Does the idea of the Financial Supervision Commission President Andrzej Jakubiak concerning loans in Swiss francs is acceptable?
Banks and their customers, and not government or ministry will accept this idea. Presented loan restructuring scheme, which should operate in individual cases, in line with the declared our work adapting the tax law so that it remains neutral for customers and banks deciding to change the contractual provisions of housing loans. However, if this would be the solution to the system, which would benefit a large proportion of customers at one time, it still requires clarification.
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The idea of KNF is not about to conversion of all loans held at the same time. It would be a process.
Individual restructuring according to a similar scheme will be supported by a change in the regulations on PIT and CIT.
How long does it take to work on changing the regulations?
We’ll do it in a month using the accelerated procedure agreement and given the cycle of paying PIT, date of entry into force of the regulation is not so important.
In contrast to the banks, for whom the lack of a risk factor.
That’s one thing. Another is the issue of negative interest rates and the related tax effects. Even in your poll question on the use of negative feet appeared frequently answer: “We’re not, but if the industry will develop a common solution approved by regulators, is yes.” In this regard, I see an important role to play, both by us and the KNF, because schematic solutions, both fiscal and regulatory, should be presented as soon as possible.
Idea head of the Polish Financial Supervision Authority has been consulted with the Ministry?
was signaled before last week’s meeting of the parliamentary commission of public finances, so we were not surprised. But it is difficult to talk about consultation. All times to explain the details of the proposal.
What?
One is the issue of banks’ losses accounting in accordance with IAS 39: that is, if you can break it down for a long time whether this should be done once. There is also the problem of foreign exchange. If we had to deal with a large number of single currency conversion loans in Swiss francs, we would have to accept a mechanism that will protect Poland from excessive exchange rate fluctuations, in order to ensure participation in the operation of the NBP.
There is also the idea of creating a fund supporting people nieradzące yourself with the repayment of the loan, which you heard after a meeting with President Komorowski. How is it supposed to look like?
Constructing mechanisms to ensure profit group of borrowers in the form of eg. Relief should take into account only those whose financial situation is the most difficult. Therefore, it is how the banks would create a restructuring fund, will only be determined.
You talk about it with the banks?
Of course, such communication is essential and has a place.
When currency translation franc loans in Hungary banks had to give customers wrongly downloaded spread rate. Is it in our state intervention is needed in this case?
In the future, this issue is regulated by the banking sector, which has committed to reduce spreads.
Temporarily. Some banks for six months, others for a year.
From something you need to get started. When it comes to the past, to a large part of this problem is solved by the Act of 2011 antyspreadową. It remains a matter of practice in situations where we had to deal with a particularly high spread and the large difference between the courses offered repaying loans and other customers. In other words, when the spread was unbalanced. This issue will take care of the Office of Competition and Consumer Protection, the president has the full support of the government. His evidenced by the announcement of the office to strengthen monitoring and evaluation of the current financial market regulation. It is also a role for the courts, which should enforce the rights of consumers. I would also remind you that customers are able to use the best spreads, which come on the market.
For example, in Internet exchange offices. There is no risk associated with operation?
As long as we’re talking about the subject, which does not hold deposits, and whose services are based on the currency exchange and sending money on, this risk for customers is limited.
Speaking of currencies and the Internet, what arouses the interest of the Ministry bitcoin?
We are interested in it. As a rule, we agree with the approach of the European Food Safety Authority. Banking Supervision. We are aware that it is an instrument unregulated, which involves a lot of dangers on the side of its users. There is also the matter of prevention of money laundering or terrorist financing. In this respect, we observe that market.
Last two platforms bitcoinowym blocked bank accounts in Poland. You had this relationship?
At this stage, I will not comment on the matter.
Returning to frankowiczów: among organizing protests often appears demand removal from our banking law enforcement title. Is that an option?
The implementation of this postulate would translate into a significant increase in the cost of credit. Or the banks start to require other security. With BTE loans are cheaper in Poland than in other countries. Invading Swiss franc loans to pay for no more than in debt in that currency Poles.
How do you comment on accusations that you are gentle to the banks, because long you worked in a bank?
They do not have the slightest basis in reality. The Minister must take care of the constitution, so the solution definitely reject unconstitutional. Secondly, many times I changed a lot of things that we need to weigh in the adoption of specific solutions. If the taxpayer has someone to support – whether it’s a professional group, or borrowers in any currency – we need to be sure that it makes sense also for the rest of society. And that does not threaten the stability – not just banks or finance the state, but also the stability of economic activity.
Is the issue frankowiczów may pose a threat to public finances?
At current exchange rates and interest rates – there is no risk. Burden on household budgets loan servicing costs both PLN and frankowych unlikely to grow strongly. The most dangerous for the borrower is the loss of a job. Therefore, an increase in employment, which can be observed in recent quarters, is a decisive factor in the capacity of servicing loans.
What was the public finance deficit in 2014.? Have you managed to reduce it to below 3 percent. GDP?
I do not see such a possibility. And there is a risk that it will be more than 3.3 percent. Preliminary data from governments indicate that despite the surplus, which was maintained until November, the year closed with a deficit. Secondly, it appears that the projects PKP PLK will go to the public finance sector, which also translates into 2014 result. This is related to the parameters of individual projects, which can not be assessed without full knowledge, eg. In the area of their advancement. But long before it was known that the deficit will be higher, if only because of the payment of 3.2 billion zł customers two unions fallen by the Fund. Added to this is the question of relatively weak revenues from VAT in January, because we have a shift between January and February. However, according to EU rules, the January earnings results are included in the previous year. Therefore, in 2014. For this reason, we recorded a larger deficit, in turn, will be less in 2015.
The European Commission forecasts this year’s deficit of public finances in Poland at 2.9 per cent . GDP.
It’s almost 3 per cent., Or both in 2015 and in 2016. Freedom of the issuance of additional money the government does not have.
But, in 2016. get out of the excessive deficit and taxes – VAT – will be reduced?
When you exit from the procedure, and This will take place in mid-2016. Then we can go back to the rates before the increase in 2011.
3 percent. This deficit is not a long-term goal. How will we be up to 1 per cent. deficit?
According to the expenditure rule. We estimate that it will reach the target level in 2018.
In the last week in parliament lost indexation of tax thresholds. That’s good?
Valorisation thresholds or change the amount of tax-free without changing other elements of the tax system is several billion gap in public finances. This is unacceptable. You can not look at one element of the tax system, not noticing that in Poland there is no estate taxes, probate, and without taking into account that we have a de facto flat tax for most taxpayers. Free amount was recently increased, and this repeatedly – crowd of lower-paid families with children do not pay personal income tax.
On Monday, it turned out that the bank HSBC, which helped clients avoid tax on income from savings, also had hundreds of such clients in Poland. Is there anything you do with this information?
No details in this case I can not disclose. Fiscal control collects and analyzes all information relating to undisclosed sources of income and tax avoidance. Such actions are systematically. I would like to emphasize, however, that people who do not declare their income correctly and do not pay taxes, shall be subject to criminal liability duty. It is worth to note that the initiation of control by the office of the taxpayer has the ability to self-correct tax return filing and demonstrate the actual amounts of revenues, and hence also the taxes. This reaction results in the taxpayer avoiding distressing consequences of criminal tax law.
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