- The Council of Ministers has passed a bill on crowdfunding for business enterprises and assistance to borrowers.
- The concept contains a package of changes for people with a mortgage loan.
- The solutions include loan vacations, grants on loans from the Borrower Support Fund with additional resources, and a replacement for the WIBOR ratio.
- Thanks to this, the government will provide financial assistance to approximately 2 million Poles who have problems repaying loans due to inflation.
We want our proposals to be used by the largest possible number of Poles who have mortgages, who may have problems with their repayment. That is why we have drawn up a total package of solutions that consists of three pillars. This is the possibility to postpone the repayment of loan installments for all mortgage borrowers with loans in Polish zloty, grants to loans for people in difficult financial situation and the replacement of the WIBOR ratio with a new, more favorable ratio, which will ensure a reduction in the amount of loan installments. Our estimates show that approximately 2 million mortgage borrowers will feel the positive effects of this program
– points to the Minister of Finance Magdalena Rzeczkowska.
During the consultations, the project received wide interest. This confirms that it addresses an important social problem that has arisen in the mortgage market. Thanks to the consultation, it was possible to clarify, among other things, the solutions in the project, the fact that it will be possible to use credit holidays to meet your own housing needs, and the application for suspension of the execution of the agreement can be made on paper or submitted electronically, including through electronic banking. We want regulations to enable efficient functioning of banks and be as friendly as possible to borrowers
† points to Deputy Finance Minister Piotr Patkowski.
Credit holidays for everyone
It is possible to suspend the repayment of mortgage installments for 8 months. Borrowers can use them in every two months of the third and fourth quarters of the current year and one month in each of the 2023 quarters. Credit holidays apply to both the capital portion and the interest portion of the term. The repayment date is postponed without additional interest. The solution will be available to all borrowers who have loans in Polish zlotys. As a result, for example, a borrower whose monthly repayment is PLN 2,400 will reduce his charges by PLN 19,200.
New indicator instead of WIBOR
The high level of the WIBOR ratio translates into an increase in loan repayments. Therefore, we plan to replace it with another indicator that will reduce the amount of loan payments. The process of appointing a replacement for WIBOR is regulated by law.
The procedure for appointing a replacement, after the event specified in the EU Weapons of Mass Destruction Regulation, will be initiated by the Polish Financial Supervision Authority. The Financial Stability Commission will be involved in the process (with representatives from all financial safety net institutions) to arrive at the best solution. Ultimately, the minister competent for financial institutions will be able to determine the deputy by decree.
If it is not possible to appoint a deputy in this way, the legislator has provided for the possibility to appoint a deputy for WIBOR on the basis of the POLONIA rate. It can also be established by regulation by the Minister responsible for financial institutions. By replacing WIBOR with a different ratio, borrowers will have additional funds in their portfolio – in total about PLN 1 billion per year.
Grants from the Borrower Support Fund
The Borrower Support Fund can be used today. However, thanks to the proposed changes, it will receive additional resources. As a result, the Fund’s budget will increase to more than PLN 2 billion by 2022 and will be able to support even more mortgage borrowers. It is possible to submit an application for support from the fund online.
To use the support, one of the following conditions must be met:
- at least one of the borrowers is unemployed;
- monthly housing maintenance costs over 50%. monthly income;
- the monthly income after deducting the borrowing costs does not exceed PLN 1,552 / person in 2022. in a single-person household and PLN 1,200 / person in multi-person households.
The support of the Fund is up to PLN 2,000. PLN paid for 36 months – which gives a total of 72 thousand. zloty. financing. Loan repayment begins two years after the final payment – in 144 equal and interest-free installments. Part of the loan can be cancelled. The condition for repayment is the timely repayment of the first 100 installments. With the maximum support (up to 72 thousand PLN), 22 thousand zloty can be depreciated. PLN loan.
The draft law also aligns Polish law with EU regulations on the operation of crowdfunding platforms, ie platforms serving crowdfunding for business enterprises.
- The activities of crowdfunding platforms are regulated. They will be supervised by the Polish Financial Supervision Authority.
- Thanks to the new regulations, small and medium-sized enterprises, especially start-ups, will benefit. Limits are being set for them, allowing them to acquire more capital, for example for investments.