BANKING

Banking Products and Services

Defini&ons  

Banking  Product  

 

vs.  

 

Banking  Service  

 

 

Banking  Services  

Ac&ve  services  

• Rely  on  the  

placement  of  

accumulated  

funds  in  various  

beneficial  

projects,  mainly  

loans.    

• Carried  out  by  

the  banks  on  

their  own  

account  and  

risk.  

Passive  services  

• Rely  on  the  

ac>vi>es  aimed  

at  extending  

the  sum  of  

funds  at  the  

disposal  of  the  

bank.    

• Carried  out  by  

the  banks  on  

their  own  

account  and  

risk.  

Intermediary  

services  

• Include  

monetary  

seBlements  

arising  from  

customer  

payment  

orders,  

purchase  

securi>es  on  

behalf  of  a  

client,  etc.    

• Banks  carry  

them  on  behalf  

of  the  account  

and  risk  of  the  

customer.  

Other  

• Provision  of  

non-­‐banking  

opera>ons,  

such  as  ren>ng  

safe  deposit  

boxes,  etc.  

Banking  Services  -­‐  examples  

Ac&ve  services  

•  Gran>ng  of  

loans  and  

borrowings  

•  Provision  of  

bank  

guarantees  

•  Purchase  of  

securi>es  for  

the  account  of  

the  bank  

•  LeBer  of  

Credit  

•  Factoring  
•  Leasing  

Passive  services  

•  The  collec>on  

of  deposits  

•  Issuing  own  

securi>es  

Intermediary  

services  

•  Monetary  

seBlements  

resul>ng  from  

customer  

payment  

orders  

•  Maintaining  

bank  accounts  

•  Purchases  and  

sales  of  

securi>es  for  

the  account  of  

a  customer  

Other  

•  Banking  and  

financial  

consul>ng  

•  Brokerage  

Services  

•  Ren>ng  a  bank  

safe  

•  Collec>on  of  

means  of  

payment  

Retail  Banking  Products  &  Services  Framework  

Loans  

Deposits  

Accounts  

&  

Transfers  

Others  

Cards  

Loan  

Making  by  the  bank  (lender)  available  to  the  borrower  a  

certain  amount  of  cash  for  a  fixed  period,  to  be  used  for  a  

specific  purpose.    

The  borrower  agrees  to  use  the  loan  under  the  terms  of  

the  agreement,  refund  the  whole  amount,  together  with  

interest  within  a  specified  period  and  the  payment  of  

commissions  on  the  loan.  

 

A  secured  loan  is  a  loan  in  which  the  borrower  pledges  

some  asset  as  collateral.    

Personal:  promissory  note,  bill  of  exchange,  aBorney.  

Property:  general  pledge,  blockage  of  funds  in  the  

accounts,  mortgage.  

Legal  background  

DIRECTIVE  2008/48/EC  OF  THE  EUROPEAN  PARLIAMENT  AND  OF  THE  

COUNCIL  of  23  April  2008  on  credit  agreements  for  consumers  and  

repealing  Council  Direc>ve  87/102/EEC  

 

hBp://eur-­‐lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:

2008:133:0066:0092:EN:PDF

 

 

 

 

 

 

 

Consumer  Credit  Acts  

Legal  background  

DIRECTIVE  2008/48/EC  OF  THE  EUROPEAN  PARLIAMENT  AND  OF  THE  

COUNCIL  of  23  April  2008  on  credit  agreements  for  consumers  and  

repealing  Council  Direc>ve  87/102/EEC  

 

Chapter  1:  Art.  1,  2,  3.  

Chapter  2  

Chapter  4:  Art.  10,  11  

Chapter  5  

Loan  cost  

• 

Fees  

• 

Interest  rate    

 (nominal  and  effec>ve)    

• 

Deprecia>on  methods  

   
• 

Obligatory  insurance  products  

• 

Exchange  rate  risk  

i

e

= 1+

i

n

m

!
"

#

$
%

&

m

'1

total  cost  of  the  credit      vs      annual  percentage  rate  of  charge  

Lending  in  Poland  

Œ…”˜‰– Ȓǀ

‹™–‰ ȒǀȐȐǀ

Œ…’‹‰— ’ ˜Œ‰ š…™‰ Ǧ‘ǚ‘ǧ …’ˆ ‹–“›˜Œ –…˜‰ Ǧǚǧ “Š “…’— ˜“ ‰’˜‰–”–—‰— Ǧ‰ʹǂŒ…’ˆ ”…’‰ǧƽ ‡“’—™‘‰– “…’—

