Credit holidays cannot weaken the fight against inflation

Credit holidays cannot weaken the fight against inflation, Adrian Zwoliński of the Lewiatan Union said in a comment Tuesday. According to him, it should be directed to the most needy and not to all borrowers.

On Tuesday, Prime Minister Mateusz Morawiecki announced the extension of the anti-Putin shield with a support package to borrowers. He emphasized that helping borrowers would not be an inflationary boost.

In the opinion of the Leviathan Union, if credit holidays are to be introduced at all, they should be directed to the most needy, as a kind of lifeline, and not at all – “otherwise they will undermine the fight against inflation”.

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“The starting point for discussion is the requirement that the borrower bear monthly loan servicing costs in an amount exceeding 65% of his family’s monthly income and have an apartment only for his own needs” – assessed by Adrian Zwoliński of the Lewiatan Union.

He added that the goal should be to help “the consumer in a very difficult situation, not the investor.”

According to the Leviathan federation, 12.3 percent is under conditions of high inflation. (for April), significant unpredictability and many pro-inflationary factors, both external and domestic, when designing such programs “one cannot rely only on slogans of social justice, but one must take into account the negative consequences that may occur. create.”

“No such analysis was presented” – he noted. He noted that the potential impact of the entire support package is not limited to inflation itself, but also includes, for example, shareholders or the conditions of future recipients of financial services.

“Credit leave is a pro-inflationary measure, hence the need to match it precisely with people in a very difficult situation, if it is ever to be offered,” – he said. Otherwise, he assesses, credit holidays will become more than a tool to undermine the monetary policy board’s fight against inflation.

According to the expert, it will be difficult to see the economic meaning of a solution “in which the central bank tries to extinguish the fire of inflation, while the government pours oil into it.” “We must not forget that it is the fight against inflation that supports the poorest people – and they are the most affected by the general increase in prices,” he concluded.

As announced by Finance Minister Magdalena Rzekowska on Tuesday, the support for borrowers is mainly focused on people who have received PLN loans and will be based on three main pillars: credit holidays (you will not have to repay principal and interest), loan support to the fund and the introduction of an alternative to the WIBOR ratio. Draft solutions have been consulted on this.