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Likely To Soften Capital Rules for Banks Settling FX Mortgage Loans

POLAND
  • Polish officials meet their Czech counterparts in Prague for another round of talks about Turow lignite mine after the country was ordered to close the pit and slapped with a daily 500,000 euro ($584,300) fine for not doing so by the European Union's top court (BBG).
  • Poland projects that the country's public debt will drop to 43.8% of economic output at the end of next year from 45.4% seen at the end of 2021, according to debt management strategy adopted by the government on Tuesday (BBG).
  • Polish Financial Stability Committee KSF will ask Finance Ministry and KNF regulator to soften capital requirements for banks that are working on out-of-court settlements for FX mortgage loans with their clients (BBG).
  • On Friday, NBP member Eryk Lon wrote in an article that he is not yet determine how he is going to vote during the November meeting, but he is clearly against actions that could lead to a radical appreciation of the Zloty.
  • NBP 'hawk' Lukasz Hardt told at a seminar in Warsaw also on Friday that CPI inflation projection in November may be higher than the July one and therefore the central bank needs to start a tightening cycle with a 'delicate' 15bps to curb the inflationary pressures. Hardt added that NBP can hike rates without signaling QE Taper.
  • At this stage, there are three policymakers (Hardt, Gatnar and Zubelewicz) voting for an 'imminent' rate hike as they mentioned several times that inflation is now demand-driven in Poland and a gradual tightening could ease the inflationary pressures.
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