16 March 2020. The Union of Polish Banks (ZBP) has announced that banks will take a number of measures to help their customers in the wake of the COVID-19 pandemic.
As a result of the remedial actions, 48 commercial banks and 52 cooperative banks affiliated with the ZBP should allow deferral of repayment of existing liabilities, change the rules for charging fees and commissions, or at least facilitate the execution of payments.
What does the Polish Bank Association declare?
The Polish Bank Association (ZBP) has announced that within the framework of the current legislation:
- Banks will facilitate the deferral (suspension) of repayment of loan instalments (housing, consumer and entrepreneur loans) of capital and interest or of capital instalments only for up to 3 months and, consequently, the automatic extension by the same period of the total loan repayment period (subject to the extension of the loan repayment security period);
- in the case of entrepreneurs with creditworthiness at the end of 2019, the Banks will, at the customer’s request, renew the financing granted for a period of up to 6 months;
- Banks that have a leasing or factoring company in their capital group will take measures to apply deferral of repayments on principles analogous to those applied by the bank to deferral of loan repayments (described above);
- applications for suspension of interest or principal payments will be exempt from charges and commissions and will be made as simple as possible and can be submitted electronically or by telephone
- the process of activating short-term loans to stabilise the financial situation of a customer who has been economically affected by a pandemic will be facilitated;
- work will begin to increase the maximum amount of contactless card payments to PLN 100 and the process of installing additional POS devices (payment terminals) in shops.
LSW Law Firm can assist in drafting and substantiating requests for deferment of loan instalments, leasing or factoring fees, as well as in renewal of granted financing.
Should you have any further questions or doubts, please contact attorney at law, partner Władysław Bieńkowski.