Ǧ‘ˆˆ‰ ”…’‰ǧ …’ˆ Œ“™—’‹ “…’— ˜“ Œ“™—‰Œ“ˆ— Ǧ–‹Œ˜ǂŒ…’ˆ ”…’‰ǧ

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

2006

2007

2008

2009

2010

2011

2012

2013

z

loty bn

Change in value, m/m

Growth rate, y/y

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

-2

-1

0

1

2

3

4

5

6

7

2006

2007

2008

2009

2010

2011

2012

2013

z

lot

y

bn

Change in value, m/m

Growth rate, y/y

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

-2

-1

0

1

2

3

4

5

6

7

2006

2007

2008

2009

2010

2011

2012

2013

z

loty

b

n

Change in value, m/m

Growth rate, y/y

“˜‰ƿ ˆ…˜… …ʹ‰– ‰‘’…˜’‹ ˜Œ‰ ‘”…‡˜ “Š Š“–‰‹’ ‰œ‡Œ…’‹‰ –…˜‰ ‡Œ…’‹‰—ǀ

“™–‡‰ƿ ǀ

‹™–‰ ȒǀȐȑǀ

‡‡™‘™…˜‰ˆ ’ˆ‰œ “Š ‡Œ…’‹‰— ’ †…’—Nj ‡–‰ˆ˜ —˜…’ˆ…–ˆ— Ǟ “…’— ˜“ Œ“™—‰Œ“ˆ— Ǧ‰ʹǂŒ…’ˆ ”…’‰ǧ …’ˆ “…’— ˜“

‰’˜‰–”–—‰— Ǧ–‹Œ˜ǂŒ…’ˆ ”…’‰ǧ

-600%

-500%

-400%

-300%

-200%

-100%

0%

100%

200%

300%

400%

500%

Q4

20

03

Q2

2004

Q4

20

04

Q2

20

05

Q4

20

05

Q2

20

06

Q4

2006

Q2

20

07

Q4

20

07

Q2

20

08

Q4

20

08

Q2

20

09

Q4

20

09

Q2

20

10

Q4

2010

Q2

20

11

Q4

20

11

Q2

20

12

Q4

20

12

Q2

2013

ne

t

pe

rc

en

tag

e

Housing loans

Consumer loans

-400%

-300%

-200%

-100%

0%

100%

200%

300%

Q4

2

0

0

3

Q2

2

0

0

4

Q4

2

0

0

4

Q2

2

0

0

5

Q4

2

0

0

5

Q2

2

0

0

6

Q4

2

0

0

6

Q2

2

0

0

7

Q4

2

0

0

7

Q2

2

0

0

8

Q4

2

0

0

8

Q2

2

0

0

9

Q4

2

0

0

9

Q2

2

0

1

0

Q4

2

0

1

0

Q2

2

0

1

1

Q4

2

0

1

1

Q2

2

0

1

2

Q4

2

0

1

2

Q2

2

0

1

3

ne

t

pe

rc

en

tag

e

Large enterprises, short-term loans
Large enterprises, long-term loans
SMEs, short-term loans
SMEs, long-term loans

“˜‰ƿ …’ ’‡–‰…—‰ ’ ˜Œ‰ ’ˆ‰œ š…™‰ ‘‰…’— …’ ‰…—’‹ “Š ‰’ˆ’‹ ”“‡ —˜…’ˆ…–ˆ— ’ … ‹š‰’ ”‰–“ˆƽ … ˆ‰‡–‰…—‰ Ǟ ‘‰…’— … ˜‹Œ˜‰’’‹ “Š

‰’ˆ’‹ ”“‡ —˜…’ˆ…–ˆ—ǀ

“™–‡‰ƿ ǀ

…–“ˆ“› …’ “—

Changes  in  the  value  (m/m)  and  growth  rate  (y/y)  of  loans  to  enterprises  (leg-­‐hand  

panel),  consumer  loans  (middle  panel)  and  housing  loans  to  households  (right-­‐hand  

panel)  

Source:  Na>onal  Bank  of  Poland,  Financial  Stability  Report,  December  2013.  

Lending  in  Poland  

Accumulated  index  of  changes  in  banks’  credit  standards  –  loans  to  households  (leg-­‐

hand  panel)  and  loans  to  enterprises  (right-­‐hand  panel).  An  increase  in  the  index  value  

means  an  easing  of  lending  policy  standards  in  a  given  period,  a  decrease  –  means  a  

>ghtening  of  lending  policy  standards.  

