Banking sector overview | Banking today and tomorrow | May 2024

7 May 2024 | Banking today and tomorrow, Knowledge, News

Undermining WIBOR would be a blow to the economy. An expert explains why

WIBOR is crucial to financial stability and market integrity. The total value of financial instruments and contracts based on WIBOR could be greater than Poland’s gross national product, warns Tomasz Leśko, Attorney at Law at Kochański & Partners. And he shows the impact that undermining this reference rate could have on the economy.

Source: Business Insider

Supreme Court on Swiss franc mortgage loans. Decisions in favour of borrowers

After more than three years of waiting, we have now seen the so-called ‘big Swiss franc mortgage loan resolution’ of the Supreme Court. The rulings are unsurprising and largely confirm the case-law that has developed in the courts.

“The Supreme Court, in answering the question concerning the limitation period for bank’s claims for reimbursement of sums paid under a loan agreement, linked the commencement of the limitation period to the event of [the consumer] contesting the fact that they were bound by the agreement vis-à-vis the bank. It follows that the limitation period cannot begin to run before the consumer challenges the validity of the terms of the loan agreement, with the ultimate consequence that the entire loan agreement is cancelled”, points out Piotr Szymański, Attorney at Law, Counsel in the Disputes of Financial Institutions practice at Kochański & Partners.

Source: Bankier.pl

Communication from the Polish Bank Association concerning the Resolution of the Supreme Court in Case III CZP 25/22 of 25 April 2024 – the position of the Polish Bank Association

According to the statement of 9 judges of the Civil Chamber of the Supreme Court appointed before 2017, the Resolution was adopted in an unconstitutional composition and does not fulfil its basic function, which is to unify the case law of the courts. There are therefore serious doubts as to whether the composition of the court is legitimate, raising questions as to the force and effectiveness of this Resolution.

Source: Polish Bank Association (ZBP)

Cezary Stypułkowski, CEO of mBank: “Poor law, no justice, collapsed morality”

The law has begun to be manipulated to serve the interests of a narrow group – believes Cezary Stypułkowski, CEO of mBank. He admits that banks were too dogmatic in their approach to Swiss franc mortgages, and reveals that he will not be retiring when he leaves mBank.

Source: Rzeczpospolita

Credit holiday legislation awaiting President’s signature

Legislation to extend the credit holiday to 2024 is still awaiting the President’s signature. It will come into force on 1 June. The suspension of instalments will benefit people with loans of up to PLN 1.2 million, whose monthly instalments represent at least 30 % of their household income.

Source: Prawo.pl

Cryptocurrencies versus traditional banking. The PFSA revolution is coming. What will change?

Later this year, the cryptocurrency market will be regulated. This means that the Polish Financial Supervision Authority (KNF) will take over supervision of transactions in virtual currencies such as bitcoin. And traditional banks will enter the market, which is of interest to many investors. How will innovative technologies change the market?

Source: Bankier.pl

Banks under pressure from Fintechs

The expansion of Fintechs is not without impact on banks’ operations, revenues and risk policies. The operation of new players is a challenge, but also has positive effects for the banking sector.

Source: Forsal.pl

Banks prepare for the AI revolution

Artificial intelligence is slowly changing the way banks and financial institutions operate. It is helping them to cut red tape, make faster decisions and stay in touch with their customers more effectively. And things are getting better. EBITDA is expected to increase by more than ten percent.

Source: Obserwatorfinansowy.pl

European Parliament position favourable to the IPS system of the Polish cooperative banking sector

At the last plenary session of this parliamentary term, MEPs adopted the EP’s first reading position which will form the basis for discussions with the Council in the trilogue negotiations.

Source: Bank.pl

What hinders cooperative banks? An interview with Andrzej Chmielecki, Vice-President of the Management Board of SGB-Bank S.A.

Local banks know their customers very well. This is why the regulatory guidelines for dealing with customers should not be the same for large banks, whose employees very often do not have direct contact with the customers they serve, and for cooperative banks, which by their very nature are close to their customers, especially farmers and agricultural entrepreneurs.

Source: Bank.pl

BANKS 2023 Report on the state of the banking sector

This study is the thirty-first annual report of the banking community, assessing the state of the banking sector over the past year, the economic conditions under which it operates, and the opportunities and challenges for the near future.

Source: Polish Bank Association (ZBP)

Mastercard study: more and more people prioritise spending on experiences over the purchase of material goods

Mastercard has prepared a study analysing the attitudes of Poles towards spending on experiences and passions, and comparing them with the results that characterise other nations. As the organisation points out, in recent years more and more people have prioritised spending on experiences, such as attending sporting events, concerts or shows, over buying material goods. This trend is known as the ‘experience economy’.

Source: Cashless.pl

Questions? Find out how we support banks and financial institutions.


See also

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

Latest Knowledge

Belka tax cut and what this means for companies

The Minister of Finance has announced a plan to reduce the Belka tax, to come into effect on 1 January 2025. And although he has said that the groundwork is already being laid, he has not yet revealed all the details of the proposed changes.

Liability of management board members

The liability of management board members is a complex and multifaceted issue. It is therefore worth taking a closer look at these issues, especially in light of recent developments.

Effectively managing collective redundancies

The labour market is seeing an increased number of collective redundancies. We check what rules govern collective redundancies and what obligations must be fulfilled in order to carry them out effectively.

SME Fund – Tomasz Szambelan accredited IP Scan provider

Tomasz Szambelan has been included in the list of accredited IP Scan providers maintained by the Polish Patent Office. The IP Scan service is part of the grant scheme for the filing of trade marks, designs and inventions from the European SME Fund.

New rules for setting fines for businesses by the President of UOKiK

At the beginning of April 2024, the President of the Office of Competition and Consumer Protection (UOKiK) published new clarifications on the determination of the amount of fines in cases related to the conclusion of agreements restrictive of competition and the abuse of dominant position.

Contact us: