credit holidays. Not everyone is satisfied. Expert: Government policy is funny

“National Politics” Bank Polski (NBP) exacerbates the problems of borrowers more and more. The government is trying to relieve them, but the measures that have been implemented have not been well received by everyone,” wrote Daniel Emwinkelried in the weekend issue of the leading German newspaper, Handelsblatt.

The author states that since the beginning of August these rules have entered into force in Poland “credit holidaysHe explains that people who have mortgages will be able to defer the loan installment eight times by the end of 2023.

Economist Piotr Kuczynski of the investment house Xelion in Warsaw, citing editors, believes that the government’s policy is “ridiculous.” In his view of the fact that the premiums credits It will only be transferred, while the banks will not incur financial losses in the medium term, but will lose “a significant amount of liquidity”. As the author notes, Prime Minister Mateusz Morawiecki estimated the cost at 20 billion PLN, or 4.19 billion euros.

Discounts for everyone

Piotr Kuczyński also criticizes the government’s principle of equal distribution of tax breaks. From holidays All debtors should take advantage of credit cards, regardless of their financial situation. Moreover, many owners Real estate Until recently, he benefited greatly from the low interest.

Inflation rose to 15.6 per cent in June, Daniel Emwincklered recalls. (According to the Central Bureau of Statistics 15.5 percent – editorial note). NBP is trying to fight price hikes with a policy “a bit tougher than the European Central Bank (ECB)”, as assessed by journalist Handelsblatt. The benchmark rate in Poland rose to 6.5%, the highest level in 17 years.

The ruler of the NBP made a mistake, like everyone else

“For the Poles, such a rapid increase (in interest rates) is a surprise” – the author emphasizes, noting that in 2020 the head of the National Bank of Poland Adam Glapinski announced that an interest rate increase was not expected. “He was wrong, like all the heads of the issuing banks” – noted Daniel Emwinkled.

According to “Handelsblatt”, the reception of Poles “is relatively low a wage“NBP policy has become a bigger problem. As Piotr Kuczyński explains, about 90% of mortgages in Poland have a variable interest rate, which means that many borrowers are forced to pay much higher monthly payments due to the high rate of inflation.

The basis for calculating the interest rate for banks is WIBOR (Warsaw Interbank Offer Rate), to which a margin is added. From last October, the price of WIBOR increased by 0.2 percent. Up to 7 percent “Residential ownership in Poland has become more expensive” – ​​concludes the author.

Take the vacation credit money and go on vacation? Better not!

Dirty election campaign

The economic and social effects of higher interest rates are clearly a problem for the government, Handelsblatt estimates. From the authorities’ point of view, rising inflation is even more dangerous as elections will take place in the fall of 2023. Already now everything indicates that it will be a dirty electoral battle between the ruling Law and Justice party and the conservative liberal opposition from Donald Tusk’s party.

Tusk planned larger exemptions for borrowers than those forced by Morawiecki. He proposed freezing mortgage rates at the December 2021 level, without prejudging who – the state or the banks – would cover the costs of the difference between the market rate and the specified cap.

credit holidays. How do I apply? Will they affect creditworthiness?

Morawiecki threatens banks

The Polish government did not want to go that far, although middle-class mortgage holders are considered voters with changing political preferences. For this reason, both major political camps want to win them over to their side, as we read in Handelsblatt.

On the other hand, Moraviki used a “rough tone” towards the financial sector. The prime minister threatened to punish any attempt by the banks to disrupt the government’s activities. “I have seen the results of the first semester of banks, they are very good, and we do not have to feel sorry for them,” the newspaper quoted Prime Minister Handelsblatt as saying.

Morawiecki himself was a banker – Kuczyński comments. Perhaps he knows that the banks are not the dear ones of society.”

The article comes from the site Deutsche Welle