PROVIDENT (IPF): Proposed Amendments to Polish Consumer Legislation - raport 43

UNI - EN REPORT No43/2016

This morning, the Polish Ministry of Justice published a draft bill on its website aimed at strengthening anti-usury legislation in Poland. Amongst other things, it proposes further changes to the 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. Ordinarily, consumer credit legislation falls within the remit of the Ministry of Finance.

The level of the current cap is as follows: (i) a flat level of 25% of the loan value; and (ii) an additional cap of 30% per annum. The combined total of the flat 25% and the time-dependent 30% p.a. may not, in any event, exceed 100% of the loan value.


Under the proposal, the flat level cap would be reduced to 10% of the loan value and the additional cap per annum would be reduced to 10%. The combined total of the flat 10% and the time-dependent 10% p.a. would not be able to exceed 75% of the loan value.

We understand that the proposal will now be open to public consultation for 14 days and we will be contributing to this process.

IPF is reviewing the proposal to assess the extent to which the profitability of its Polish business would be affected by the proposed changes, should they be implemented, and is also examining appropriate mitigation strategies to minimise any potential impacts.

IPF will keep the market updated and further details will be communicated in due course.

Investor relations and media contacts:

International Personal Finance J

ustin Lockwood - Investor Relations

+44 (0)7500 760035 / +44 (0)113 285 6821

Gergely Mikola - Media

(+3620) 339 02 25





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