Polish Banks Stop War Over Deposits
Polish banking sector is seeing the deposit war come to an end, with
largest listed bank PKO BP cutting interest on household deposits by
another 0.5 pps this week, the daily Parkiet writes.
Banks are reducing interest rates on deposits because they want to
improve their interest income, DM Millennium analyst Marcin Materna
stated. As a result, most banks will post a better interest result in
Q3 than in Q2, ING Securities analyst Piotr Palenik added.
Perhaps this will mean more mortgages for the Poles and an end to the crisis in the housing market, where the cost of a mortgage had become so high and the loan to values meant high deposits needed to be found.
Blog by Michael Clay
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