Analysts Moody’s herald a crisis in Poland. The banks will not survive the Franks bill? – Money.pl

The stability of the banking sector in Poland is at stake – warned Moody’s. This is yet another voice of a foreign company that publishes ratings after the Standard & amp; Poor’s in mid-January lowered its rating to Polish.

According to the “Financial Times”, Moody’s referred signed by the president to act, introducing a bank tax, as well as proposals for conversion of foreign currency loans.

The bank tax will come into force from mid-February and will amount to 0.44 percent of bank assets per annum. This means that financial institutions will have to pay to the budget of 4.4 billion, and therefore the equivalent of about one-third of profits annually.

As highlighted in Moody’s analysts, the net profit decline will mean that banks will not be prepared on the other market shocks. And this may be conversion of foreign currency loans. According to the proposal of President Andrew Duda holders of loans in foreign currencies and thus primarily in Swiss francs, they will be able przewalutować them on the so-called golden. righteous course. About how this mechanism is to work, we reported in detail in money.pl.

For banks such conversion will mean considerable costs. The President requested that their estimate to the Financial Supervision Commission. Economists, however, already now present their estimates, which are quite disturbing. As reported yesterday the bank Credit Agricole, conversion together with the cost of returning the collected spredów, would cost more than 50 billion zlotys.

“The adoption of the Law francs as proposed by the Office of the President would lead to a loss of the banking sector many times exceeding its annual financial results net. The consequence of this loss would be our view, credit crunch, weakening of the zloty exchange rate, the rise in bond yields and a deep economic slowdown affecting towards long-term and significant deterioration of the fiscal situation, “- wrote economists Credit Agricole.

Carefully planned changes uttered a few days ago the president of the Polish National Bank Marek Belka.

– The law on foreign currency loans is particularly nasty for the budget. Because in any version is discussed, it leads to a significant weakening of the banking system with very serious consequences for the economy. Bank tax, banks will swallow. But this, plus other charges, of which less said, plus the Act Franks, a recipe for the banking crisis – said Marek Belka on TVN24.

Moody’s is another, which referred to the situation in Poland. Earlier, Standard & amp; Poor’s cut its rating of Polish from “A-” to “BBB +”.

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