The Polish Economy 2023 and Beyond: How to Mend Home Loans

Dariusz Filar, Andrzej Reich, Michał Polasik and Ewa Balcerowicz

No 176, mBank - CASE Seminar Proceedings from CASE-Center for Social and Economic Research

Abstract: The subject of this publication, reflecting the discussion held between experts on 30 March 2023, is that of housing loans in Poland. The publication focuses primarily on discussing the state of mortgages (at the end of the first quarter of 2023). This state is the effect of (a) legislation, (b) institutional solutions, (c) past processes in the financing of housing loans, and recently also (d) the high level of inflation dampening both lending by the banks and the level of interest among bank customers. The publication’s second purpose is to present recommendations which, once put into effect, could rectify today’s lamentable situation. All of the proposals presented in this publication lead to one general recommendation: the answer to the current shortcomings lies not in isolated, single changes; what is essential is a new system for the market. This new system should be (a) flexible, (b) free of legal risk while at the same time (c) better protected against market risk, and (d) it should also contain a more comprehensive range of products; on this market (e) the state, as the regulator, should intervene ex-ante and not only ex-post (as has been the case in Poland for the last 20 years), while (f) customers should have the essential minimum of financial knowledge, first and foremost regarding awareness of the risk related to, which by their very nature are long-term loans.

Keywords: home loan; mortgage; Swiss franc loans; balanced mortgage; new loans; banking system; legal risk; market risk; interest rates; home loans market; financial education; Poland (search for similar items in EconPapers)
JEL-codes: G21 G28 G51 G53 (search for similar items in EconPapers)
Pages: 62
Date: 2024-01-30
New Economics Papers: this item is included in nep-fle and nep-tra
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