A legislative overview of the banking sector | Banking: today and tomorrow | December 2022

7 December 2022 | Banking today and tomorrow, Knowledge, News

Pałys, Szymański: Is WIBOR invalid? It’s too early to say with any certainty.

The costs of involving a borrower in a dispute are low in relation to potential benefits but rarely do people see that, if they lose in court, the financial consequences can be much more serious.

There has been a lot of commentary in the media regarding the Katowice Regional Court’s decision to secure a claim against a bank. The Court decided that the interest rate on the credit should consist only of the bank’s margin, disregarding the WIBOR reference index.

However, despite many opinions to the contrary, the Katowice Regional Court did not invalidate the credit agreement or the WIBOR index.

Source: Rzeczpospolita

Financial Information System Act

On 1 December, the Sejm adopted the Financial Information System Act implementing into Polish law the EU regulations from the Anti-Money Laundering or Terrorist Financing Directive. This is the 5^th amendment to the EU regulations (hence the colloquial name 5AMLD – where “AMLD” stands for Anti-Money Laundering Directive) that will affect Polish legislation.

Source: Cashless.pl

Draft regulations providing for support for large companies. BGK to issue suretyships and guarantees

A draft amendment to the Act on suretyships and guarantees issued by the State Treasury and certain legal persons, and to certain other acts has been published on the Government Legislation Centre website. One solution proposed by the Ministry of Finance is the inclusion in the regulations of suretyships and guarantees issued by Bank Gospodarstwa Krajowego under funds created or operating in BGK. The aim of the draft is to put in order the existing legal status with regard to the Bank’s suretyship and guarantee activities.

Source: Polskie Radio

Judgment of the Court in Joined Cases C-37/20

In the judgment of 22 November 2022, the Grand Chamber of the Court of Justice of the EU annulled the provisions of a Directive of the European Parliament and of the Council, providing for the disclosure of information on the beneficial owners of corporate entities established in the territory of the Union.

Source: Polish Bank Association

The CJEU is to examine the Polish split payment regulations with the verdict potentially being unfavourable for the Polish tax authorities

The CJEU will examine whether the split payment method favours the Polish tax authorities over other creditors of a bankrupt company. At issue are provisions preventing heads of tax offices from transferring funds from a VAT account to a bankruptcy estate. Experts expect a defeat for the tax authorities and believe that the regulations need to be amended.

Source: Dziennik Gazeta Prawna

President of the Bank Guarantee Fund (BFG): total amount of banks’ contributions to the BFG in 2023 may be less than PLN 1.7 billion

In 2023, banks will not have to pay guarantee fund contributions. They will only be charged with mandatory restructuring fund contributions, but in an amount lower than in 2022 (PLN 1.69 billion).

Source: Bankier.pl

CHF credit provisions have already risen to 42% on average.

Due to the increasing number of lawsuits and settlement agreements with CHF credit holders, banks have to make large write-downs to cover possible losses. Provisions are expected to increase again in Q4.

Source: Parkiet

Credit Information Bureau (BIK): Mortgage payments are declining

Mortgage sales, which are falling precipitously, are not the only worry for banks. Payments of mortgage liabilities are declining, despite the option of taking the so-called payment holidays.

This trend began as early as in May and is accelerating month by month, warns the Credit Information Bureau. The monthly value of the Home Loan Portfolio Quality Index for October 2022 was 1.13 per cent, and worryingly is shifting in a dangerous direction.

The quality of the portfolio has deteriorated over the past 12 months (October 2021 to October 2022), as evidenced by an increase in the Index of (+0.58 p.p.).

Source: Interia

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