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Banking sector overview | Banking today and tomorrow | September 2023

The MPC is cutting interest rates sharply. How will this affect the economy and the wallets of Poles?

On Wednesday, the Monetary Policy Council cut interest rates, for the first time in three years. Although this was expected, the size of the cut was surprising. The cost of money is the central bank’s most important tool for influencing the country’s macroeconomic situation. A change in interest rates affects not only loan instalments, but also deposit rates and a number of other parameters of great importance to financial life.

Source: Business Insider

Zloty on the floor after MPC decision. What’s next for the Polish currency?

In September, the Monetary Policy Council cut interest rates by 75 bps, bringing the reference rate to 6% from Thursday. The size of the move is a shock to the market, which had been preparing for a ‘standard’ cut of 25 bps. It was not without casualties – the zloty was hit hard by the decision.

Source: Forsal

Long-term loans. ZBP President: Banks do not rule out above-standard risk pricing

Banks are considering above-standard risk pricing for long-term loans due to the unstable legal environment, according to Tadeusz Białek, President of the Polish Bank Association (ZBP).

“The functioning of banks requires a stable legal environment. We do not have such an environment, and this leads to a situation where banks are increasingly conflicted about the valuation of the risk of granting financing for long-term periods, and whether this risk should be priced above the standard,” said Białek during the XXXII Economic Forum in Karpacz.

Source: Forsal

A new era for mortgages. Banks have opened the floodgates and are offering ever larger loans

The period of stagnation is over – banks are now offering customers higher and higher amounts of finance month on month. The improvement in availability has been driven by both regulation and changes in the market environment. We look at which banks have turned on the taps the most this year.

Source: Bankier.pl

There’s a judgment in a PLN loan case and a cause for celebration for Banks

The District Court in Białystok has dismissed a borrower’s claim to have the WIBOR rate removed from the agreement. The judgment is not final, and was delivered in a closed session, so the statement of reasons is not yet known. However, lawyers representing the bank believe that the court did not share any of the arguments put forward by PLN borrowers.

Source: Business Insider

“I would like to report that my neighbour is renting his apartment”. Will the banks check the borrowers of the ‘2% Safe Mortgage’? They are allowed to do so

Since July, some banks have been offering the ‘2% Safe Mortgage’. The aim of the scheme is to help young people buy their first home. The property must be used to meet basic housing needs and so may not be rented out. An expert explains whether it is possible for the banks to perform checks.

Source: Bankier.pl

Change in the mObywatel app. mDowód also valid in banks

From Friday, 1 September, it is now possible to use mDowód (electronic IS card) in banks and other financial institutions, Michał Kalinowski, the Minister of Digitalisation’s plenipotentiary for the mObywatel application, told PAP. He added that more than 3 million electronic ID documents – mDowód – have been issued so far.

Source: Money.pl

10th edition of the “Poland and Europe: Innovation, Investment, Growth” report

European economies are still feeling the effects of the COVID-19 pandemic and the consequences of the ongoing war in Ukraine. These two major factors are affecting global economic dynamics, creating new challenges and uncertainties in international markets. In the 10th edition of the “Poland and Europe: Innovation, Investment, Growth ” report we present a summary of the most important economic data for the past year and forecasts for the coming years.

Source: ZBP

The Chairman of the Polish Financial Supervision Authority on the future of banks. He identifies three risks

Banks should take advantage of high nominal profits now to face future risks, says Jacek Jastrzębski, head of the Financial Supervision Authority. In an interview with Business Insider, he stresses that he now sees three areas that could pose challenges for the sector in the coming quarters.

Source: Business Insider

China is expanding into Russian banking. But the cards are being dealt by Raiffeisen

China’s share of the Russian banking sector has quadrupled since the start of the Kremlin-inspired war. But it is still three times smaller than the share of the biggest sponsor of the Russian war, the Austrian bank Raiffeisen.

Source: Rzeczpospolita

Polish banks and their clients interested in participating in Ukraine’s reconstruction

Progress on the front line, stabilisation of the economic situation and, in particular, the lifting of the payment moratorium by the National Bank of Ukraine in June with the resulting unblocking of credit insurance institutions (including the Polish Export Credit Insurance Corporation) all give hope for greater interest on the part of Polish businesses and effective support from banks in the process of financing clients interested in participating in business processes related to the reconstruction of Ukraine, reads a press release from the Polish Bank Association.

Source: Bank.pl

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See also

Banking today and tomorrow | An overview of the banking sector | August 2023