Silver lining to mortgages

Banks in Poland have tightened their loan procedures and mortgage down payment requirements, as a response to the financial crisis. However, analysts at Dom Kredytowy Notus are optimistic when it comes to the Polish credit market in 2009.

According to Dom Kredytowy Notus, analysts expect interest rates to drop. "We expect the National Bank of Poland to follow in the footsteps of most central banks in Europe and lower their interest rates in 2009 with the possibility of the Monetary Policy Council deciding to cut rates in 2008," Aleksander Paszyński, spokersperson at Dom Kredytowy Notus told WBJ. "The scale of drops will reach around 1.5 percentage points up to the end of 2009. This means lower rates for credit takers," he added. (AO)