Banking sector overview | Banking today and tomorrow | October 2024
The Ministry of Finance announces changes to bank tax formula
The Ministry of Finance is working on changes to the bank tax structure that will make it more profitable for banks to provide strong financing to the economy, while maintaining budget revenues, as announced by the Minister of Finance Andrzej Domański. He also announced that later this year he will present the directions of the capital market development plan.
Source: Bank.pl
Flood-affected businesses eligible for deferral of loan repayments
Flood-affected companies that are repaying loans may expect a suspension of payments. The Polish Bank Association is set to introduce a moratorium, and pending its approval by the European Banking Authority, banks are already launching assistance based on prepared solutions. Borrowers may expect a deferral of loan repayments of up to three months.
Source: Prawo.pl
That’s how the frontline of the fight against WIBOR looks like. Law firms spread disinformation
Recent years have sparked dissatisfaction among clients repaying variable interest rate mortgages based on WIBOR. In still relatively few cases, courts have so far dismissed borrowers’ claims. In the grounds for judgments, judges are emphasizing the official nature of the index, and its supervision and approval by the Polish Financial Supervision Authority. Judges are also refuting allegations that banks set WIBOR rates or loan interest rates independently.
Source: Business Insider
Polish government firmly behind WIBOR? A key document that may contain surprises
The Polish government’s opinion on WIBOR, which, along with a bank’s margin, determines the loan interest rate, is due to be submitted to the Court of Justice of the European Union by 23 October. The content of that document could determine the Court of Justice line of case law and decide whether WIBOR may have been manipulated by banks and whether there are chances to challenge it.
Source: Wyborcza.pl
When will banks stop making a fortune on interest? Not so fast
Even if interest rates in Poland drop next year, this will not necessarily translate into a significant drop in net interest income, and consequently in the sector’s profits, analysts estimate. Nevertheless, everything depends on the scale of cuts by the Monetary Policy Council.
Source: Parkiet.pl
Cooperative banks and their role in financing the needs of the Polish economy
Cooperative banks, by balance sheet total, account for about 7% of the banking sector. As they are close to local communities, local governments as well as micro, small and medium-sized enterprises – they perfectly recognize the needs of the market. They are of fundamental importance in the context of the expected economic recovery and increased investments in the second half of 2024 and 2025.
Source: Bank.pl
Blik approved by the National Bank of Romania
The press office of Polish Payment Standard (Blik’s operator) has announced that its Romanian company, Blik Romania, has obtained authorization from the National Bank of Romania for the operation in Romania. The decision will enable the development of the Blik payment system in the local currency and the establishment of cooperation with Romanian payment service providers. According to the information provided, no other authorizations and/or licenses are required by Romanian law.
Source: Cashless.pl
Banks won’t take a break from transformation
According to consulting companies’ forecasts, the banking sector should expect the next wave of transformation to make good use of the acceleration of technological progress triggered primarily by the good reception and integration of generative AI solutions.
Source: iTwiz
Questions? Find out how we support banks and financial institutions.
See also
Banking today and tomorrow | An overview of the banking sector | September 2024
