Banking Sector Overview | Banking today and tomorrow | April 2024

10 April 2024 | Banking today and tomorrow, Knowledge, News

Disputed WIBOR mortgages. Financial Ombudsman leaves both sides dissatisfied

The rise in interest rates has resulted in some mortgage borrowers paying up to twice as much. As a result, attempts are being made to challenge PLN variable rate mortgages based on WIBOR, and the Financial Ombudsman’s so-called ‘significant view’ on such loans has caused widespread controversy. Law firms representing borrowers are trying to win clients on the basis of this opinion, but bank representatives remain calm. (…)

— The Financial Ombudsman’s opinion, despite the media coverage it has received, does not represent a revolution in this debate. However, it has undoubtedly raised the temperature of the dispute unnecessarily – stated Tomasz Leśko, Attorney at Law at Kochański & Partners.

Source: Business Insider

European banks protest against imposed ESG rules

Last week, the European Banking Federation (EBF) said that European banks will not be able to compete with their US rivals if regulators impose ESG rules that US banks are free to ignore.

Source: Bank.pl

VeloBank sold for more than a billion zlotys to American fund

The US fund Cerberus today signed a preliminary agreement to buy 100% of the shares in VeloBank, the Bank Guarantee Fund announced. VeloBank is the successor to Getin Noble Bank, which was forcibly restructured.

Source: Rzeczpospolita

Banks will find it easier to get rid of bad loans

Banks will now find it easier to ditch loan agreements with debtors who have got into financial difficulties. This is the main objective of the draft law on loan servicers and loan purchasers published by the Ministry of Finance.

Source: Dziennik Gazeta Prawna

The banks have started to scrutinise Poles. What is going on?

Last year, banks and entrepreneurs turned their attention to the BIG InfoMonitor Debtor Register, checking up to 8.15 million people. Interestingly, some of these people were checked not once but several times.

Source: WP

Banks ‘too big to fail’. Experts urge: More vigilance needed

Experts at the International Monetary Fund are urging bank supervisors not to let banks off the hook and to be more vigilant. Donald Trump’s victory in the US presidential election could add to a litany of misfortunes by making the world’s financial system less safe and ordinary people once again shouldering the bankruptcies of financial giants, as they were forced to do a decade and a half ago.

Source: Interia

Ministry of Finance abandons integration of cash registers with terminals. The relevant provisions will be included in the National e-Invoicing System Act.

The fact that the Ministry of Finance was leaning towards abandoning the controversial innovation has been known since last autumn, when it was announced in a statement to the media by MoF officials. It now appears that operators of payment terminals will not be forced to integrate their machines with fiscal cash registers. This, at least, is what has emerged from a document published by the Ministry of Finance on changes to the National e-Invoicing System (KSeF).

Source: Cashless.pl

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Banking today and tomorrow | An overview of the banking sector | March 2024

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