Dec 9 International Personal Finance Plc
* IPF notes recently proposed revisions to consumer credit
legislation in Poland
* Ordinarily, consumer credit legislation falls within remit
of ministry of finance.
* Combined total of flat 10 pct and time-dependent 10 pct
p.a. would not be able to exceed 75 pct of loan value.
* Is reviewing proposal to assess extent to which
profitability of its polish business would be affected by
* IPF will keep market updated and further details will be
communicated in due course.
* Polish Ministry of Justice published a draft bill on its
website aimed at strengthening anti-usury legislation in poland
* It proposes further changes to cap on non-interest costs
that may be charged by lenders in connection with a consumer
loan agreement that became effective in march this year
* Under proposal, flat level cap would be reduced to 10 pct
of loan value and additional cap per annum would be reduced to
* Understand that proposal will now be open to public
consultation for 14 days and we will be contributing to this
* Is also examining appropriate mitigation strategies to
minimise any potential impacts.
Source text for Eikon:
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