26th January 2011
Thursday, May 17th, 2012
Foreign currency loans restricted
It is now tougher to get foreign currency loans in Poland. Poland's Financial Supervision Authority (KNF) has approved a recommendation calling for the stiffening of rules around lending to retail customers, as banks look to minimize risks associated with lending.
"We believe lending to retail customers, who do not have an income in a foreign currency, is associated with excessive risk. As an authority, we are in favor of restrictions on foreign currency lending," Stanisław Kluza, chair of the KNF, told Rzeczpospolita.
According to the new rules, a client's debt load can no longer exceed 42 percent of their income.
From Warsaw Business Journal
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