Slow to Outline EU Recovery Funding Plans; ING Slaski Boosts FX Loan Loss Provisions

LOCAL NEWS

• ING Slaski follows Mbank in boosting FX loan provisions for 4Q by PLN 250m.
  • Says the level of provisions rose after probability of potential scenarios for CHF loan lawsuits changed, while the bank now expects more clients will sue
• Poland has so far come up only with a preliminary outline of its recovery plan required to tap into moneys from the EU recovery fund.
  • Submission of the document is expected to take a few more weeks before for consultations.
  • Its ratification in the lower house may prove tricky, as the ruling party PiS will have to rely on support from the opposition amid refusal to cooperate from its junior ally Solidarna Polska - Gazeta Prawna
• Lower House approves 8/109 proposed amendments to the 2021 budget bill. Bill now awaits signatures from President Duda.
  • envisages a deficit of PLN 82.3 bn as the budget revenues in 2021 are planned at PLN 404.4 bn and spending at PLN 486.7 bn - PolandIn
• Poland's state budget faces "tangible losses" from the planned 6M extension of 2020 tobacco excise stamps expiry periods aimed at supporting smaller tobacco vendors - Gazeta Prawna