The situation arising in connection with loans in Swiss francs correspond to both banks and borrowers, so both should assume the cost of solving this problem – said Tuesday the head of the KNF Polish lucky.
This is a clear change in the position of head of the KNF , which by some experts is seen as co-responsible for pulling the toxic trap borrowers in financial product.
READ TE Y: The nerve head of the KNF to frankowiczów: Increased mortgage payments for 700 gold? This is not Armageddon
During Tuesday’s dedicated to the situation frankowiczów Public Finance Commission meeting Jakubiak explained that there was a one-off with its proposal conversion loans in Swiss francs, because the situation of rapid growth in the cost of servicing these loans, “raises systemic risk.”
Conversion – as he said – it should be a one-time and voluntary; both sides, both the borrower and the banks should get along with each other.
“ Parties must see to it that they want to enter into such a transaction,” – he said. He added that he hopes that the banks will understand.
This operation should be – according to Jakubiak – neutral for the budget and tax neutral for borrowers.
Jakubiak presented the details of the proposal that was developed in the KNF , and “is based on international standards.”
“ We value the debt in Swiss francs and recalculate the value of the current average rate of NBP “- he said.
Then – he added – loan is divided into two parts: a loan secured by mortgage and unsecured by mortgage.
” The loan is secured by mortgage bears interest on the same terms, which gave the bank the day when the original loan was granted francs “- he said.
” The second part is the difference between the current and the prior debt obligation in respect of the relevant mortgage “- he said.
The difference unsecured loan is a mortgage.
“ of mortgage interest rate unsecured loan will be 1 percent and will be fixed” – explained Jakubiak.
The deadline for repayment of unsecured loan with mortgage “is consistent with the deadline for a mortgage loan.” The loan is to be repaid, but in the middle of the borrower, and in the mid canceled.
“ Bank makes redemption in accordance with the repayment schedule.”
” The redemption takes 50 to 50, and for every thousand repaid by the customer redeems the bank a thousand “- explained the head of the KNF .
“ This is the proposal that eliminates systemic risk” – said Jakubiak. “I do not give you the satisfaction of all, but at least it breaks the cost in time” – he said.
He said that according to the proposal, the borrower will not be francs privileged to the one who took credit in US dollars. He added that his proposal presented by Prime Minister Ewa Kopacz and “met with understanding.”
According to Jakubiak cost of this proposal for banks spread out over 20 or 25 years, “it is 7 per cent of the financial result that banks are making “. “This is a proposal that is broad-based and can be the basis for talks with the banking sector,” – said the President of the KNF .
Jakubiak said that “the situation is not frankowiczów dramatically bad” because it is a low interest rate, and banks have lowered spreads.
However – he explained – if someone eg. in June 2008 r. he took a loan of EUR 300 thousand. zł, today “borrower debt dropped to PLN 267 thousand. zł, and the borrower’s debt in francs increased to EUR 450 thousand. zł. “
” As we are deprecating [gold] of 15 January 2015., the This amount is even higher and amounts to approx. 500 thousand. gold “- he said. “This is the genesis of the problem, which they say today Frankowicz to which you need to be addressed,” – he added. “After 5-6 years of regular repayments have higher debt than credit, which enlisted” – emphasized.
He explained that he had submitted his proposal, because his media statement two weeks ago, when I first reported this idea, sparked “great confusion”. “That’s why I said that? The role of the supervisor is to prevent systemic risk “- he said. “I read with amazement that lost my mind” – he added.
The threat system, according to Jakubiak, through inter alia that “banks artificially increased their assets”, and there are more and more class actions in which the complainants argue that banks have put them in error.
Head KNF also explained the circumstances in which there was a problem occurs with the loans in Swiss francs. Reported that in 2006-08 there was a very large increase in the number of loans denominated in Swiss francs and in 2008. 70 percent. loans were denominated in this currency. Sometimes the rules for granting these loans were “too liberal” – he said.
He explained that banking supervision is not przypilnował then to these loans was not too much, because the years 2006-08 were a time of the creation of new financial supervisory structures and he went on to banking supervision KNF (founded in 2006). only from 1 January 2008.
