International Personal Finance Plc Update on Consumer Credit Legislation in Poland (7858D)
28 June 2019 - 4:01PM
UK Regulatory
TIDMIPF
RNS Number : 7858D
International Personal Finance Plc
28 June 2019
28 June 2019
INTERNATIONAL PERSONAL FINANCE PLC ("IPF" or the "Company")
UPDATE ON CONSUMER CREDIT LEGISLATION IN POLAND
International Personal Finance notes that on 25 June 2019 the
Council of Ministers in Poland further amended the draft set of
proposals to reduce the existing cap on non-interest costs that may
be charged by lenders in connection with consumer loan
agreements.
This latest modified draft proposal adopted by the Government is
for a flat level cap of 10% of the loan value (currently 25%) and
the additional cap per annum would be reduced to 10% (from 30%).
The combined total of the flat 10% and the time-dependent 10% per
annum would not be able to exceed 75% of the loan value (currently
100%). The draft proposals are not available at this time.
This latest change follows the adoption of the proposals at a
similar governmental meeting last week, 18 June 2019, for rate cap
charges at 20% of the loan value and the additional cap per annum
at 25%.
We understand that the proposals will be referred to the EU for
review and comment, and may also proceed to Parliament for
consideration, during which they would be debated and could be
modified further. IPF will be contributing actively to this process
to seek a more positive outcome for consumers and businesses. We
will update the market with our assessment of the potential
financial impact on the Group when and if the proposals are
finalised and enacted.
Legal Entity Identifier: 213800II1O44IRKUZB59
Investor relations and media contacts
International Personal Finance Rachel Moran
plc +44 (0)7760 167637 / +44 (0)113
285 6798
Gergely Mikola +36 20 339 02
25
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