Poland Caps Rates
11th August 2005

Pawel Grzesik,Representative, National Association of Cooperative Savings and Credit Unions, Warsaw writes:

Dear All, I would like to inform all of you that yesterday the President of Poland signed the bill on introducing the caps on interest rates.

This bill is to limit the maximum interest rates on all credits including consumer credit APR 26%.

The Polish Credit Unions System and Society for Promotion of Financial Education strongly supported the whole process connected with this legislation.

According to the President this bill is to protect the consumers in the interim period before the law on Act on Consumer Bankruptcy will be voted.

Thank you to all for replying to my earlier appeal for supporting this initiative.