“The results of simulations and stress tests (stress tests), which examines the sensitivity of banks operating in Poland the occurrence of unlikely and extremely unfavorable conditions, confirm the high resistance of the sector to the effects of even strong economic slowdown and market turmoil. NBP also assesses that the recent unexpected depreciation of the zloty to the Swiss franc poses no threat to the stability of the Polish financial system “- the authors wrote,” Report the stability of the financial system – January 2015. “
Member of the Board of the NBP Jacek Bartkiewicz said Tuesday that the confusion of the franc in” Black Thursday “on January 15 caused some difficulties in working on the report. However, as said Director of Financial Stability NBP Jacek Osinski, the intensity of the risks to the financial system has not changed from the previous corresponding NBP report.
Speaking about the situation of sudden strengthening of the franc in mid-January Osinski admitted that – according to data from NBP – for loans in that currency principal and interest payments were higher than at the time of conclusion of the contract. However, he added, assuming that in relation to the years 2006-08, when most of the contracts were concluded, household incomes rise, today the cost of servicing loans that income is not higher, than at the time the loan agreements.
In the case of contracts in 2006-07, reported Osinski, the cost of servicing loans in Swiss francs are even still lower than the cost of the same loans, if they were taken in US dollars.
Vice President Jacek Bartkiewicz added that the sudden strengthening of the franc undoubtedly put a damper on the situation of borrowers, especially those earning less. He noted that some support for those who have temporary difficulty in handling loan modification program could be a mom. “But in terms of loans both in PLN and the Franks” – said Bartkiewicz.
In general, the NBP report shows that the stability of the financial system means that the system – and not just the individual institutions – is working properly.
“It can function so stable, regardless of the problems of individual institutions, and even all its segments, as long as they do not lead to serious disturbances in the continuity of the provision of financial services to the economy, or unless the maintenance of these services do not require significant support to the financial sector from the public sector “- the authors write.
They point out that the situation of the banking sector – the largest part of the financial system – is good and stable.
” The banks are resistant even to significant deterioration in their environment, as indicated by the high level of capital ratios, significantly exceeding the minimum requirements and low leverage. The high resistance of Polish banks stress-tests confirmed carried out periodically by the National Bank of Poland “- they write.
NBP worse is the for this situation unions.
“In contrast to the banking sector, the situation of the sector unions of credit (credit unions) remains difficult. The own funds of many banks is inadequate for your business. CU is not directly generate systemic risk: credit unions operating scale remains small (cash assets correspond approx. 1 per cent. Of the banking sector assets), as well as the scale of direct links between the cash and the National Treasury for the banking sector and financial services provided by health services are substitutes banks “- consider the report.
The difficult situation with credit unions, however, is not systemic risk to the continuity of financial services to the overall economy – asserted Tuesday Jacek Osinski.
The NBP also indicates the restructuring of the sector has indirectly CU wider consequences – it involves measures the Bank Guarantee Fund, which reduces the pool of resources available in the event of any problems systemically important cases. In addition, because the resource BFG measures must be carried out, this results in higher payments on the first BFG everything from banks, reducing the possibility to increase their capital buffers, which can be particularly challenging in the case of cooperative banks.
“The sector is stable, but that does not mean that there is no space for ideas to be the stability could violate “- said Bartkiewicz.
That’s why at the end of the NBP report placed the 10 recommendations, the implementation of which” would contribute directly or indirectly to reduce systemic risk and enhance resilience of the Polish financial system. “
Among the recommendations are m.in .: quick adoption of the act establishing the body responsible for macro-prudential supervision; accelerate work on the introduction to Polish law corrective action mechanism and orderly restructuring and liquidation of banks; amendment to the Act on cooperative banks and tighter integration of cooperative banking sector; reduce the risks associated with the structure of bank funding for a further gradual reduction of the concentration of funding sources; cautious approach to lending banks, commercial real estate sector due to the uncertain situation in the sector; continue the restructuring of credit unions, for growth of their effectiveness.
In particular, the lack of macro-prudential supervisory authority, he said Jacek Osinski, can be a significant threat to the stability of the financial system in Poland. (PAP)
PS / mhr /
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