Œ…”˜‰– Ȓǀ

‹™–‰ ȒǀȐȐǀ

Œ…’‹‰— ’ ˜Œ‰ š…™‰ Ǧ‘ǚ‘ǧ …’ˆ ‹–“›˜Œ –…˜‰ Ǧǚǧ “Š “…’— ˜“ ‰’˜‰–”–—‰— Ǧ‰ʹǂŒ…’ˆ ”…’‰ǧƽ ‡“’—™‘‰– “…’—

Ǧ‘ˆˆ‰ ”…’‰ǧ …’ˆ Œ“™—’‹ “…’— ˜“ Œ“™—‰Œ“ˆ— Ǧ–‹Œ˜ǂŒ…’ˆ ”…’‰ǧ

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

2006

2007

2008

2009

2010

2011

2012

2013

z

loty bn

Change in value, m/m

Growth rate, y/y

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

-2

-1

0

1

2

3

4

5

6

7

2006

2007

2008

2009

2010

2011

2012

2013

z

lot

y

bn

Change in value, m/m

Growth rate, y/y

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

-2

-1

0

1

2

3

4

5

6

7

2006

2007

2008

2009

2010

2011

2012

2013

z

loty

b

n

Change in value, m/m

Growth rate, y/y

“˜‰ƿ ˆ…˜… …ʹ‰– ‰‘’…˜’‹ ˜Œ‰ ‘”…‡˜ “Š Š“–‰‹’ ‰œ‡Œ…’‹‰ –…˜‰ ‡Œ…’‹‰—ǀ

“™–‡‰ƿ ǀ

‹™–‰ ȒǀȐȑǀ

‡‡™‘™…˜‰ˆ ’ˆ‰œ “Š ‡Œ…’‹‰— ’ †…’—Nj ‡–‰ˆ˜ —˜…’ˆ…–ˆ— Ǟ “…’— ˜“ Œ“™—‰Œ“ˆ— Ǧ‰ʹǂŒ…’ˆ ”…’‰ǧ …’ˆ “…’— ˜“

‰’˜‰–”–—‰— Ǧ–‹Œ˜ǂŒ…’ˆ ”…’‰ǧ

-600%

-500%

-400%

-300%

-200%

-100%

0%

100%

200%

300%

400%

500%

Q4

20

03

Q2

2004

Q4

20

04

Q2

20

05

Q4

20

05

Q2

20

06

Q4

2006

Q2

20

07

Q4

20

07

Q2

20

08

Q4

20

08

Q2

20

09

Q4

20

09

Q2

20

10

Q4

2010

Q2

20

11

Q4

20

11

Q2

20

12

Q4

20

12

Q2

2013

ne

t

pe

rc

en

tag

e

Housing loans

Consumer loans

-400%

-300%

-200%

-100%

0%

100%

200%

300%

Q4

2

0

0

3

Q2

2

0

0

4

Q4

2

0

0

4

Q2

2

0

0

5

Q4

2

0

0

5

Q2

2

0

0

6

Q4

2

0

0

6

Q2

2

0

0

7

Q4

2

0

0

7

Q2

2

0

0

8

Q4

2

0

0

8

Q2

2

0

0

9

Q4

2

0

0

9

Q2

2

0

1

0

Q4

2

0

1

0

Q2

2

0

1

1

Q4

2

0

1

1

Q2

2

0

1

2

Q4

2

0

1

2

Q2

2

0

1

3

ne

t

pe

rc

en

tag

e

Large enterprises, short-term loans
Large enterprises, long-term loans
SMEs, short-term loans
SMEs, long-term loans

“˜‰ƿ …’ ’‡–‰…—‰ ’ ˜Œ‰ ’ˆ‰œ š…™‰ ‘‰…’— …’ ‰…—’‹ “Š ‰’ˆ’‹ ”“‡ —˜…’ˆ…–ˆ— ’ … ‹š‰’ ”‰–“ˆƽ … ˆ‰‡–‰…—‰ Ǟ ‘‰…’— … ˜‹Œ˜‰’’‹ “Š

‰’ˆ’‹ ”“‡ —˜…’ˆ…–ˆ—ǀ

“™–‡‰ƿ ǀ

…–“ˆ“› …’ “—

Source:  Na>onal  Bank  of  Poland,  Financial  Stability  Report,  December  2013.  

