It will help to reduce the burden of bad debts and open the way for the privatization of Polish banks.

And Polish banks, which are sinking under a mountain of bad loans, will not extend credit.

"Banking skills will be spread if we have foreign banks, especially when Polish banks are involved in joint ventures with them."

Because most Polish banks carry large debts, they have been reluctant to buy into the market, he said.

Ireland's first Polish bank opened in 2007.

"I'm convinced that at some time a donor, say a Polish bank or an American corporation operating locally, will come forward with a grant."

The Polish central bank has already kicked off an information campaign.

In 1999 acquired a majority share in , one of the largest Polish banks.

By contrast, with the Hungarian and Polish central banks, it was prepared to do the same only against collateral.

But most Polish banks have their hands full at home.