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Kochalski says Rate Cuts Cannot be Ruled Out for 2023

POLAND
  • Much local attention on the non-binding opinion published by ECJ advisers yesterday, with Bank Millennium late yesterday stating their openness to further settlements with their CHF mortgage clients. The Bank state they made close to 8,000 settlements in 2022, with just over 38,000 active FX mortgages outstanding.
  • Following the publication of yesterday’s opinion, the risks to the Polish banking sector have increased, meaning that “consumers may assert claims against banks that go beyond reimbursement of monetary consideration; banks may not."
  • The opinion does not constitute a ruling in the case but is taken into consideration by justices during their deliberations. Opinions of the CJEU legal advisors often serve as bellwethers of later verdicts issued by the Court.
  • NBP’s Kochalski stated that it is too early to talk about rate cuts for now, however cuts cannot be ruled out completely for 2023.
  • President Duda visits the UK today, and is set to follow up with a meeting alongside the French and German leaders in Munich later Friday. They are set to address the media later today at 6.35pm local time.
  • S&P are set to issue an update for their rating on the Polish sovereign after the close today. S&P currently rate Poland at A-. The last change to the rating was in October 2018, where Poland was upgraded from BBB+.
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