Polish MPs have attacked the country's banking system and claimed that foreign ownership of its leading banks may be against national interests.
On the first day of a parliamentary inquiry into the sale of banks after the fall of communism, MPs alleged some of the deals may have been corrupt.
The ruling conservative Law and Justice Party set up the commission in March.
Central Bank boss Leszek Balcerowicz, finance minister at the time of the sell-offs, has criticised the probe.
Exploitation claim
He has argued that the investigation is essentially political and could compromise the independence of the Central Bank.
MPs intend to look into a spate of deals in the early 1990s during Poland's often chaotic transition from a centralized to a market economy.
"Some Polish and foreign investors could start looking at Poland as a less attractive place to invest"
Deals likely to be scrutinised include Dutch bank ING's acquisition of Bank Slaski and Citigroup's purchase of Bank Handlowy.
Members of the governing coalition have claimed that foreign banks operating in Poland may have abused their dominant position in the market and exploited consumers.
"The Polish banking system has an oligarchic structure," Artur Zawisza, head of the commission, said.
"It boosts revenues by preying on clients."
International image
The commission wants to investigate the role played by the Central Bank in key privatisations as well as the involvement of the stock exchange and relevant ministers at the time.
The inquiry is just one of a number of initiatives being taken by the governing coalition - which came to power last year - to try and expose the influence of an alleged 'ex-communist elite' which it says benefited unfairly from the transformation of the economy after 1989.
Industry groups have warned that the investigation could damage Poland's attractiveness as a destination for foreign investment.
"Watching the commission's activities, some Polish and foreign investors could start looking at Poland as a less attractive place to invest," said Krzysztof Pietraszkiewicz, head of the Polish Banking Association.
The Polish government tried to block last year's merger between Polish company BPH and Italian bank UniCredito but backed down under fierce pressure from the European Commission.
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