On 4 March 2013 the Polish Press Agency (PAP)
published statements from a press conference held by Paweł Borys, director of the strategy and analysis department of
the commercial bank PKO Bank Polski SA (PKO BP). At the conference Mr. Borys said that the
bank foresees that net profits in Poland Poland Poland
Sources:
Also on 4 March, Bank
Zachodni WBK S.A. (BZ WBK) announced that it had rescheduled the publishing of
its 2012 consolidated and unconsolidated annual reports from 7 March to 8
March. Earlier on 4 March the
construction firm Budimex S.A. made a public filing indicating that it had
signed a credit agreement with BZ WBK for an overdraft facility of up to PLN 50
mln (€ 12.1 mln), available through 3 March 2014. Several days earlier, on 28 February, it had
been reported that Budimex, in consortium with its parent company, the Spanish
contractor Ferrovial S.A., had filed the lowest bid – PLN 582.23 mln net (€ 140.8
mln) – in the tender for the item “Machinery and other” (Budowlane i inne) in
Phase II of Stage I of the construction the Pomeranian Metropolitan Railway (Pomorska
Kolej Metropolitalna – PKM).
Pomeranian Metropolitan Railway
– Location of the project
Bank Zachodni WBK, Poland Spain Belgium
Sources:
BUDIMEX
SA podpisanie umowy o kredyt w rachunku bieżącym z Bankiem Zachodnim WBK SA
(2013-03-04 16:13 )
Oferta
Budimeksu za 582 mln zł najtańsza na budowę Pomorskiej Kolei Metropolitalnej
(opis) (2013-02-28 15:16 )
Pre-design documentation for Phase I & II of PKM
project: DOKUMENTACJA
PRZEDPROJEKTOWA: Pomorska Kolej Metropolitalna Etap I – rewitalizacja, Kolei
Kokoszkowskiej” Faza II – realizacja (March 2012)
In earlier news, on
26 February the governing board of the Financial Supervision Authority (Komisja
Nadzoru Finansowego – KNF) held its 175th meeting. The meeting voted on a number of items, but
most importantly it approved a set of revisions to the Authority’s “Recommendation
T” for banks – originally issued in February 2010 – which stipulates best
practices for banks in risk management of retail credit exposures. The revised version of the Recommendation
will enter into force no later than 31
July 2013 .
The vote to approve
the revisions to “Recommendation T” was narrow: 4 votes to 3. But what earned the decision headlines in Poland
The split in the
voting is explained by a difference in outlook: the outside members,
representing the government at large, think it is time for retail credit
standards to be loosened to spur economic growth, and the inside members,
representing the regulator itself, disagree.
An earlier version of the revisions, prepared by the KNF itself, had
been rather cautious, but the version submitted to a vote on 26 February was
much more aggressive, e.g., doubling the limits for loans that can be granted
without evidence of income (Rekomendacja 7).
Among the most
important changes to “Recommendation T” approved by the decision of 26 February
are the following:
·
While under the previous version some rules did
not apply to all banks, under the new version all rules will apply to all banks
covered by Polish law or to foreign bank branches operating in Polish
territory.
·
Under the previous version, the debt-to-income
(DTI) ratio was limited to 50% for borrowers with income at or below the
national average and to 65% for other borrowers, regardless of the currency in
which the loan was denominated (Rekomendacja 10.4). Under the revised version each bank will set
its own DTI limits, with the bank’s management to develop the limits subject to
approval by the bank’s supervisory board and in accordance with the bank’s
risk-management strategy.
·
The new version establishes particular limits
for loans that can be made – without the customer needing to produce evidence
of income – to customers who have had a relationship with the bank for at least
6 months or for at least 12 months.
Sources:
Recommendation T as published by KNF in February 2010:
Rekomendacja
T dotycząca dobrych praktyk w zakresie zarządzania ryzykiem detalicznych
ekspozycji kredytowych (luty 2010 r.) (41 pages)
Recommendation T – Proposed revisions approved by KNF
in February 2013: Rekomendacja
T dotycząca dobrych praktyk w zakresie zarządzania ryzykiem detalicznych
ekspozycji kredytowych (luty 2013 r.) (35 pages)
KNF
sensacyjnie odkręca śrubę bankom wbrew woli... swojego szefa! (2013-02-26,
updated 2013-02-27 16:41 )
Background: Od
kiedy będzie łagodniejsza Rekomendacja T (2012-10-28)
Mark Pleas
[contact]
