Not so deep
The ratio of Polish households' financial commitments to their financial assets is 25 percent, compared with 35 percent in Europe, according to the CEO of Pekao SA, Jan Krzysztof Bielecki.
He claims that Poles are more careful in taking loans than Western Europeans and that banks in Poland assess risk more rigorously than in other EU countries.
Although these factors bode well for Polish families, Bielecki adds that he is concerned with the high interest rates of foreign currency loans. In his mind, a large amount of the mortgages that are granted in Swiss franks (in themselves constituting 50 percent of all mortgages), are "quite controversial."
Overall, Bielecki still sees positives in the development of the Polish mortgage market, since there is high demand for a variety of different types of accommodation.
But what the CEO doesn't see is the increase in competition among banks resulting in low risk assessments. "All banks, except mutual savings banks, are obliged to meet the risk assessment criteria set forth by the Basel Committee before 2007," he explains.
To keep families on the right track and out of debt, "we need a stable macroeconomic and monetary environment, low interest rates, risk limitations, and a constant increase in the Polish standard of living," says Bielecki. (PAP, A.Ł.)
He claims that Poles are more careful in taking loans than Western Europeans and that banks in Poland assess risk more rigorously than in other EU countries.
Although these factors bode well for Polish families, Bielecki adds that he is concerned with the high interest rates of foreign currency loans. In his mind, a large amount of the mortgages that are granted in Swiss franks (in themselves constituting 50 percent of all mortgages), are "quite controversial."
Overall, Bielecki still sees positives in the development of the Polish mortgage market, since there is high demand for a variety of different types of accommodation.
But what the CEO doesn't see is the increase in competition among banks resulting in low risk assessments. "All banks, except mutual savings banks, are obliged to meet the risk assessment criteria set forth by the Basel Committee before 2007," he explains.
To keep families on the right track and out of debt, "we need a stable macroeconomic and monetary environment, low interest rates, risk limitations, and a constant increase in the Polish standard of living," says Bielecki. (PAP, A.Ł.)
