Limits to foreign mortgages to be implemented later

APA - Austria Presse Agentur
opublikowano: 23-02-2006, 13:55

Warsaw (Puls Biznesu) – Banks are preparing their proposal concerning the mortgages in foreign currencies. The limitations in these credits will not be implemented in the near future.

Warsaw (Puls Biznesu) – Banks are preparing their proposal concerning the mortgages in foreign currencies. The limitations in these credits will not be implemented in the near future.

The Association of the Polish Banks hosted the meeting of state bank authorities GINB with the representatives of the biggest banks. GINB has recently proposed to limit the access to mortgages in foreign currencies.

“All banks active in the mortgage market denominated in foreign currencies said that GINB’s proposal went too far. The costs of this change would be extremely high for banks. GINB agreed with us”, one of the participants of the meeting said.

GINB wanted banks to secure loans up to 100 percent of their value. In addition, the requirement would concern not only new credits but also the loans given earlier. According to experts, banks would suddenly lack PLN 17 billion (EUR 4.5 billion), or over 30 percent of their present capitals.

“Preliminary analyses show that banks would lack PLN 15-20 billion of capital. In addition, some banks would have to double their capitals”, Jozef Wancer, the CEO of Bank BPH, one of the leaders in the mortgage market said.

“We have agreed with GINB that banks will prepare their own proposal how to limit foreign mortgage loans till March 3rd. We believe that the final document will be a compilation of our proposal and GINB’s analysis. We also hope that even if the limits are bigger than we would like them, they will be implemented with a delay”, the source said.

Restrictions will probably not be implemented on April 1st as GINB expected before.

(PLN 1 = EUR 0.264)



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Podpis: APA - Austria Presse Agentur

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