France has implemented a mechanism similar to the proposal put forward by National Bank of Poland (NBP) President Adam Glapiński, based on active management of gold reserves to generate additional profit. The country’s central bank sold part of its gold that did not meet required standards, repurchased higher-quality bullion, and in doing so secured a one-off gain—without reducing overall reserves.
A French Solution Resembling the NBP Proposal
The Bank of France opted for active management of its gold reserves to generate additional income for the state. The institution carried out a transaction involving the sale of part of its gold holdings, followed by a repurchase in a more advantageous form, which allowed it to achieve significant gains.
The Bank of France’s 2025 results show a clear improvement in its financial position. After posting a loss of €7.7 billion in 2024, the institution returned to profitability, recording a net profit of €8.1 billion. A key factor behind this turnaround was the one-off operation involving gold reserves.
Since 2005, the Bank of France has pursued a policy of aligning its gold holdings with the highest global quality standards—namely a purity level of 99.99 percent. The issue concerned part of its reserves—approximately 129 tonnes of gold (around 5 percent of the total)—which were stored in New York and did not meet these standards.
Instead of undertaking a complex and costly logistical operation involving physical transport and refining, the bank chose a simpler solution: selling those holdings and purchasing new gold in Europe that already met the required specifications. This operation generated a one-off capital gain of approximately $11 billion.
Importantly, this did not reduce total reserves. The overall level of gold remained unchanged at 2,437 tonnes. Only its structure and quality were altered. The profit was recorded on the central bank’s balance sheet, which maintains a very strong net financial position of €283 billion.
From the state’s perspective, such profit is public in nature—it belongs to citizens and can potentially be used for specific purposes without undermining currency stability or reserve levels.
Poland’s “Safe 0%” Proposal
Against this backdrop, a clear contrast can be seen with the situation in Poland. Proposals by NBP President Prof. Adam Glapiński to use similar mechanisms to generate extraordinary profit were blocked by the ruling December 13 coalition.
At the beginning of March, President Karol Nawrocki, together with the NBP head, presented an alternative to the EU’s SAFE program—the “Polish SAFE 0%.” The initiative was intended to secure PLN 185 billion for military spending from profits generated through the revaluation of Poland’s gold reserves.
Shortly afterward, Sejm Speaker Włodzimierz Czarzasty stated at a press conference that the presidential proposal had been referred for preliminary analysis to the Sejm’s Legislative Bureau and the Bureau of Research and Regulatory Impact Assessment. He added that, based on the conclusions of that analysis, he decided not to assign the draft a formal parliamentary number.
Meanwhile, the EU’s SAFE instrument is, in practice, a massive loan of approximately €43.7 billion, which will be repaid by Poles until as late as 2070. It also carries the risk of entanglement in a conditionality mechanism and of favoring German arms industry corporations.