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Wednesday, February 28, 2024

Credit holidays. Sejm: the bill returns to the parliamentary committee

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The Sejm is continuing work on the bill, which provides for the introduction of, inter alia, credit holidays in 2022 and 2023. The second reading of the draft took place on Wednesday, during which the deputies tabled amendments. The proposed regulations will again be submitted to the parliamentary public finance committee.

On Wednesday, the second reading of the bill on crowdfunding for business ventures and assistance to borrowers took place in the Sejm. The project provides, inter alia, the possibility of taking advantage of credit holidays by the owners of PLN mortgage loans. According to the proposal, the borrower will be able to use this solution for two months in each of the last two quarters of 2022 and for one month in each quarter of 2023.

Help for borrowers – corrections

During the debate accompanying the second reading, MPs from opposition clubs and circles tabled further amendments to the bill.

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Daria Gosek-Popiołek from Lewica proposed that a larger group of borrowers could use the Borrowers Support Fund. Jacek Protasiewicz from the Polish Coalition submitted amendments aimed at reducing the margin for banks granting loans to zero, which would have an impact on reducing monthly installments by several hundred zlotys. Another amendment provides for the elimination of the so-called Beams tax.

Paulina Hennig-Kloska from Poland 2050, in turn, submitted an amendment so that borrowers who are in the most difficult situation should be entitled to credit holidays of up to 10 percent. the duration of the loan agreement.

Also read: How much can loan installments increase? Latest calculations

Representatives of opposition clubs generally criticized the government solutions as, in their opinion, insufficient. They also pointed out that On Wednesday, the Monetary Policy Council made a decision on the next one an increase in interest rateswhich will result in a further increase in loan installments.

PAP / Maciej Zieliński

Piotr Patkowski on three pillars

Deputy finance minister Piotr Patkowski explained that the new regulations have three pillars. First of all, it is about “already relief” in the form of credit holidays for all borrowers, without labeling them. Secondly, it is about changes to the Borrowers Support Fund so that more people in need can benefit from it. Patkowski added that it enjoys more and more interest. The third pillar – as the deputy minister said – is a key systemic change, which is to help not only now but also in the future. It is about indicating a substitute for the WIBOR indicator.

Patkowski added that the ministry also encourages commercial banks to increase interest rates on bank deposits. He noted that the two state-owned banks “significantly increased interest rates on deposits”.

Also read: What if not interest rate hikes? Economists point to “other tools”

Other changes

In addition to solutions related to aid for borrowers, the project also assumes the adaptation of Polish regulations to EU solutions regarding the operation of crowdfunding platforms, i.e. those that are used to finance crowdfunding for business ventures. The activities of crowdfunding platforms will be regulated, and they will be supervised by the Polish Financial Supervision Authority.

Thanks to the proposed amendment, small and medium-sized enterprises, in particular start-ups, are to benefit. Limits will be raised for them, which will allow them to obtain more capital, e.g. for investments.

Main photo source: PAP / Radek Pietruszka

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