Poland advances capital market initiatives with OKI project and new bond ETFs

The Polish government has approved a project for Personal Investment Accounts (OKI), scheduled to launch on January 1, 2027. Finance Minister Andrzej Domański stated the initiative is a voluntary tool designed to direct Polish savings toward the capital market rather than bank deposits. The plan includes tax exemptions for investment assets up to 100,000 PLN and up to 25,000 PLN for deposits and treasury bonds. While income from these assets will be exempt from the Belka tax, they will be subject to a wealth tax, projected at 0.85% in 2027. The Ministry of Finance estimates the OKI could direct approximately 74 billion PLN to the Warsaw Stock Exchange by 2040.

In related market developments, TFI PZU has debuted two new bond ETFs on the Warsaw Stock Exchange. These funds provide access to different segments of the Polish government debt market: fixed-coupon and floating-coupon treasury bonds. This expansion increases the total number of ETF, ETN, and ETC instruments available on the exchange to 44. The new funds utilize physical replication to track their respective indices.