The Polish national TV broadcaster TVP has to come up with a new way of borrowing zł.100 million after the Polish Treasury turned down its loan request.

TVP's loan was denied after the broadcaster failed to specify what it would use the funds for.

The broadcaster wanted the funds for “optimization of fund management during the economic crisis, technological changes and business restructuring costs."

The Treasury dismissed the plans as too vague. “[Neither] the application, nor its supplement, contain any financial and economic data on the basis of which to determine the financial impact of actions taken by the company. There was no information on the company's reorganization and program changes that could increase the attractiveness of TVP, and therefore increase revenues and ensure repayment of a loan," the Treasury said.

Poland's national broadcaster had planned to re-mortgage its Warsaw headquarters to obtain the money. (RG)