Szczurek recalled that two weeks ago, the Financial Stability Committee (KSF) obliged the banks to, among others, respect negative LIBOR spreads and reduced rates, and the Polish Bank Association confirmed the willingness of banks to act in the interests of borrowers affected by the rapid appreciation of the franc. – Ministry of Finance, together with the OCCP will verify to what extent these findings, as well as what they declare to the banks themselves, are respected – he said. He noted that under the KSF will also be carried out monitoring the stability of the financial sector.
– We would like to present a ranking of banks, as well as a list of the best solutions, best practices in the market for foreign currency loans – Szczurek said at a press conference.
Banks with the lowest spreads
He explained that this ranking will include information that is good spreads offered by banks and banks that use negative or negative interest rate of LIBOR gross. – Yes, that was known to the client can see what the bank offers the competition – he explained.
He added that this also banks will be able to find out what’s available on the market and what should aspire. – These best practices, today you can see that a factor that changes the situation of borrowers and makes the load installments in some cases slightly higher or no higher than it was before the step change in the exchange rate (the Swiss franc – PAP) – pointed head of MF.
rank is to be built on the basis of the statements generated by the information that banks will have to provide the Office of Competition and Consumer Protection. – We will ask banks every week that we reported on in a formalized man ner, the information on credit agreements denominated in Swiss francs. This applies to all 27 banks – said the president of the OCCP Adam Jasser.
Banks give information
explained that the banks will provide information on the amount of bid and offer; whether negative include LIBOR base rate; or take into account the negative rate of the total cost of credit; whether borrowers have a suspension of repayment of loans; or allow customers to extension of credit, or banks allow translate the loan at a rate lower than that indicated in the table of the bank exchange rate. These statements are to be published on the website of the OCCP-in and the Ministry of Finance.
Jasser said that his office directed inquiries initiated against all the banks that grant loans denominated in foreign currencies. – As part of these proceedings, we called for banks to provide information about whether negative Libor is included in the rate; or in relation to these loan agreements were made unilateral changes to the standard contract; about current rules on early repayment of loans; about the rules on con version – said the president of the antitrust authority.
Banks have expressed their additional security
Head of the antitrust authority said that the regulator also asked banks about any plans for additional security and principles on which offered to restructure loans. – Answers should get to the end of the week, and this information will be analyzed in detail by us. If irregularities are taken appropriate action in the exercise of statutory powers of the President of the OCCP – Jasser said.
announced that it will also be running a special on consumer line frank.uokik.gov.pl through which signals will be collected from the customers of banks with which they offer to their banks occurred after January 15, the date the surge in the value of the franc.
We need a change in the law
Finance Minister also said that the ministry headed by him and the OCCP came together to the conclusion that it would be advisable legislative changes that increase resource legal tools available to the office, strengthen the powers of the President of the OCCP. – In the near future we will offer a whole range of solutions that will strengthen the protection of the consumer – he said. Jasser clarified that it is among for changes that would allow the office to evaluate financial products at the moment they appear on the market, assess how their distribution and possibly suspend their distribution or modification of their order. Another proposal would apply
to extend to three years – one year – the period of limitation breach of the collective interests of consumers. In addition, the office would like to have the opportunity to present to the court in civil matters between clients and financ ial institutions so. significant judgment on. A similar opportunity now is the Insurance Ombudsman. – Today, often at the President of the OCCP-u are formulated such expectations from citizens that spoke in these processes, but unfortunately this is not legally possible – Jasser said.
The consumer should be better protected
stressed that the need for greater consumer protection in the financial market is the thing that did not show up yesterday, and the Ministry of Finance and the OCCP has repeatedly indicated that customers in the financial market are not sufficiently protected. – The example of other developed countries should strengthen the protection – he added.
Szczurek said, moreover, that in a month should be ready to draft regulations that will allow exemption from income tax of the taxpayer, which could arise as a result of the redemption by the bank part of the loan.
In mid-January, the Swiss National Bank (SNB), unexpectedly announcing that it releases the rate of its currency, caused panic in the market. Previously, the SNB maintained pegged, which meant that the euro could cost less than 1.20 franc. The SNB’s decision meant that the franc appreciated strongly, including against the zlo ty. As a result, on January 15 for the franc had to pay up to 5.19 zł, but the day before he paid for 3.57 zł. Then franc fell, however, and so it costs a lot more than before the SNB decision, and it’s a problem for approx. 550 thousand. Polish indebted borrowers in that currency.
The OCCP look at the reaction to the decline in the Swiss banks ft
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