Banks Take Urgent Measures to Help Borrowers Amid COVID-19 Pandemic
The ongoing COVID-19 pandemic has led to a series of urgent measures taken by Poland’s banking sector to support borrowers who are struggling to repay their liabilities. The Polish Bank Association has announced a series of initiatives aimed at providing simplified and deformalized assistance to natural and legal persons affected by the crisis.
Measures to Support Borrowers
The following measures will be implemented:
- Postponement of repayment of principal and interest installments or capital installments for up to three months, with automatic extension of the total loan repayment period.
- Automatic extension applies to housing loans, consumer loans for individual clients, and loans to entrepreneurs.
- Quick applications from those who justify a need to postpone their loan due to financial difficulties caused by COVID-19 will be considered.
Leasing and Factoring Companies
Banks with leasing companies in their capital group will apply postponement of leasing installment repayments to lessees on the same basis as for loan repayment. Similarly, banks with factoring companies will apply postponement of repayments from customers on a parallel basis.
Application Process
To facilitate the process:
- No fees or commissions will be charged for accepting and considering applications for suspension of repayment.
- Applications can be submitted in a less formalized manner, without the need to submit additional documents and certificates confirming current financial and economic situations.
Call to Action from Polish Bank Association
The Polish Bank Association has called on state authorities to take urgent measures to mitigate the economic effects of the pandemic and support the banking sector’s efforts to help borrowers.
About the Polish Bank Association
The Polish Bank Association is a leading industry organization representing the interests of Poland’s banking sector. Established in 1991, it has played a crucial role in shaping the country’s financial landscape. With over 100 member banks, the association provides a platform for cooperation, knowledge sharing, and advocacy on key issues affecting the sector.
Initiatives
The association is involved in various initiatives aimed at:
- Promoting financial literacy
- Supporting small and medium-sized enterprises (SMEs)
- Developing the country’s payment system
- Representing some of Poland’s largest banks, such as PKO Bank Polski, Bank Pekao, and mBank
Contact Information
For more information on the Polish Bank Association or its measures to support borrowers affected by COVID-19, please contact:
[Name] Polish Bank Association [Email] [Phone]