Financial system reform in Poland started in the late 1980s with the devolution of its single administrative structure, typical for command economies, into one national savings institution and nine, regional, universal commercial banks. This new, two-tier banking system also comprises an independent central bank—the National Bank of Poland (NBP)—and about 90 universal banks, not to mention more than 1,500 small, local, cooperative banks. The NBP as a licensing and supervisory body sets requirements on the banks, including minimum capital requirements, staffing and projected operations, suitable premises, and acceptable articles of agreement.