This decision was taken in fear for the stability of the banking sector. – The Act gives real benefits to borrowers, not only frankowiczom, but where loans were indexed or denominated in Swiss francs . To ensure the stability of the banking sector – said Maciej Lopinski, Secretary of State in the Chancellery of the President.
The difficult situation and concerns about the health of the banking sector resulted from the decision of the UK to leave the EU and the difficult situation of the banking sector in Italy.
– This is the first stage. The project concerns the least controversial issues. We start from the spread , but it does not end up on this. Banks will have time to through a compromise procedure lead to conversion – said Łopiński.
Foreign currency loans frankowych later
Same forcing banks to conversion is to take care of the Financial Stability Committee (KSF). It has to be done in the course of the supervisory board, so that banks have seen benefits in the currency translation .
– Credit francs do not at the moment of risk to the stability of the financial sector. They are well supported. We recognize, however, such a risk in the long term – emphasized Adam Glapiński, NBP president and chairman of the KSF.
President of the NBP he explained that he asked the President to postpone conversion. He pointed at the possible repercussions on the zloty or potential damages, which would have to pay the Treasury to investors.
He announced at the same time that the conversion occurs, and this process will be gradual and controlled. – August 10 I will request the establishment of Working Group. Conversion of mortgage loans – he said.
– the advantage of this solution (restructuring through regulatory agencies – ed.) is to avoid potential damages for which they could apply for foreign shareholders of Polish banks – argued Glapiński.
currency conversion is to take place through the one hand, increased prudential requirements for banks with a large portfolio of currency loans , on the other recommendations on how restructuring which favors conversion. Raised to appropriate risk weights, which will make banks burdened with such loans will be forced to raise capital, but more has to be profitable for them to restructure loans.
– Restructuring will require the consent of customers, which will make the conversion will have to be attractive to them – stressed Glapiński.
the first conversion is concern borrowers in the most difficult situations , which you will be able to determine, among others, thanks to such indicators as the LTV (loan to value ratio of real estate). One of the measures proposed by the supervisor will be able to get rid of the houses in exchange for the release of debt.
– I imagine ourselves that appropriate solutions will be ready in October – said Glapiński.
the return spreads
According to the Act, the borrower will be able to turn to the bank for the calculation of the amounts spreadowych that overpaid, and this will present him full information. Reimbursement spreads will be possible in spite of repaying the loan or termination. The costs of refunding excess spreads were estimated at 3,6-4 billion zł per year.
What it is spread? The spread is the difference between buying and selling rate currency and reflects the fees charged for currency exchange. The project presidential promises that the minimum fee of 0.5 per cent. deviations from the average exchange rate of NBP will be awarded to banks. The remaining part is to be returned to customers through nadpłacenie capital loan. In addition, it imposed a limit of 350 thousand. zł per person, which limits the return of borrowers. This does not exclude people who took a larger loan, but take into account the spreads on the amounts of only up to the limits.
conversion mechanism lies in the fact that the rates at which banks recount the first amount of the loan, and payments will be adjusted to the NBP average exchange rates with a margin of 0.5 percent. The resulting difference will reduce the remaining capital to repay.
According to calculations by the Office of the President will give the relief to borrowers at the level of a few to several percent of the loan amount.
the return of overpaid spread it was one of several proposals developed by an expert team, which finished work in June. Others included several variants of the so-called. righteous course, after which would be translated in loans, as well as the ability to donate an apartment in exchange for the release of debt.
What else promised frankowiczom
the slim design is a far departure from what the president Andrzej Duda promised in the election campaign. “I think that These loans could be translated in the course, after which they were taken . I will try to intervene in the matter (…) The president has enormous legitimacy to settle difficult issues on the state level” – he said in may last year.
Even the first draft of the Office of the President from leaving the announcement. Introduced for the so-called. righteous course, which was used for conversion of loans. He was a little less favorable to borrowers from the rate of borrowing. The project also gave frankowiczom opportunity to donate an apartment for relief from debt. Soon, however, it counted the cost of implementing this law into effect would be enormous. Polish National Bank has estimated it at 44 million zł, and Financial Supervision Authority on 67 billion zł. Moreover, in accordance with international accounting standards the cost of these can not be spread out over time.
So strong interference in the banking sector he met with serious criticism. Project accused, that such a large load is not acceptable to banks, which in February this year have been burdened with bank tax , and their imposition may lead to a banking crisis.
Banks breathe a sigh
According to previous analysis of KNF return wrongly spreads could cost banks from 12.1 to 15.2 billion zł, but as you can see the presidential project has considerably reduced these costs. That cost even within one year will be painful for the industry, but does not threaten its stability. Already the first Leakage in. Details of the project resulted in a rebound of investors, especially in the case of Getin Noble Bank . Listing of shares of the bank, which in the last year has lost more than half of the value, started the day in positive territory. Even prior to 10:00 recorded a growth of over 16 percent. In the case of Bank Millennium was 13 per cent., MBank 4.91 percent. PKO BP 6.3 percent. After the announcement of proposed rate banks jumped even harder up, Getin Noble about 11:36 gained more than 20 percent.
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