13
Apr

Coronavirus is holding back loans in Polish banks.

All banks operating in Poland signal that they will be less willing to grant loans. The terms of consumer and housing loans as well as those for Polish companies are to be tightened.

In the case of housing loans, the tightening of conditions for granting them is to be significant. A larger own contribution will be required. So not 10 percent of the price of the apartment in cash, and 20 percent or even 30 percent. For most young people, this means the end of their dreams of having their own apartment. They will have to look for rental offers.

There will also be a problem with consumer loans. Many people are now facing a salary reduction, so banks prefer not to take the risk.

As for corporate loans, the tightening of their granting is to be very strong. Banks are now reluctant to grant loans – especially long-term loans.

In connection with the freezing of the economy, after detecting coronavirus in Poland, 12 percent of the  Polish companies laid off their employees. Large and medium-sized Polish firms decided to do so. Mainly from the trade industry, e.g. clothing stores.

The second issue is salary reduction. 14 percent of companies decided to take this step, and another 21 percent plan to do so.

 

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