Mateusz Morawiecki, the Polish prime minister, has unveiled a government plan aimed at helping borrowers amid rising interest rates.
The proposals presented by Morawiecki at a press conference on Tuesday include four months of credit vacation in 2022 and 2023.
“Today we proposed the measures which will be submitted for several days of consultations; we are talking about a credit vacation this and next year, which will bring PLN 3 billion (EUR 641 mln – PAP) in benefits to the Polish borrowers,” Morawiecki told reporters.
Premier @MorawieckiM w #KPRM: Chcemy przeprowadzić szybko działania, które mają pomóc Polakom w spłacie kredytów hipotecznych. Dzisiaj na #RadaMinistrów zaproponowaliśmy nowe rozwiązania, które zostaną skierowane do kilkudniowych konsultacji.
— Kancelaria Premiera (@PremierRP) May 10, 2022
There is also a plan to increase the Borrowers Support Fund to PLN 2 billion (EUR 427 million) and to change the WIBOR interbank rate, he said, adding that the cost of these changes will amount to around PLN 1 billion (EUR 214 million).
According to Morawiecki, the government wants to introduce protective measures as quickly as possible to help some 2 million Polish households to pay off loans.
He also said that the new measures were “one of the cornerstones of the ‘anti-Putin shield’ to combat Russia-induced inflation,” referring to the effects of Russia’s war on Ukraine on the national economy.
Morawiecki also announced changes regarding WIBOR interest rates used for mortgages.
“We will introduce mechanisms to help citizens pay off their loans through a lower benchmark. WIBOR will be replaced with a new rate… more favourable,” he said, adding that the cost of this change will amount to around PLN 1 billion (EUR 214 million) and will be borne by the banking sector.
Morawiecki also pledged a plan for boosting the profitability of savings and steps that will force a hike in interest rates on deposits.
“In the coming days, I will present a plan that will increase the attractiveness of saving (money – PAP) by Poles… so that it becomes profitable,” he said.
The planned measures will concern savings products offered by the financial sector as well as by the finance ministry, Morawiecki said.