Banking sector overview | Banking today and tomorrow | February 2024

Banking sector appeal on credit holidays and Borrower Support Fund

The government’s decision to extend the credit holidays has been met with great criticism by the banking sector, who are claiming they are essentially a form of expropriation. They state that the proposed solutions – even assuming the introduction of access restrictions – are detrimental not only to the banking sector, but above all to millions of bank customers and the national economy. They claim their renewed use in the new political realities perpetuates the dangerous trend of creating unreasonable social expectations about the possibility of mortgage contracts not being honoured, and undermines confidence in the stability of law that underpins safe banking.

Source: Polish Bank Association

Debunking the myths about credit holidays. New scheme copies bad solutions

Creditworthiness didn’t suffer, because the money went mainly to the wealthy and only a small proportion of customers were actually in need. These are the main conclusions from data on the national credit holidays introduced between 2022 and 2023. Governments haven’t done their homework, because the new moratoria being prepared for 2024 will be similar.

Source: Business Insider

BIK: The number of mortgage applications fell by over 50% in January

In January 2024, 22.58 thousand potential borrowers applied for a mortgage, an increase of 70.3% year-on-year. However, compared to December 2023, the number of such applications fell by more than 50%, the Credit Information Bureau (BIK) reported on Friday.

Source: Puls Biznesu

Banks willing to discuss changes to capital gains tax, with bank levy also in sights

Banks are open to changes in the way their customers’ savings are taxed. They’re also hoping for a change in the bank tax they themselves pay. The President of the Polish Bank Association (ZBP), however, admits he is a realist and doesn’t expect the levy to be abolished or suspended.

Source: Business Insider

Banks don’t need customers’ money, high interest rates on deposits won’t come

Even if interest rates fall in Poland, banks will still be able to make money, even though some of them complain about the situation: “after all, that’s not what we’re here for”. Yes, that’s not what they’re here for. They have a huge surplus of liquidity and don’t really need their customers’ money. They don’t need it for anything, because there’s still no demand for credit.

Source: Interia.pl

A false sense that the problem has been solved. But CHF mortgage litigation costs will continue

While more banks now have sufficient CHF reserves to cover the active portfolio of disputed mortgages, this does not mean the end of setting aside money for lost cases. However, the associated costs should be lower already this year. That is, if the negative scenario does not come true.

Source: Business Insider

Polish banks targeted by hackers. Up to 160 incidents a day

Customers using electronic banking services are under constant attack from hackers. But it turns out that cybercriminals are not stopping at attacking the banks themselves. Check Point reveals that there are 160 such incidents every day in Poland.

Source: Bankier.pl

Strong banks in Poland, weak tech companies on Wall Street

Today we’re seeing a very interesting situation in the financial markets, with significant declines on Wall Street in response to the results of Wall Street tech companies on the one hand, and a very strong rally on the WSE, mainly driven by the financial sector, on the other. On top of this, we’re witnessing USD weakness following important US data, just ahead of an important Fed interest rate decision.

Source: Parkiet

Turkish banks are breaking with Russia, refusing transfers and closing accounts

Since the beginning of the year, Turkish banks have started withholding payments from Russia on a massive scale. They’re also returning money already accepted for the delivery of goods. Until now, Turkey has been the main conduit for the delivery of sanctioned goods to Russia.

Source: Rzeczpospolita

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See also

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


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