Less indebted, but for a short time
According to the „Credit Trends“, a report drawn up by the Credit Information Office, the number of loans granted to Poles in the first semester of this year, has decreased. With the result of 2,7 millions of consumer loans and 96 thousands morgages, Poles have taken respectively 7,3 % and 13% less of both types of credits. Unlike in the case of morgages, whose value is 20% smaller than in the previous year , consumer credits are becoming more valuable. Eventhough the amount of those credits has declined, the majority of them is granted for more than 50 000 zlotys, therefore raising their value by 6,6%. Economists mainly explain this peculiar phenomenon by the need for capital to develop start-ups. The temporary pause in the decline of loans at the begining of the year was soon replaced by a further drop in their number, starting form March. With the month of June, decrease of interest rates contributed to the recovery in the credit market. The reduction of long-term mortgages installements has rapidly changed the monthly debt increment recorded by the National Bank od Poland from 22 billion zlotys in July to 2 billion zlotys in August. In June , the Financial Supervision Commision gave the „S“ recommendation for the stricter regulations of granting mortgages. From 2014 borrowers will have to make 5% of their own contribution, making it more difficult to get a mortgage. However the governmental project „ Flat for the young“ may soothe the problem. On the other hand, the FSC’s „T“ recommendation permits the banks to grant fast loans, allowed without showing the income certificate. By restoring an offer of short-term credits, banks are going to regain clients from semi-banks institutions.
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