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BRIEF-IPF looking at profitability of Polish business as lending laws tightened
December 9, 2016 / 4:43 PM / a year ago

BRIEF-IPF looking at profitability of Polish business as lending laws tightened

Dec 9 (Reuters) - International Personal Finance Plc :

* IPF notes recently proposed revisions to consumer credit legislation in Poland

* Ordinarily, consumer credit legislation falls within remit of ministry of finance.

* Combined total of flat 10 pct and time-dependent 10 pct p.a. would not be able to exceed 75 pct of loan value.

* Is reviewing proposal to assess extent to which profitability of its polish business would be affected by proposed changes

* IPF will keep market updated and further details will be communicated in due course.

* Polish Ministry of Justice published a draft bill on its website aimed at strengthening anti-usury legislation in poland

* It proposes further changes to cap on non-interest costs that may be charged by lenders in connection with a consumer loan agreement that became effective in march this year

* Under proposal, flat level cap would be reduced to 10 pct of loan value and additional cap per annum would be reduced to 10 pct.

* Understand that proposal will now be open to public consultation for 14 days and we will be contributing to this process.

* Is also examining appropriate mitigation strategies to minimise any potential impacts. Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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