projects that are planned to be co-funded with EU funding;
  • EU Guarantee Fund (FPU) operating under the Act on the EU Guarantee Fund of 16 April 2004; its task is to increase the availability of credits and to enable receipt of funding from the issue of bonds to implement projects related to the use of European Union funding,
  • The National Road Fund (KFD) was established under the amended Act on Toll Motorways and the National Road Fund of 27 October 1994 and is a specialist fund that is related to the implementation of the government’s Road and Motorway Construction Programme.

The Bank continued its operations in several key areas of interest through the support of task funds and government programmes.
The core traditional areas of activity include:

  • the support of housing development and the modernization of the housing infrastructure-continuation of the activities of the National Housing Fund and the Thermomodernisation Fund. The Subsidy Fund, the main objective of which was initially to provide subsidies to interest on mortgage loans granted by commercial banks, started to implement a financial programme in parallel in 2004 to support municipalities in the creation of social housing resources;
  • the development of the system of sureties and credit guarantees and to support local entrepreneurship-continuation of the activities of the National Credit Guarantee Fund and the capital support of local and regional guarantee funds that are aimed at facilitating access to external financing, especially for small enterprises;
  • financing and support of local government units-the continuation of the credit and investment activities (organisation and underwriting of municipality bond issues),as well as servicing of the accounts of these entities;
  • the support of export activities-continuation of the Export Credit Interest Subsidies programme (DOKE) and the "Easy Export" programme.


National Economy Bank

Jerzy Gliniecki
Tel: +48-(0)22-522 96 39

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News and Updates

June 2011
The BEENetwork Newsletter is available for downloading.

June 2011
The BEENetwork Flyer is available in English and German language.

May 2011
Residents will get additional support for refurbishment of multifamily buildings in Lithuania. more

April 2011
New European Energy Efficiency Facility to finance sustainable energy at the local and regional level. more

March 2011
On 8th March 2011, the European Commission published the new Energy Efficiency Plan (EEP). more

February 2011
State grants for the renovation of apartment buildings in Estonia. more



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