When Tomasz Sadlik took out his mortgage in 2007 to buy a Krakow office for his translation business he needed to borrow 600,000 zlotys ($193,000).
He now owes 1.1m zlotys, because he took the loan not in the Polish currency but in Swiss francs, something that was very popular before the crisis because of the lower interest rates charged on franc-denominated loans. Read more
Polish banks’ earnings are set to take a hit next year after the lower house of parliament approved a new quasi tax, which could take away up to 8 per cent of the sector’s earnings.
MPs voted on Friday to approve aproposal to create a stabilization fund that will be used to bailout banks threatened with insolvency. The fund will be managed by the Bank Guarantee Fund (BGF), which was set up in February 1995 to guarantee bank deposits and prevent banks from going under. Read more
Monoethnic and monocultural Poland is becoming a more interesting place as it becomes wealthier, with the latest sign of its growing international attraction being the plans of a Vietnamese bank to start operations in Poland.
Vietinbank, the second largest partly private bank in Vietnam, is planning on expanding its foreign network, which currently includes two branches in Germany and one in neighbouring Laos. Read more
Polish borrowers are about to lose one of the last vestiges of the long-gone real estate boom – the ability to borrow lots of money in a foreign currency.
The Polish Financial Supervision Authority (KNF) is preparing to throttle what little remains of forex lending later this year, limiting such loans only to people actually earning euros or Swiss francs. Read more