– In our opinion, there are currently no grounds for such a form of assistance, which is confirmed by statistics. Less than 3 percent of all active mortgage loans are covered by the holiday – informed the vice-president of the Polish Bank Association (ZBP) Agnieszka Wachnicka during the Economic Forum in Karpacz. The mortgage installments could be suspended twice between 1 June and 31 August, and it will be possible to do so twice between 1 September and 31 December.
Currently, less than 3 percent of all active mortgage loans are covered by the credit holiday, indicated Agnieszka Wachnicka, vice-president of the Polish Bank Association (ZBP), in an interview with PAP during the Economic Forum in Karpacz.
The deputy head of the Polish Bank Association stressed that the banking sector hopes that the mechanism will be implemented next year. credit holidays will not function. – In our opinion, there are currently no grounds for such a form of assistance, which is confirmed by statistics. Less than 3% of all active mortgage loans are covered by the holidays. This is a very small number – she indicated.
According to calculations by the Ministry of Finance, credit holidays in 2024 are to cost banks PLN 4.7 billion. In previous years, this cost amounted to over PLN 15 billion. This year's cost is lower due to the introduction of new conditions enabling the use of this solution, significantly limiting its availability to borrowers.
Costs of credit holidays
Wachnicka added that the cost of credit holidays will be lower than the Association had previously estimated. – We estimated the effects of full use of the holidays at around PLN 2.5-3 billion. Certainly, with the current scale of use, this cost will be lower – she informed.
She recalled that the previous edition of the credit holidays cost banks approximately PLN 15 billion.
Wachnicka also reported that the average amounts of mortgage loans have recently increased and the credit period has shortened. – This is a new phenomenon, because a few years ago the value of the loan was around PLN 300,000 and it was spread over up to 30 years. Today, the average mortgage loan is worth around PLN 420,000 and the credit period is an average of 22.5 years – she added.
The deputy head of the Polish Bank Association explained that this situation is related to the dynamic growth of wages over the last two years and the improvement of creditworthiness.
Credit holiday terms in 2025. Availability restrictions
The 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 Enterprises and Assistance to Borrowers was passed by the Sejm on April 12. It provides for the extension of credit holidays to 2024. Housing loan installments – as provided for in the amended regulations – can be suspended twice in the period from June 1 to August 31 and twice between September 1 and December 31.
According to the amendment, borrowers will be able to take advantage of the possibility of suspending the payment of the loan installment twice in the period from June 1 to August 31 and twice between September 1 and December 31. This solution will be available to people whose installment exceeds 30% of the household income, calculated as an average for the previous three months, or people who have at least three children on the day of submitting the application. The suspension of loan repayment in these periods will be available when the value of the granted loan does not exceed PLN 1.2 million. According to information presented by representatives of the Ministry of Finance, a maximum of 562 thousand borrowers will be able to take advantage of the loan holidays this year.
The extension of the credit holidays will mean a loss of PLN 625 million in CIT tax for the state budget, which will not be paid by banks.
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