President of the Polish Bank Association Krzysztof Pietraszkiewicz (C) and Vice Mieczyslaw Peas (L) and Jerzy bubble (P), during a press conference dedicated to the implementation of the package of proposals for adjusting the current operating conditions of loans in Swiss francs to the current capabilities of borrowers , photo:
The date of January 15, 2015 r. Bank customers, who a few years ago into debt in the Swiss currency will remember for years. On this day, probably in some of them even before noon was observed przedzawałowy state. His reason was the unexpected decision of the Swiss central bank (SNB), which announced that it will no longer defend its currency. So far, the SNB remained so. pegged the franc to the common currency – the euro could cost less than 1.20 franc.
The decision of the Swiss bankers caused panic in the markets and helwecka hard currency began to gain in value, including against the zloty. Approx. h. 11 many people niedowierzało when trading charts showed that for the franc had to pay up to a record 5.19 zł, while the day before it was “only” 3.57 zł. Did not calm investors surprised even the fact that the SNB lowered to sweeten the interest rate to -0.75 percent.
Polish Bank Association Recommendations for loans in Swiss francs
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While in the following days the exchange rate of the Swiss currency somewhat calmed down (on a Friday night it was paid 4.24 zł), is approx. 550 thousand. Polish borrowers in debt in the currency of the horror had as much to increase their monthly payments.
Negative LIBOR
This situation has led to the convening of the beginning of the week Stability Committee Financial participation in which – apart from the heads of the Ministry of Finance, National Bank of Poland, Polish Financial Supervision Authority and BGK – representatives of the banks. Bankers declared that in calculating the borrowers frankowym installment will take into account the negative franc LIBOR, and some of them announced that it will reduce the foreign exchange spreads.
The LIBOR is the interest rate of loans granted in the international market in London. It is the basis of interest on foreign currency loans – banks add on to it their profit margin. The lower the LIBOR, the lower the interest rate on the loan.
the PBA recommends altering the
On Friday the Polish Bank Association recommended a number of proposals to banks, which would relieve borrowers frankowych. According to these banks for the calculation of interest on installment payments would take into account the negative LIBOR for the Swiss franc. They pointed out, however, that this does not mean that the interest rate could fall below zero. In addition, half of the year would be significantly reduced rate spread, ie the difference between the sales price and the purchase francs to repay the installments. In addition, the borrower, if credited lives in the property, could apply for an extension of the repayment period or temporary suspension of repayment of principal installment.
the PBA has also suggested that banks abandoned the request of the new security and insurance loans from borrowers who have so far timely repaid in installments. In addition, the bankers would not charge a commission, if the borrower wants to replace the (at the average rate of NBP) loan currency – the gold francs. Banks would also apply more flexible rules for restructuring mortgages.
Banks open umbrella
Several banks, however, already in the middle of the week to take informed decisions on the milder treatment indebted in Swiss currency.
PKO BP reported that from 27 January to 30 June. will use the 1-percent. spread when handling franc mortgages. It will also take into account the negative LIBOR and will extend the maturity date within the maximum period of the loan. The Bank currently does not intend to introduce additional security of those borrowers whose debt exceeds the value of the loan.
On the other hand, Getin Noble Bank on Thursday lowered temporarily Swiss franc spread to 2.5 percent. The Bank also announced that it will take into account the negative LIBOR.
ING Bank Slaski announced that from 15 January until the end of the year to settle mortgage rates franc will use the average exchange rate of the NBP. He also stressed that their customers from December last year lowers the interest rate on the loan in francs of negative LIBOR.
Taking into account the negative Libor spread and use of a lower rate also announced mBank, which reported that it plans to help its customers extending the loan term.
In contrast, Raiffeisen Polbank announced that it intends to require additional collateral from borrowers franc debt, and that will take into account the negative LIBOR for that currency.
Does the government will also help?
Now the movement should do the Ministry of Finance, as the head of Mateusz Szczurek reported that the Ministry of Finance is considering the introduction of favorable tax solutions for borrowers, which banks umorzyłyby part of the debt. Today, such redemption is subject to tax.
The Minister of Finance of currency translation and cheaper zloty loans
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