Currency  structure  of  new  housing  loans  to  households  

…’’‹ —‰‡˜“– —˜…†˜

‹–…’˜’‹ ‡“’—™‘‰– “…’—

ȑȗ

Ǧ—‰‰ ‹™–‰ ȒǀȐȑƽ ‰ʹǂŒ…’ˆ

”…’‰ǧƽ ’˜‰– ……ƽ ’ ˜Œ‰ —‰‹‘‰’˜ “Š “›ǂš…™‰ “…’—
˜“ ‡‰’˜— ›˜Œ ‡–‰ˆ˜ –‰‡“–ˆ ’ … ‹š‰’ †…’ǀ

Œ‰ š…™‰— “Š ‘“’˜Œ Œ“™—’‹ “…’ ’‡–‰…—‰— Œ…š‰
—˜‰…ˆ ‹–“›’ —’‡‰ …–‡Œ ȑȏȐȒ Ǧ—‰‰ ‹™–‰ ȒǀȐȐƽ
–‹Œ˜ǂŒ…’ˆ ”…’‰ǧƽ †™˜ … –—‰ ’ ˜Œ‰ š…™‰ “Š “…’— —’‡‰
˜Œ‰ †‰‹’’’‹ “Š ˜Œ‰ ‰…– Œ…— †‰‰’ “›‰– † …–“™’ˆ
“’‰ Š“™–˜Œ ˜Œ…’ ’ ˜Œ‰ ‡“––‰—”“’ˆ’‹ ”‰–“ˆ “Š ȑȏȐȑǀ
Œ‰ …’’™… ‹–“›˜Œ –…˜‰ “Š Œ“™—’‹ “…’— ˆ‰‡’‰ˆ
—‹Œ˜ ˜“ ȓǀȑʆ ’ ‰”˜‰‘†‰– Ǧ… ȏǀȓ ”‰–‡‰’˜…‹‰ ”“’˜
ˆ‰‡–‰…—‰ǧǀ

“’˜Œ ’‡–‰…—‰— “Š Œ“™—’‹ “…’— ˆ“ ’“˜ ‹š‰ ˜Œ‰
Š™ ”‡˜™–‰ “Š ‰’ˆ’‹ …— ˜Œ‰ ”–’‡”… “Š ‰œ—˜’‹
“…’— — –‰”…ˆǀ ™‰ ˜“ ˜Œ‰ ‰ʮ‰‡˜ “Š ’‡–‰…—’‹ …šǂ
‰–…‹‰ …‹‰ “Š ˜Œ‰ Œ“™—’‹ “…’ ”“–˜Š““ƽ ˜Œ‰ ”–’ǂ
‡”… “Š “…’— ‰œ˜‰’ˆ‰ˆ ’ ˜Œ‰ ”…—˜ — –‰”…ˆ Š…—˜‰–ƽ
›Œ‡Œ — —™””“–˜‰ˆ † … ˆ“‘’…’˜ —Œ…–‰ “Š ʱœ‰ˆ ’ǂ
—˜…‘‰’˜ “…’— ‡…––’‹ … š…–…†‰ ‘…–‰˜ǂ’ˆ‰œ‰ˆ ’ǂ
˜‰–‰—˜ –…˜‰ǀ ʹ‰– …ˆŽ™—˜’‹ Š“– ˜Œ‰ ‰—˜‘…˜‰ˆ –‰”…ǂ
‘‰’˜ “Š Œ“™—’‹ “…’—ƽ ˜Œ‰ š…™‰ “Š ’‰› “…’— ‰œǂ
˜‰’ˆ‰ˆ ’ ˜Œ‰ ʱ–—˜ ˜Œ–‰‰ •™…–˜‰–— “Š ȑȏȐȒ ›…— …–“™’ˆ
Ȗʆ “›‰– ˜Œ…’ ’ ˜Œ‰ ‡“––‰—”“’ˆ’‹ ”‰–“ˆ “Š ȑȏȐȑǀ

