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The project related to the restructuring of loans taken in foreign currencies presented on Wednesday at a press conference Members of PO – Krystyna Skowrońska and Jacek Brzezinka. Yet on Wednesday, the project is expected to be Speaker of the Parliament; AFTER MPs expressed their hope to pass legislation even in the current term of Parliament.
As said Skowrońska, the proposal assumes that the value of the loan to be repaid in the currency will be translated at the exchange rate prevailing at the date of preparation of the restructuring agreement.
According to the proposal will calculate the difference between the value of the loan after conversion, and the amount of debt we would have at this point the borrower had in the past entered into an agreement with a bank for a loan in Polish zloty, and not in the currency. Half of this difference would be discontinued. Member of Brzezinka estimated that the proposed solution will help “borrowers get out of debt trap into which fell in a sense, not entirely fault of their own”.
By Skowrońska conversion would be possible until 30 June 2020. For one year after its introduction, the program could benefit people whose loan to value ratio of the collateral exceeds 120 percent. (LTV determining the amount of the loan relative to the value of the collateral), or – as she said Skowrońska – those most at risk. The following year, this solution could take people where this relationship is in the range of 100-120 per cent., And the following year is higher than 80 percent.
Skowrońska informed about the conditions established in the project eligible to benefit from the proposed solutions. Firstly, it would apply to loans taken out to purchase real estate, which is used by the borrower to meet their own housing needs. Moreover, the borrower can not have another dwelling or single family home. Another criterion is the area of the property, which may not exceed 75 sq. In the case of a dwelling and 100 sq. M in the case of single-family home. This condition was disabled in relation to those borrowers who at the date of submission of the restructuring are raising three or more children.
Responding to a question, the Civic Platform deputy said that the proposed solutions will not be able to benefit people who have turned their bought on credit apartment on others or be sold. “The project does not provide for” – she pointed Skowrońska.
PO politicians estimate that the proposed solutions can benefit nearly 60 thousand people.
In the explanatory memorandum to the bill states that “loan portfolio, which under the assumptions of the Act would be conversion is 12.2 per cent. Of the total amount of loans in CHF, ie. 59.2 thousand. Loans; 21, 0 per cent. of the total loan portfolio in CHF, ie. 27.7 billion zł “.
“The inclusion of a portfolio of other currencies does not significantly affect the outcome of the estimates (zł 0.9 billion of mortgage loans in EUR, which could meet the criteria for conversion)” – says in the explanatory memorandum.
Skowrońska estimated that the costs to banks amount to between 9 and 9.5 billion zł. In support of the project stated that “according to the analysis of banks’ own cost of conversion of 20 percent. CHF loan portfolio amounts to approx. 8.9 billion zł”.
“factor that banks are reducing the loss resulting from the conversion methodology, subsidies paid by customers (1.3 billion zł). In connection with the application solution addictive time of the application for restructuring to the level of LTV, the cost should be spread out over time, which enables banks to absorb losses here, “- says in the explanatory memorandum.
Skowrońska questioned whether the banks will have some kind of compensation in connection with incurring the cost of amortizing loans, she said: “We estimate that the redemption of the loan, from this part of the banks will not pay income tax.”
Deputy Brzezinka assured that after the entry into force of the proposed changes, the Polish banking system continues to be safe.
Skowrońska was questioned by journalists or still – serving as deputy – is the president of Cooperative Bank in Przecław and whether she took in that bank loans. Civic confirmed; provided, however, that does not break the law, and its activity is consistent with the Act for Members and Senators. (PAP)
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