A wave of lawsuits because of the floating WIBOR.  Bank President: Don’t do that.  And this threatens the disintegration of society

34 lawsuits have been filed against the bank, said Brunon Partkiewicz, president of ING. – all of a nature that sparks the media’s imagination. Journalists are supposed to ask about it, and we are supposed to answer. So, the atmosphere of the future is created new wave – Dear client, hurry up so as not to be the last one, because you know how long you have to wait for court rulings. This is the plan and intentions of law firms – he said in an interview with the money. He assessed that this was “a test of how the judges will react”. – The first stream of lawsuits is based on the argument that WIBOR (the interest rate at which banks give loans to each other, which is set every business day) could be manipulated, and the banks were supposed to profit from it. Comment on that.

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LIBOR in loans. ING CEO: All tricks on the altar of greed are allowed

Customers with housing loans are trying to undermine WIBOR, which sets the interest rate on loans in PLN. Along with the increase in interest rates in Poland, the WIBOR rate also rose sharply. The ING president believes that WIBOR’s undercutting in loan agreements “is driven by a desire for profit.” “It is a desire to earn undeserved money,” he said.

– try to read the regulations, paragraphs and striking elements, It could be offensive [niedozwolone – przyp. red.]the form in which all tricks are allowed on the altar of greed Bruno Bartkevich said. He explained that WIBOR is a variable rate, its use does not mislead the customer, and the fact that the rate changed so suddenly in relation to expectations is “another matter.”

ING Śląski Bank

“I can’t imagine anyone who questions this volatility is unaware of it.” Therefore, what is happening now is a form of perversion. This must not be done, agreements must be preserved, and undermining principled rules threatens to fragment society. This is not about money – the head of ING emphasized. He also disagreed with the argument that clients were unaware or not well aware of WIBOR rate volatility. – It’s like not explaining to the client that dark clouds on the horizon can bring rain. He said there was no paragraph describing that.

President of the National Bank of Poland, endowed with the Law and Justice Act, Adam Glabinski during one of his famous press conferences.  Warsaw, 6 October 2022

WIRON will replace WIBOR

Some banks, including ING, have started offering mortgage loans calculated on the new WIRON index, which will eventually replace WIBOR. According to the plans of the so-called National Working Group, this will happen in 2025, when the WIBOR rate will stop calculating. “This is a technical change that has been worked on for years. The WIRON rate is considered more transparent. Whereas WIBOR is based on transactions or advertisements (or more often ‘only’ advertisements – which is treated as a serious objection, even though it is allowed by the regulations. European Union) some banks, WIRON was developed on the basis of a larger number of operations – transactions of banks with financial institutions and large companies, “explained on Next.gazeta.pl. Mikołaj Vedzinski.

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