The article explores the connection between the cost of insuring a country's debt and the risk in its banking sector in Poland from 2004 to 2014. The researchers found that during the crisis period, there was evidence of a link between the returns on Polish government debt insurance and bank stocks. They also discovered a strong negative relationship between the two in individual countries and a commonality of risks across different countries. However, there was no clear pattern of contagion between these markets in European countries. By analyzing different factors, they found that most of the variation in returns could be explained by three main components, with the third one mainly related to Poland-specific risk.