The Polish banking sector has proven time and again that it can adapt to the economic situation and regulatory changes – recall, for example, the success of implementing the 500 plus program or distributing aid to entrepreneurs in times of pandemic.
Perhaps the flexibility and strength of the Polish banking sector made it an assumption that the Polish banking sector would survive anything, including any legislative changes and the risks associated with them.
It turns out, however, that legislative and regulatory risks are beginning to be central to banks’ operations and significantly affect their performance. The banking sector faces unexpected legislative changes, sometimes resulting in multi-billion dollar costs, such as credit vacations.
It seems that otherwise necessary consumer protection in the financial market sometimes leads to the search for benefits not normally found in the economy, such as free credit. The problem of franking credits also remains unresolved, and the threat of a WIBOR rate challenge is already on the horizon. And these are just selected examples…
- So where should the boundaries of legal and regulatory interference in the banking sector lie?
- Or can these boundaries not be drawn at all?
- Is there a golden mean between protecting consumers and respecting the terms of contracts?
- What are the optimal forms of creating and agreeing on regulations and guidelines?
- What should be the role of regulators and the industry in this process?
- Answers to these questions will be sought by panelists, representing both supervisory authorities, the banking sector and legal advisors, who will also try to develop joint recommendations in this regard.