Œ‰ ž“˜ǂˆ‰’“‘’…˜‰ˆ “…’— –‰‘…’‰ˆ ˆ“‘’…’˜ ’
˜Œ‰ ‡™––‰’‡ —˜–™‡˜™–‰ “Š ’‰› Œ“™—’‹ “…’—ƽ ›Œ‡Œ
— Š…š“™–…†‰ Š–“‘ ˜Œ‰ ”“’˜ “Š š‰› “Š ʱ’…’‡… ——ǂ
˜‰‘ —˜…†˜ Ǧ—‰‰ ‹™–‰ ȒǀȐȒǧǀ “›‰š‰–ƽ Š“–‰‹’
‡™––‰’‡ǂˆ‰’“‘’…˜‰ˆ “…’— ‡“’˜’™‰ˆ ˜“ ”–‰š… ’
˜Œ‰ ‡™––‰’‡ —˜–™‡˜™–‰ “Š ˜Œ‰ “…’ ”“–˜Š““ Ǧ…–“™’ˆ
ȔȑǀȒʆƽ “Š ›Œ‡Œ ‘“—˜ “…’— ›‰–‰ ˆ‰’“‘’…˜‰ˆ ’ ˜Œ‰
›—— Š–…’‡ǧƽ …˜Œ“™‹Œ ˜Œ— —Œ…–‰ Œ…— †‰‰’ —˜‰…ˆ ˆǂ
‘’—Œ’‹ǀ  ‰œ˜‰’ˆ’‹ —™‡Œ “…’—ƽ †…’— …–‰ ‰œǂ
”“—‰ˆ ˜“ ‡–‰ˆ˜ –— …–—’‹ Š–“‘ Œ“™—‰Œ“ˆ—Nj š™’‰–ǂ
…†˜ ˜“ ž“˜ ˆ‰”–‰‡…˜“’ƽ ˜Œ‰ –— “Š ˜Œ‰ –‰ˆ™‡‰ˆ
”“——†˜ “Š –‰‡“š‰–’‹ ˜Œ‰ “…’ ˜Œ–“™‹Œ •™ˆ…˜“’
“Š ‡“…˜‰–… Š ˜Œ‰ ˆ‰†˜“– †‰‡“‘‰— ’—“š‰’˜ …’ˆ ˜Œ‰
–— “Š ˜Œ‰ ’‡…”…†˜ “Š … –““š‰– “Š Š™’ˆ’‹ “– ‡“’ǂ
‡™ˆ’‹ Œ‰ˆ‹’‹ ˜–…’—…‡˜“’—ǀ

