Frankowicz who after the Deputy Prime Minister Janusz Piechociński expected for new solutions to their problems, they had to feel sorely disappointed. Almost all of the ideas presented by the deputy head of the government on Friday already been presented by the Polish Bank Association. Piechociński recommended to take into account the negative interest rate of LIBOR in calculating installments. A crown is a part of the recommendations of the PBA. Most banks surveyed by the DGP has declared that it will apply to him.
Do not fell for it not one word about the date from when the negative rate would be included in the amount of the installment. – Reduction of interest resulting from negative LIBOR may mean overcoming the effects of rising franc in dozens of percents. However, some banks, this operation will be carried out in a few months. During this time, the borrower will pay a very high installments. In my opinion the reduction of interest rates should be faster, and this recommendation should be included in the government’s plan – says Paul Majtkowski, principal analyst Aviva Finance Center.
In addition Piechociński did not address the situation in the LIBOR interest rate will fall to the extent that this decline to take into account, banks would have to enter a negative nominal interest rate loans. Institutions defend themselves against it. Meanwhile, soon this situation can occur for many customers who took out loans with a margin of approx. 1 per cent. So they will not be the beneficiaries of a further decline in LIBOR, which is currently at approx. 0.9 percent. below zero.
– When the franc strengthens, banks say, “client, did you know about the currency risk, so now pay”. When interest rates fell LIBOR and can theoretically be negative, the same banks explains: “we’re sorry, but we are interest threshold at 0″. This is not a good approach to credit foreign exchange you should assume the risk to take both sides – says Izabella Dabrowska, a lawyer for the Consumer Federation.
Piechociński, as well as representatives of the PBA, would also like to banks decreased spread. This commission, which collect from customers buying from them francs needed to pay off the loan installments. In some banks, the spread is even more than ten percent. In recent days, the commission dropped several institutions, including PKO BP and Getin Noble, and yesterday – mBank. However, customers can get rid of it yourself, by signing the appropriate, free of charge to the loan agreement, which allows the repayments directly in foreign currency. Then you can buy cheaper franc eg. The counter online.
Piechociński also suggested the possibility of bezprowizyjnego conversion zloty loan in francs at the average exchange rate of the NBP. – But not now, when the franc is very expensive and such an operation would be completely unprofitable customers – he said.
The proposals presented yesterday were also new elements. Among them we must first three years of credit vacation. This is a novelty, because most banks offer such a holiday, but for a much shorter, usually several months. – Therefore, the effectiveness of this and other proposals Piechociński depends on the willingness of banks to implement them in life. If you do not you will want to take into account the ideas of the government, they will remain wishful thinking and will be completely ineffective – says Przemysław April, chief economist XTB brokerage office. As an unrealizable experts believe but the idea of a rigid fork, which could be franc for customers repaying loans in that currency.
Thomas Bursa managing Opti TFI
Conversion for desperate
The large clouds little rain. Yes describe the occurrence of the Deputy Prime Minister. Most of the proposed solutions already knew before. I mean for example. Recommendations take into account the negative LIBOR rate loans, cancellation of additional credit insurance or reduce the spread Depositor installment. Proposal is also known commission-free currency conversion at the average rate loan NBP. But the pact, at the current rate franc no reasonable for it chooses not to. Whereas positive estimate three credit vacation. In the case of extremely low interest rates benefit from periodic cessation of repayment would be almost neutral cost for customers.
I have a negative opinion to the proposal while bracing franc against the zloty. The introduction of this solution can be costly both for banks and their customers. According to my calculations show that even at 15-percent. stiffening costs amount to hook on the side of the banks even 2-2.5 billion zł (taking into account the recent surge in trading CHF). Some banks might have a problem to bear the burden. It would threaten to destabilize the whole financial sector. Moreover, depending on the design of a mechanism could be that frank strengthening not leaps and bounds, as happened a few weeks ago, but slowly, steadily in the long run, it does not exceed the fork. So, the borrower would not have benefited stiffening.
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