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Zubelwicz: Interventions Cause L/T Economic Damage; Bank Millennium Boosts Loss Provisions

POLAND

LOCAL NEWS

  • MPC member Zubelwicz goes against MPC comments supporting a weaker PLN, saying interventions hurts the economy in the long-term, and that the NBP may have underestimated 2021 CPI
  • Ruling party PiS continues to lead in support metrics with 32.5% backing, down by 1.1% in a United Surveys poll.
    • Grassroots movement Polska 2050 of former presidential candidate Szymon Holownia gained 4.4% to 16.2% and is clearly catching up with the largest opposition grouping KO, which suffered a 2.1% decline to 20.9% - Gazeta Prawna
  • Banks continue to allocate FX loan loss provisions, following Mbank last week - leading to lower 4Q20 profit forecasts.
    • Bank Millennium -2.1% at the open on expectation for 4Q net loss on PLN 379.6m loan provision.
    • Bank Millennium has one of highest exposure to FX-mortgages in industry, as such mortgages represent 20% of its lending book
  • Cabinet Spox says Poland will not change existing Covid regime today and will likely refrain from tightening the existing restrictions, with any easing to benefit retail and the hotel industry - PAP
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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