Last Tuesday the Secretary of State in the Presidential Chancellery Maciej Lopinski and President of the Polish National Bank Glapiński Adam presented the draft of the new so-called. Act francs. It provides, inter alia, that the banks will have to pay their customers the difference between the allowable spread and the one who actually received the following.
The project contains formulas for calculating the amount to the spread should be devoted to the borrower; different in the case of indexed loans, other loans denominated. The authors of the project decided to differentiate between these two types of loans. Both models, the reference price shall take into account the exchange rate set by the NBP. For loans indexed in question, however, is the selling rate of NBP, and in the case of loans denominated about buying rate and therefore lower by a few cents.
High amount of the refund with loans indexed
Different patterns and different reference price NBP makes that person that took a loan described the project as “indexed” will receive the award a higher amount to return than a borrower who zaciągnąłby identical credit when it comes to height, but defined in the project as “denominated”. We calculated that the case of a loan in the amount of 100 thousand. francs granted in February 2007. credit holder “indexed” could receive approx. 2.5 times higher amount of return than in the case of credit “denominated”.
In some cases, the holder of the loan “denominated” not at all would get a refund – the result is negative, so in theory should pay the bank. So that happened in the case of a loan with a bank, 9 August 2005. In the amount of 100 thousand. francs. As a result, the borrower has received 255 thousand. 610 zł, because the bank received the selling rate of the franc of 2.5561 zł (this follows from the table of the bank for that day). That day, the selling rate of NBP amounted to 2.5667 zł, and sales – 2.6185 zł. If the loan would be regarded as “indexed”, the borrower could expect a return of approx. 1,800 francs, and in the case of credit “denominated” – would not get anything.
“This is a logical error”
These calculations confirmed analyst with Citi Handlowy Andrzej Powierża. According to him, the adoption of different exchange rates of NBP, every sale, every purchase – is a logical error. – When making calculations in both cases should be compared to the same exchange rate, not different. This mistake formula – rated.
The project assumes that the loan is denominated loans granted in foreign currency, which has been paid in Polish currency, no matter used in the credit agreement to determine the loan. In contrast, credit indexed to the credit granted in the Polish currency, which, in accordance with the loan agreement is equivalent to a certain amount of foreign currency or indexed or indexed to foreign currency, no matter used in the credit agreement to determine the loan.
Press Office Office of the President explained the position sent to PAP that adopted in the project design recovery spreads is based on the legal and economic model of indexed loans and loans denominated in foreign currency.
– The If the loan indexed loan was granted in Polish zlotys. According to the loan agreement, but this amount was indexed (indexed) to foreign currency. The design was based on the so calculated (indexing) Polish zlotys into foreign currency. In this situation, a model should be used for the selling rate, because the client as if “possessed” the buck, which in this type of credit had to be converted into foreign currency, the bank can determine the amount of debt the client in foreign currency. Similarly, moreover, a situation in which there is a conversion of the Polish zloty foreign currency, was the case for accepting payments in installments Polish currency – explained.
– In the case of a loan denominated construction loan is however reversed. In the body of the loan agreement the loan amount is specified in foreign currency, and for the payment of the loan in the Polish currency is converted at the rate of purchase. Bank “buys” a kind of customer foreign currency due to the fact that the customer wants to receive the payment in Polish zlotys. The bill describes so model approach to loans indexed and denominated – explains KP.
According to the office of the vast majority of the underlying loans to foreign currencies, granted in Poland, it was loans which are based on the structure of indexation. This occurred even when used in the names of loan agreements words “denominated”. Therefore, the bill provides for definitions of both types of loans, stipulating that they should be applied to the interpretation of this law, regardless of the name used in the contract itself.
– You have to remember that the President of the Republic of Poland as a designer manages to Parliament to submit the proposed content. The final shape of the law receives as a result of the work of the Sejm and Senate, the result of which both the President of the Republic, as well as the Presidential Office, have no direct effect – is claimed.
The spread is the difference between the rate of sale and purchase of currency, charged by banks, among others, the currency housing loans. This phrase would – in view of the project – the form of deductions from outstanding capital, and in the case of loans with expired contracts would follow his paycheck.
According to the project the client will be able within 6 months from the date of entry into force of the Act request reimbursement spreads. They would be returned to the amount of 350 thousand. zł capital loan for one person.
The bill is estimated that the cost of refunds spreads amount to 3,6-4 billion zł. According to the NBP president Adam Glapiński scale load banks in this respect, “albeit very significant, should not lead to their destabilization.” There will, however, announced at the conference on Tuesday at the Belvedere, a one-time conversion of foreign currency housing loans, which demanded Frankowicz and which assumed presidential subsequent versions of the bill francs. According Glapiński “conversion of foreign currency loans, however, should take place within a reasonable time and will take place.”
– this will serve appropriate and decisive action taken in consultation with the Committee of Financial Stability, which I am chairman of the macro-prudential functions. These actions will provide banks with strong incentives for self-restructuring loans through negotiation with customers – said the president of the NBP.
He said that at the next meeting of the Financial Stability Committee, on August 10, will propose the appointment of a special working group. restructuring of foreign currency housing loans, whose task will be to present the final concept.
PAP, abo
No comments:
Post a Comment