He explained that from 2013 onwards. KNF introduced provisions under which loans can be taken only in the currency in which he earns. Today, more than half of the loans are in US dollars, while the franc approx. 37 percent. PLN loans, as explained, is “stable and well paid.”
During the committee meeting also spoke Mateusz Szczurek finance minister. He argued that the government is most interested in ensuring that solved the problem loans frankowych stakeholders.
He said that the government will publish a list of banks that provide the best deals for borrowers. Only when these measures are insufficient, the government is allowed to take “regulatory action.”
President of the Polish Bank Association Krzysztof Pietraszkiewicz referring to proposals KNF said that it requires reflection and thought. In his analysis of the need to take into account that the loan agreements were concluded for several decades. “Therefore, there may occur different situations with regard to the Swiss franc. So that we can avoid the situation in which we encourage people to perform certain operations, in which they take on the financial responsibility, but after a while it turns out that it does not overlook the best “- the head of the PBA . This could occur if, in the future franc depreciated considerably.
He stressed that the proposal KNF is assumed that banks and their customers would share the risks and costs.
“ If he had come to this, I think that in this whole affair is more participants than customers of banks and the banks themselves. Let me remind you that both banks and banking supervision suggested to prohibit the offering of foreign currency loans in the Polish market. Therefore, I believe that if there have to charge any costs, these costs should be tighter spread, not only between the customers of banks and banks, but also between the NBP , a little between the government and the state, and some between the Bank Guarantee Fund “- rated.
He noted that if you consider that on some mechanism failed, it means that failed too – at the beginning of the last decade – the whole financial system safety net. Because it was not more radical, decisive steps. Pietraszkiewicz added that since 2006. Compulsorily all customers are informed about the risks and all customers were offered first mandatory PLN loan.
“ We are faced with the paradoxical situation that the biggest problems are with this group of customers, who already knew about the risks and consciously undertook the risk, and now would get the most help. So you need to act wisely here (…) to avoid, in turn, to the fact that the borrower would have to feel Złotowie (…) treated very unfair by the banking sector, but also by the state, “- he said. He added that the banks have already established rules that ensure that in the coming months franc loan repayments will be higher than in the prior decision of the SNB to release franc.
Bozena Szydłowska of PO asked, inter alia, about whether and what action to take the Financial Stability Committee, which consists of the Minister of Finance, President of NBP , President of the KNF , President BFG and President of the OCCP. “In the light of the existing risks and the experience you foresee any system solutions?” – She asked.
Wieslaw Janczyk PiS noted that as a result of the decision SNB Polish obligations of borrowers increased by approx. 30 billion zł, half a million borrowers and their families, “survived the horror.” Indicated that they expect “to the real, real good solution that will allow everyone to be aware that the state works.” MP said that the Law and Justice considers that the rules allow to legally recognize that the decision of SNB has led to extraordinary changes in economic circumstances and give the possibility of conversion at the rate of pre-commitment decision SNB .
“ The issue of housing loans (…) shall be governed by political divisions. Just as important, important for the development of the Polish economy element sector of the market “- said John shovel with PSL .
On the other hand, Sławomir Kopycinski with TR pointed out that the borrowers situation is unstable and unpredictable, and this translates a lack of stability and predictability of the entire banking sector. “There is a risk to the stability of the system” – rated.
Deputy Finance Minister Izabela Hazel said that MF closely monitor all proposals, even one that at first glance appear to be risky – as shown by the KNF .
“ All ideas, whose goal is to find the best solutions to consider and take into account. For the Minister of Finance is extremely important, what will be the cost of these solutions, “- said the deputy minister. She added that it is also equally important balance between borrowers and borrowers franc in gold, but also the balance between borrowers and taxpayers.
Hazel stated that, if taken so far by the banks actions (eg. Taking into account negative LIBOR -u or reduce the spread) will prove to be ineffective or are not properly implemented, the Ministry of Finance will consider taking regulatory initiatives.
Sil / PAP
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