Banking Sector Overview | Banking today and tomorrow | December 2023
Comments of the Polish Bank Association on the CJEU judgment in case C-140/22
The Court’s judgment is positive from the point of view of the stability of the financial sector in Poland. The Court did not answer the key question of the statute of limitations for banks’ claims, and nor did it say from what point in time the interest to which a consumer is entitled should be calculated. These issues were left to Polish jurisprudence, which has so far been favourable to the banks as regards the lack of limitation of their claims.
What the CJEU ruling means for CHF mortgage borrowers. Here are five things to know
Lawyers representing banks say the CJEU ruling does not add anything new to disputes with CHF mortgage borrowers. Borrowers’ lawyers argue that the ruling is groundbreaking. Who is right? How will the CJEU ruling affect CHF mortgage borrowers’ litigation with banks? Here are five things you need to know about the CJEU ruling.
(…) Patryk Lisiecki, an attorney at Kochanski & Partners, which represents banks, believes that the concept introduced by the Supreme Court judgment will continue to apply. “According to this concept, the bank can only demand reimbursement of its payment from the moment the loan agreement has become permanently ineffective. In practice, this means that in the vast majority of cases involving CHF mortgage loans, the banks’ claims will not be barred by the statute of limitations, despite the fact that the consumer is not required to make a declaration,” says Patryk Lisiecki. Put simply, the time limit for the bank nevertheless starts running from the moment the consumer submits a declaration of awareness of the effects of the agreement.
Source: Business Insider
KNF examines draft of so-called standard loan agreement
“We are already analysing the model [of the standard loan agreement] presented by the banks. The moment is approaching when a working team should meet to reach a consensus. The idea is to show a certain standard,” said Jacek Jastrzębski during the Retail Banking Forum.
The so-called standard loan agreement is the banks’ response to the courts challenging the CHF mortgage agreement. The banking community decided to come up with an agreement that would be accepted by the regulators and thus be less likely to be challenged.
Banks have granted 40,800 loans under the ‘First Flat’ programme – ZBP
40,801 agreements have been signed under the ‘First Flat’ programme, with an increase of 3,739 in a single week, said Agnieszka Wachnicka, Vice-President of the Polish Bank Association (ZBP), at a conference.
Bankers negative on credit holidays. They have their own proposal
Despite the fact that the future government’s new draft provides for the introduction of income criteria, banks are sticking to their negative assessment of credit holidays. Instead, bankers are proposing an existing solution, the Borrower Support Fund.
Source: Business Insider
The bank’s reimbursement of a CHF mortgage borrower’s payments is not a tax expense for the bank
The bank’s expenses related to the effect of the annulment of the agreement can only be recognised and accounted for on the revenue side. In a precedent-setting decision, the Supreme Administrative Court (NSA) ruled that the bank should make an adjustment and ‘zero out’ the revenue declared in the years prior to the annulment of the agreement.
Source: Gazeta Prawna
Scandinavian banks to finance renewable energy
European Energy has secured a new five-year EUR 150 million green portfolio financing facility from Scandinavian banks SEB and DNB, for the development of new projects. In Poland, projects with a capacity of 76 MW are ready for construction.
EBOR invests EUR 20 million in Bank Pekao’s green bonds
The European Bank for Reconstruction and Development (EBRD) announced it has invested EUR 20 million in benchmark senior green bonds issued by Bank Pekao. The bonds are denominated in euros and listed on the Luxembourg Stock Exchange.
ING will virtually stop lending to customers using thermal coal after 2025
After 2025, ING Bank Śląski will no longer finance customers whose business directly depends on thermal coal for more than 5%. ING Bank Śląski has announced its reduction policy for its own business and loan portfolio. The bank announced it will support the transition to a low-carbon economy, taking into account changes in the legal, social and economic environment.
New business strategy. A bank as a partner in the sustainable revolution
ESG. Behind these three letters lies a massive change that is now at the heart of the debate in many companies – and not only the largest. What lies behind this acronym is the potential for a revolution in the way in which companies shape their future. Banks have an important role to play in the whole ESG ecosystem, changing both internally and externally to become a partner to their customers in the new reality.
Polish and Ukrainian central banks end cooperation on returning hryvnia in cash
The National Bank of Ukraine, together with the National Bank of Poland, has ended a project to return hryvnias exchanged abroad by Ukrainian refugees. Nevertheless, the NBU’s cooperation with the Polish central bank “will continue and develop”.
Source: Business Insider
European governments withdraw from banks
The Dutch government plans to sell about EUR 1 billion worth of shares in ABN Amro Bank NV on the stock market. The government will reduce its shareholding from the current 49.5% to around 40% in the coming days. BofA Securities will manage the sale, while Rothschild & Co will act as financial advisor, writes Witold Gadomski.
Jacek Jastrzębski reappointed as head of KNF
Jacek Jastrzębski has been appointed by Prime Minister Mateusz Morawiecki to head the Polish Financial Supervision Authority (KNF) for another five-year term. This is a key role across the entire financial market, covering banks, insurers, brokerage houses, investment and pension funds, but also the stock exchange including listed companies, their managers and investors. From the beginning of 2024, the Financial Supervision Authority will also be responsible for loan companies.
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