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KNF eases credit rules


The Financial Supervisory Commission (KNF) on 26 February approved a major relaxation of consumer credit rules for banks, in an apparent bid to support consumer demand.

The scale of the move took the market by surprise, as it went further than the expectations of the banking sector and the original proposal put forward by KNF chairman Andrzej Jakubiak. It was passed by a close vote in which Mr. Jakubiak and his deputies were outvoted by the nominees of the president, the Ministry of Finance and the central bank.

Under the new rules, banks will again be allowed to use the simplified credit approval process, within some limits. (The original proposal included stricter limits and was confined to the best capitalised banks.) Also, there will no longer be a maximum debt-to-income ratio to be observed by all banks in approving consumer loans. Instead, each bank will determine its level by itself.

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