Finance
21:01 23 March 2020
Post by: WBJ

ZPF shocked by UOKiK's proposals for so-called anti-crisis package

ZPF shocked by UOKiK's proposals for so-called anti-crisis package
Source: ZPF

On Saturday, March 21, proposals for individual departments and public administration offices were added to the draft act amending the act on specific solutions related to the prevention, prevention and combating of COVID-19. Entities associated with the Association of Financial Companies in Poland (ZPF) assess competition watchdog's (UOKiK) proposals as leading to the liquidation of a legally operating part of the financial market sector and express strong opposition to them. They do not provide effects that minimize the effects of SARS-CoV-2 virus spread but reinforce them.

UOKiK proposes that, at the borrower's request, the creditor will be obliged to suspend the repayment of a consumer loan or mortgage for a period of 365 days (after this date the proposed provisions would lose their force). Another UOKiK proposal is to limit the maximum non-interest cost of consumer credit.


"The proposal to reduce the limit of non-interest loan costs has not been measured in any way as to its effects, hence the decision to implement it, which currently has no substantive justification, is particularly risky during the crisis period," Andrzej Roter, President of the Board of ZPF, indicates.

In his opinion, it is not possible to measure these effects immediately, i.e. at the pace of work on the proposals included in the anti-crisis package, so any substantive discussion on this issue should be postponed

WBJ)


uokik
zpf
andrzej roter
anti-crisis package

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