The Polish state firmly behind WIBOR
The Court of Justice of the European Union will soon rule on the possibility of challenging loan agreements based on the WIBOR index. Before the ruling, however, the Polish government will present its position to the CJEU. All indications are that Poland will stand firmly behind the WIBOR. Indeed, the main state institutions are defending the legality, correctness and transparency of this index.
Source: Bank.pl
CJEU judgment crucial for WIBOR loans. Now banks are winning in Polish courts against PLN mortgage borrowers
According to the Polish Bank Association (ZBP) there are already around 1,100 cases pending in Polish courts relating to the WIBOR benchmark in loan agreements. The number of cases has doubled in the last nine months. Grant Thornton’s analysis suggests that the judgment of the Court of Justice of the European Union will be crucial for the future of these cases and the financial situation of PLN borrowers. The potential scale of the claims of these borrowers would far exceed the claims of CHF mortgage borrowers.
Source: Infor.pl
Time to revise regulations on free credit sanctions
The current Polish regulations governing the imposition of a free credit sanction on entities providing financing to consumers allow for the imposition of this sanction even for minor, formal violations that do not harm the interests of the customer in any way, said the President of the Polish Bank Association (ZBP), Dr Tadeusz Białek, at a press conference of the Polish Bank Association in August. He stressed that the current legal situation favours unfair practices conducted by compensation law firms.
Source: Bank.pl
Swiss franc mortgage disputes back before the Supreme Court. Right of retention at issue
A three-judge panel of the Supreme Court has referred further questions on the right of retention and set-off in CHF mortgage cases to a larger panel of judges.
The June resolution of seven Supreme Court judges appeared to have resolved these issues in favour of CHF mortgage borrowers. At that time, it was stated that if a set-off of claims was possible, retention (which consists of withholding one’s payment until the other party has paid its debt; in CHF mortgage disputes this was used in particular by banks) could not be used.
However, three judges of the Supreme Court (Agnieszka Góra-Błaszczykowska, Ewa Stefańska and Dariusz Pawłyszcze) referred the legal issues raised by the Gdansk Court of Appeal to a larger panel of the Supreme Court. The issue is whether a loan agreement is a reciprocal agreement (on which the application of the right of retention depends), whether such a plea can be made to the other party’s attorney and whether it is effective to raise a plea of alternative retention, i.e. in the event that the agreement is declared invalid.
Source: Rzeczpospolita
Banks need PLN 30bn of new loan financing to meet LTF
Fitch estimates that banks will need to raise PLN 30 billion of new long-term financing by the end of 2026 to meet the new long-term financing requirement (LTF), the agency said in a report.
“This amount will increase to around PLN 50 billion following the introduction of the announced 2 % countercyclical buffer, also likely by the end of 2026. In addition, banks will need to refinance maturing debt to meet their resolvability requirements (MREL),” the report said.
According to Fitch, for banks with more limited access to capital markets or lack of support from a dominant shareholder, the cost of meeting the new requirement could affect their earnings and stand-alone credit profiles.
Source: Bank.pl
Credit Information Bureau (BIK): Upward trend in bank lending
In July this year, banks and credit and savings unions (SKOKs) recorded an increase in the number of loans granted compared with the same period in 2023. More of all the main types of loans were granted to individual customers: home loans (+48.8%), instalment loans (+28.0%), cash loans (+17.0%), and more credit cards were issued (+6.9%). In terms of value, more home loans (+66.9%), cash loans (+27.5%), credit cards (+22.5%) and instalment loans (+18.4%) were also granted. This dynamic growth in the retail lending market is also evident after the first seven months of this year.
Source: Bankier.pl
Blik has made its foreign debut – it can now be used by customers of Slovakia’s Tatra banka
PayU is the first payment integrator in Slovakia to offer Blik as a payment method. Polski Standard Płatności, the operator of the Blik system, has announced that it has successfully completed all implementation work and made Blik available to customers in Slovakia. This is the first completed implementation of the system abroad.
Source: Cashless.pl
Throwing the baby out with the bathwater?
Poland’s reaction to MiCA regulations. When we talk about the crypto market, we are talking about the finance of the future. It should not be a revolution, but rather an evolution. Interest in cryptocurrencies is growing all the time, both among younger generations and mature investors and institutions. We are testing platforms and exchanges, trying out different tools, because the vision of making a quick profit in the short term is tempting.
Source: Parkiet
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See also
Banking today and tomorrow | An overview of the banking sector | August 2024
