UPDATE 1-IMF says Poland right to delay euro adoption-paper

WARSAW, March 29 (Reuters) – Poland was right to put off swapping its currency for the euro because the move gave it the flexibility to absorb the effects of the global crisis, the head of the IMF was quoted on Monday as saying.

“The Polish government’s decision to delay the euro adoption is correct right now,” the International Monetary Fund’s Dominique Strauss-Kahn told the Gazeta Wyborcza newspaper ahead of his visit to Poland on Monday.

“Poland should still set the adoption of the euro as its goal,” he said.

Poland’s centre-right government ditched plans to swap the zloty for the common currency in 2012 and no longer has a specific goal, although several officials have said the move would be possible in 2015.

A deputy finance minister said last month Poland will most likely reapply to the IMF to extend its $20.6 billion Flexible Credit Line (FCL), which it received a year ago in the midst of the financial crisis.

Poland managed to escape the global downturn mostly unscathed, emerging as the European Union’s lone member to dodge a recession. But the zloty fell as much as 30 percent in 2009 to the euro before regaining about 10 percent. (Reporting by Chris Borowski)

Poland allots million zloty for help in fire that killed 22 – Summary

Warsaw – Poland’s government will allot one million zloty (305,269 dollars) to aid families and survivors of a fire that killed 22 people and injured 20, Prime Minister Donald Tusk said Tuesday. Poland will also build a new facility for those left homeless by the blaze that struck a hostel for the homeless in the early hours of Monday. A seven-person commission was investigating the cause.

Polish police on Tuesday were searching for a teenage girl who went missing from hospital following the fire. She was reported missing Monday afternoon, reported the Polish Press Agency PAP.

The teenager might have wandered off in shock, reported Polish Radio, as her entire family died in the flames.

Police Tuesday were also searching for one hostel resident thought to be dead.

In total 77 people were registered in the hostel in the Baltic Sea coastal town of Kamien Pomorski, around 500 kilometres north-west of Warsaw.

Witnesses said a number of hostel residents were injured when they jumped from windows to escape the blaze.

An eight-month-old baby among the injured was transferred Tuesday to the intensive care unit and connected to a respirator, PAP reported.(dpa)

Twenty-one dead in Polish homeless hostel fire – Summary

Warsaw – Twenty-one people were killed and some 20 others injured when a hostel for the homeless burned down Monday in north- western Poland. Seventy-seven people were registered in the hostel in the Baltic Sea coastal town of Kamien Pomorski, some 500 kilometres north-west of the capital Warsaw.

The fire was so ferocious and spread so greatly that there was no hope of extinguishing it and rescuers concentrated on saving people from the flames, a firefighter told TVN24.

Witnesses said some hostel residents were hurt when they jumped from windows. An eight-month-old baby was among the injured, TVN24 reported.

Police and prosecutors were on the scene investigating to try to determine the cause of the fire, one of the worst in recent Polish history.

On Monday afternoon Prime Minister Donald Tusk visited the scene, while President Lech Kaczynski has declared a three-day period of national mourning.

“I can guarantee that help will be complete and enough when it comes to ensuring a place to live for those saved from this catastrophe,” Tusk told the Polish Press Agency PAP, having broken off from his own Easter holiday to visit the scene of the tragedy.

Residents of the small town were first to pitch in with help, TVN24 reported, and donated clothes, food and toiletries to those left with nothing after the fires. Survivors were taken to nearby hotels.

The Polish government promised to rebuild the hostel, at costs of up to 4 million zloty (1.2 million dollars), PAP reported.(dpa)

Poland’s BPH plans $225 mln bond issue

WARSAW, April 10 (Reuters) – Poland’s mid-sized lender BPH BPHW.WA, unit of General Electric (GE.N), plans to issue up to 750 million zlotys ($225 million) in bonds, the bank said on Friday.

The lender, which is 66 percent owned by the U.S. conglomerate, had 15.4 billion zlotys in assets at end-200.

“The programme’s goal is to acquire financing from the local market and assuring an adequate level of capital to carry out the bank’s operations,” the bank said in a statement.

The bond issue programme will consist of regular and subordinate bonds with a maturity ranging from 30 days to 30 years. ($1=3.329 Zloty) (Reporting by Patryk Wasilewski; editing by Mike Nesbit)