Polish banking to act in customers' favour

Poland’s lenders accepted the offer made by the Polish Bank Association (ZBP) to implement pro-consumer policy regarding franc-denominated loans, the ZBP informed at the press conference on Thursday. Polish banks will take the negative LIBOR interest rates into consideration while dealing with the CHF appreciation and reduce spreads. What is more, they may establish a two-year “loan vacations” for those debtors who apply for such solution. “It is so that the customer does not have to pay an installment higher than before the SNB [the Switzerland National Bank] decision,” the President of the ZBP Krzysztof Pietraszkiewicz said. Another proposal is that, the lenders will not demand any additional loan securities from the debtors who do regular repayments. The ZBP wants the lenders to implement the new solutions starting February 1. On Wednesday, the Ministry of the Economy suggested, among others, establishing s three-year “loan vacations” and incorporating the negative LIBOR interest rates in payment calculation.