Factsheet for measure
PL-2020-12/834
–
Updated
– measures in Poland
Optional credit and mortgage freezes
Możliwość wystąpienia o "wakacje" kredytowe
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Country
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Poland
, applies nationwide
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Time period
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Open ended, started on 16 March 2020
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Context
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COVID-19
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Type
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Company practices
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Category
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Measures to prevent social hardship
– Preventing over-indebtedness
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Author
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Jan Czarzasty (Warsaw School of Economics)
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Measure added
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11 May 2020 (updated 16 August 2021)
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Background information
As of May banks associated in the sectoral umbrella organisation, the Union of Polish Banks (Związek Banków Polskich, ZBP) offer their clients with open credit lines and mortgages a opportunity to file for a 'grace period' in paying installements for up to three months. This is the internal decision of the national banking association, which have nothing to do with the public policy measures under debate (as of 11 May).
Komunikat ZBP w sprawie działań pomocowych podejmowanych przez banki w związku z pandemią koronawirusa COVID-19.
Content of measure
Mortgage holders may apply to their respective creditors (banks) for a grace period of up to three months, during which period their monthly payments will be suspended (prolongated). As the measure serves only as a guidelines, each member bank may determine specific conditions of their own. In some banks the suspension/prolongation of payments applies only to capital, in others - extend it also to interest. Some banks stick to the suggested duration of three months, while others extend it to six months. The packages offered by banks are monitored by public authorities in order to prevent 'slipping in' of unfair clauses into the procedures.
Updates
The following updates to this measure have been made after it came into effect.
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12 August 2021
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Under the Anti-Crisis Shield 4.0, the credit and mortgage freeze for up to three months is facilitated by law. All banks are bound by the regulation and cannot refuse if the applicant proves they lost their job/source of other main source income after 13 March 2020 due to pandemic.
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25 June 2021
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The District Court in Warsaw ruled certain clauses exercised by banks while coming into agreement to freeze credits denominated in Swiss Francs (CHF) with customers illegal. In particular, the ruling concerned the 'non-contradiction clause' (no contest to the liability to the bank) and) 'balance clause' (no contest to the volume of liability to the bank). Putting the ruling into context, it is important development in the ongoing battle of CHF-denominated credit holders against the banks aiming to eliminate the exchange rate fluctuations as a factor impacting the value of liability.
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Use of measure
According to the data released by ZBP, until the end of April some 800,000 applications have been submitted to the banks.
Contents
Target groups
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Workers
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Businesses
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Citizens
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Does not apply to workers
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Does not apply to businesses
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Applies to all citizens
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Actors and funding
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Actors
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Funding
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Employers' organisations
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Companies
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Social partners
Social partners' role in
designing the measure
and form of involvement:
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Trade unions
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Employers' organisations
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Role
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No involvement
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No involvement
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Form
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Not applicable
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Not applicable
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Social partners' role in the
implementation, monitoring and assessment phase:
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No involvement
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Main level of involvement: Company level
Involvement
Except for ZBP, no involvement.
Views and reactions
ZBP is formally not employers' organisation, thus it is not a social partner.
Sectors and occupations
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This case is sector-specific (only private sector)
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Economic area
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Sector (NACE level 2)
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K - Financial And Insurance Activities
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K64 Financial service activities, except insurance and pension funding
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This case is not occupation-specific.
Sources
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16 March 2020: ZBP Communication regarding the assitance provided by banks in the context of the COVID 19 pandemics
(www.zbp.pl)
