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Banking today and tomorrow | Banking sector overview | February 2025

10 February 2025 | Banking today and tomorrow, Knowledge, News

KS NGR has selected the name POLSTR for the proposed benchmark, previously known by the technical name WIRF

As announced on 10 December 2024, the Steering Committee of the National Working Group (‘KS NGR’) has selected a proposed index from the WIRF family, technically named WIRF- (based on unsecured deposits of Credit Institutions and Financial Institutions), as the target interest rate benchmark to replace the WIBOR benchmark.

After considering opinions on legal, market and marketing aspects, KS NGR decided on 24 January 2025 to choose the target name POLSTR (Polish Short Term Rate) for the proposed index.

Source: KNF

Attempts to undermine WIBOR-based agreements – what the banks might expect in 2025

An increasing number of borrowers are choosing to challenge their WIBOR-based variable interest rate mortgage loan agreements in court. They are accusing banks of violating a number of legal acts, ranging from the Polish Civil Code or the Mortgage Act to the MIFID I, MIFID II EU directives and the Benchmark Regulation. The most far-reaching demand being made is an invalidation of the credit facility agreement, which, if upheld by the courts (although such a scenario is highly unlikely), would be a huge challenge for the entire banking sector.

Source: kochanski.pl

Five years of disputes over CHF mortgages. Cost to banks could reach PLN 100 billion

It has now been five years since banks have been setting aside special provisions for the legal risk of Swiss franc mortgages. On a sector-wide basis, the total cost is already approaching PLN 90 billion and could reach PLN 100 billion this year. However, this would mean that the new provisions – as expected by analysts – would be significantly lower than in recent years.

Source: Business Insider

WIBOR-based loans invalid? Banks protest!

The Polish Bank Association expects that the decision of the Regional Court in Suwałki invalidating a mortgage loan based on the WIBOR index will end at the appeal level. So far, such cases have ended with judgments in favour of the banks.

The judgment of 22 January 2025 caused a great deal of confusion in the market as it was the first court decision to declare a WIBOR-based loan invalid. It was issued by Judge Aneta Ineza-Sztukowska, who heard the case of consumers challenging a 2015 agreement with Getin Noble Bank (the legal successor of which is now VeloBank). The court annulled the agreement and ordered the payment of a substantial amount of money plus interest to the borrowers.  The judgement is not yet final.

Source: wgospodarce.pl

ZBP president: “The limits of decency in the pursuit of free credit have long since been exceeded”

Tadeusz Białek, president of the Polish Bank Association (ZBP), argues that a decade after ‘Black Thursday’ there is still no end in sight to the problems with CHF mortgages. He claims that the system of monitoring illegal contractual clauses in Poland has been abused, accuses law firms dealing with CHF mortgages of ‘legal cynicism’ and comments on the draft legislation currently being prepared.

Source: XYZ.pl

Free credit. Lawsuits on the rise, banks waiting for law to change

The sanction of free credit is a problem created by law firms, according to the Polish Bank Association. The regulations are set to change, but not entirely to the banks’ liking. Financiers are concerned about the possibility of linking the sanction of free credit to the assessment of creditworthiness.

Source: Dziennik Gazeta Prawna

The CJEU has ruled on the rate of interest (APR) for loans. Requirements are set out

The Court of Justice of the European Union has ruled that consumers should be able to check for themselves whether the annual percentage rate of charge (APR) on their credit has been calculated correctly. The case concerned two consumers who had applied for interest relief.

Source: Money.pl

Poles and online banking. Money transfers are no longer enough

Online banking in Poland is undergoing a real revolution. The use of mobile applications is becoming commonplace for millions of Poles, who expect not only convenient money transfers but also innovative solutions to simplify the management of their finances – and the banks are responding.

Source: Money.pl

The central bank wants to buy bitcoins. A revolutionary idea

The Czech National Bank (CNB) wants to eventually hold up to 5% of its foreign exchange reserves in bitcoin, the bank’s CEO Ales Michl told the UK’s Financial Times. It would likely be the first central bank to buy the cryptocurrency. If more banks join, it would help to strengthen bitcoin.

Source: Business Insider

The share of debt instruments in banks’ assets has almost reached the level of credit to the non-financial sector

The marginalisation of the role of the banking sector, reinforced by the imposition of numerous tax and para-tax burdens (including the destructive bank tax), have led to a deformation of the asset structure of the Polish banking sector.

Source: Bank.pl

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