Krzysztof Pietraszkiewicz, president of the Polish Bank Association, does not hide his fears about the government’s idea of supporting borrowers
Prime Minister Mateusz Morawiecki presented a plan to support borrowers, which is to allow them to go through the difficult moment of high interest rates. Four months of credit holidays this and next year, financial support from the Borrowers Support Fund, lowering WIBOR – these are elements of the government aid. Details were announced during the Tuesday press conference by Prime Minister Mateusz Morawiecki.
“We want to carry out quick actions to help Poles pay off their mortgage loans. Today, at the Council of Ministers, we proposed new solutions that will be sent for consultations lasting several days”, said the Prime Minister.
The head of the Polish Bank Association warns
The government’s idea was commented on by Krzysztof Pietraszkiewicz, president of the Polish Bank Association, on RMF FM. In his opinion, it will not be possible to avoid shifting the costs onto borrowers who can afford to pay off the loans. “If credit holidays are available to all borrowers, the consequences will be severe for other customers,” he said. – Stability (of the banking sector – editorial note) is important, and credit holidays, which all borrowers could take advantage of at the same time, could turn out to be a catastrophe”, he added.
The government gives up WIBOR
An important element of the government plan is the resignation from WIBOR as the indicator on the basis of which the amount of loan instalments will be calculated. It will be replaced by the POLONIA overnight rate.
“We will introduce mechanisms to help citizens repay their loans through a lower reference value. WIBOR will be replaced with a new rate – if the banking sector does not generate it, it will be the POLONIA overnight rate, calculated by the NBP, which is even 0.4 percentage point more favourable. percent This will give annual savings of PLN 1 billion, the cost of which will be borne by banks”, Morawiecki explained.
Source: Wprost Photo: Polish Bank Association