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Credit holidays 2024. Minister Domański explains the reason for the delay

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Regarding credit holidays, I was asked to provide additional information and scenarios. We will return with the project soon, announced Finance Minister Andrzej Domański on Wednesday.

According to Tuesday’s agenda of the Council of Ministers, the government was to deal with a draft amendment to the Act on support for borrowers who have taken out a housing loan and are in a difficult financial situation and the Act on crowdfunding for business ventures and assistance to borrowers. On Wednesday, Domański was asked on Radio One why the government did not accept this project on Tuesday.

Why the delay? “Scenario analysis in progress”

– Yesterday at the Council of Ministers we discussed, among others: very important changes regarding the depoliticization of the National Council of the Judiciary. We had a very long discussion about the situation in the agricultural sector, said Domański. – When it comes to credit holidays, I was asked to present additional information and additional scenarios – emphasized the head of the Ministry of Finance. The minister assured that the intention is to “provide solutions that protect borrowers in a situation of still high interest rates.” – In particular, I mean those people who have problems with repaying loans due to… interest rates they increased so quickly in Poland – he explained. As he added, “we are talking about potentially making the Borrower Support Fund more attractive.” – When it comes to the so-called credit holidays, scenario analysis is ongoing – he pointed out. When asked when these analyzes would be presented to the Council of Ministers, he replied: “After yesterday’s Council of Ministers, we started work and I think we will be back with the project soon, very soon.”

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New rules for credit holidays

The Ministry of Finance, which prepared the project, previously informed that borrowers whose installments exceed 35%. income, they will be able to take the holidays twice in the second quarter of this year, and in the next two quarters it will be possible to suspend one installment each. The project also includes provisions under which the installment to income ratio will be reduced (from 50 to 40 percent), entitling the borrower to receive support from the Borrower Support Fund. This indicator means the ratio of expenses for the monthly mortgage loan installment to household income. At the same time, the project includes, among others: it is proposed that the 64 installments of the refund of support or a loan to repay debt should be waived after the repayment of 134 installments without delay. Current regulations allow for the cancellation of 44 installments after repayment of 100 installments. The change will allow the redemption amount to reach PLN 33,000. PLN instead of the current PLN 22,000. zloty.

The period during which support can be provided is to be extended from the current 36 to 40 months, and the value of maximum support is to be increased from the current level of PLN 2,000. PLN up to PLN 2.5 thousand zloty. The repayment period of the support or loan will also be extended from the current 144 installments to 200 installments.

In the case of credit holidays, which could be used in 2022-2023, there were no income restrictions. So anyone could use them. In 2022, holidays could be taken within two months of the third and fourth quarters, while in 2023, holidays could be taken within one month in each of the four quarters. In the regulatory impact assessment for the draft amendment to the Act, it was stated that, according to estimates prepared based on data from the Office of the Polish Financial Supervision Authority, the maximum annual cost, assuming that 100% of people will use the instrument. entitled persons, is approximately PLN 3.6 billion. At the same time, assuming that the same percentage of eligible persons will benefit from the credit holidays as from the previous credit holidays, the estimated cost for the banking sector will be PLN 2.5 billion.

Main photo source: Photocon/Shutterstock

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