‹™–‰ ȒǀȐȒǀ

™––‰’‡ —˜–™‡˜™–‰ “Š ’‰› Œ“™—’‹ “…’— ˜“

Œ“™—‰Œ“ˆ—

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3-

200

7

9-

200

7

3-

200

8

9-

200

8

3-

200

9

9-

200

9

3-

201

0

9-

201

0

3-

201

1

9-

201

1

3-

201

2

9-

201

2

3-

201

3

9-

201

3

PLN

USD

EUR

CHF

“˜‰—ƿ ˜Œ‰ ˆ…˜… †…—‰ˆ “’ … —…‘”‰ “Š Ȑȗ †…’— ˜Œ…˜ –‰”“–˜ ˜“ 

’Š“–‘…˜“’ “’ ’˜‰–‰—˜ –…˜‰— …’ˆ ˜Œ‰ š…™‰ “Š ’‰› “…’ …‹–‰‰ǂ

‘‰’˜—ƽ ǀ‰ǀ … …‹–‰‰‘‰’˜— ‡“’‡™ˆ‰ˆ ’ … ‹š‰’ ”‰–“ˆƽ –‰’‰‹“ǂ

˜…˜‰ˆ …’ˆ …’’‰œ‰ˆ …‹–‰‰‘‰’˜— Š“– ›Œ‡Œ ”–‡‰ ‡“’ˆ˜“’— “– ˜Œ‰–

š…™‰ ›‰–‰ ‘“ˆʱ‰ˆǀ ˜ ˜Œ‰ ‰’ˆ “Š ‰”˜‰‘†‰– ȑȏȐȒƽ ˜Œ‰ —Œ…–‰

“Š —™‡Œ †…’— ’ ˜Œ‰ ›Œ“‰ ”“–˜Š““ “Š ž“˜ǂˆ‰’“‘’…˜‰ˆ Œ“™—ǂ

’‹ “…’— “Š ˜Œ‰ †…’’‹ —‰‡˜“– …‘“™’˜‰ˆ ˜“ …–“™’ˆ Ȗȓʆƽ …’ˆ “Š

Š“–‰‹’ ‡™––‰’‡ǂˆ‰’“‘’…˜‰ˆ Œ“™—’‹ “…’— Ǟ …–“™’ˆ Ȗȑʆǀ ’‡‰

™’‰ ȑȏȐȏƽ “…’— ’ ˜Œ‰  ˆ“…– Œ…š‰ ’“˜ †‰‰’ ’‡™ˆ‰ˆ ’ ’˜‰–ǂ

‰—˜ –…˜‰ —˜…˜—˜‡—ǀ

“™–‡‰ƿ ǀ

“–”“–…˜‰ “…’—

Œ‰ …’’™… ‹–“›˜Œ –…˜‰ “Š ‡“–”“–…˜‰ “…’— Š‰ †‰ǂ
“› ž‰–“ ǦǂȏǀȔʆǧ …˜ ˜Œ‰ ‰’ˆ “Š ‰”˜‰‘†‰– ȑȏȐȒ Ǧ—‰‰
‹™–‰ ȒǀȐȐƽ ‰ʹǂŒ…’ˆ ”…’‰ǧǀ ‘“’‹ ˜Œ‰ –‰…—“’— †‰ǂ
Œ’ˆ ˜Œ— Š… “’‰ ‘… —’‹‰ “™˜ƿ … “› “…’ ˆ‰‘…’ˆ
…‡‡“‘”…’’‹ … —“›ˆ“›’ ’ ‰‡“’“‘‡ ‹–“›˜Œ …’ˆ
˜‹Œ˜‰– ‰’ˆ’‹ ”“‡ —˜…’ˆ…–ˆ— ‘…’˜…’‰ˆ † †…’—
Ǧ—‰‰ ‹™–‰ ȒǀȐȑƽ –‹Œ˜ǂŒ…’ˆ ”…’‰ǧǀ Œ‰ ‹–‰…˜‰– ˆ‰ǂ
‡–‰…—‰ ’ ˜Œ‰ ‹–“›˜Œ –…˜‰ “Š “…’— ˜“ — ˜Œ…’ ˜“
…–‹‰ ‰’˜‰–”–—‰— ‘… †‰ ’‰ˆ †“˜Œ ˜“ … ‡‡‡…
›‰…‰’’‹ “Š ˆ‰‘…’ˆ Š“– “…’— …— ›‰ …— … –‰…˜š‰
—˜–“’‹‰– ˜‹Œ˜‰’’‹ “Š ‡–‰ˆ˜ —˜…’ˆ…–ˆ— † †…’— ’
˜Œ— ‘…–‰˜ —‰‹‘‰’˜ǀ

Œ‰ ‹–“›˜Œ –…˜‰ “Š ‰’ˆ’‹ ˜“ — ›‰…‰’‰ˆ ‡“‘ǂ
”…–‰ˆ ˜“ …–‡Œ ȑȏȐȒ ˆ‰—”˜‰ ˜Œ‰ ‰’˜– ’˜“ ‰ʮ‰‡˜ “Š
˜Œ‰ ˆ‰ ‘’‘— “–˜Š““ ™…–…’˜‰‰ ’‰ǀ  ˜Œ‰ ‰’ˆ

ȑȗ

“– ‘“–‰ ’Š“–‘…˜“’ “’ ‡Œ…’‹‰— ’ †…’—Nj ‰’ˆ’‹ ”“‡ƽ ’ ”…–˜‡™…– “’ ˜Œ‰ ‘”…‡˜ “Š ‰‡“‘‘‰’ˆ…˜“’ ƽ —‰‰ nj‰’“– “…’ “ʲ‡‰–

“”’“’ —™–š‰ Ǟ “’ †…’ ‰’ˆ’‹ ”–…‡˜‡‰— …’ˆ ‡–‰ˆ˜ ‡“’ˆ˜“’—Ǎƽ ‰ˆ˜“’— Š“– ˜Œ‰ ˜Œ–ˆ …’ˆ Š“™–˜Œ •™…–˜‰–— “Š ȑȏȐȒƽ ǀ

’…’‡… ˜…†˜ ‰”“–˜ǀ ‰‡‰‘†‰– ȑȏȐȒ

Source:  Na>onal  Bank  of  Poland,  Financial  Stability  Report,  December  2013.  

Sources  of  informa&on  

1.  Na>onal  Bank  of  Poland,  Financial  Stability  Report,  December  

2013,  Chapter  3.2.  

2.  DIRECTIVE  2008/48/EC  OF  THE  EUROPEAN  PARLIAMENT  AND  

OF  THE  COUNCIL  of  23  April  2008  on  credit  agreements  for  

consumers  and  repealing  Council  Direc>ve  87/102/EEC.