NBP: Banking tax may affect lending

Central Bank NBP said in a inflation projection report that the new banking tax may negatively affect lending, and thus investments. "Introduction of the tax on select financial institutions will lead to increased costs of bank services and tightening of lending criteria," the NBP wrote. "Hence, the tax may contribute to decelerated lending, having a negative impact on corporate investments." "It is expected that the introduced bank tax will have a smaller impact on availability of consumer loans - as compared to business loans and mortgages - due to their higher average interest," the report said. Poland imposed a tax of 0.44 percent on bank assets over PLN 4 bln, excluding T-papers, and the same tax on insurer assets over PLN 2 bln.