Event: Key indicators for the banking segment in January and February.
On Wednesday, February 15 Votum revealed their monthly reports (link) with key indicators for the segment of pursuing claims from abusive clauses in FX mortgage loan agreements for January (number of court sentences and acquired contracts) and February (planned number of court hearings).
The court sentences in the segment of pursuing claims from abusive clauses in FX mortgage loan agreements. In January the courts of both instances handed down 852 sentences, including 670 in the courts of the first instance (95% of these sentences stated the invalidity of agreements with merely 3% that dismissed claims in their entirety) and 182 in the courts of the second instance (94% stating the invalidity of agreements). January has been the month where the total number of rulings increased further (223% yoy growth), while on mom basis there has been 18% decline, which due to seasonality.
Votum; a monthly number of sentences in the segment of pursuing claims from abusive clauses in FX mortgage loan agreements (preliminary data)
A number of court hearings related to pursuing claims from abusive clauses in FX mortgage loan agreements. In February Votum will attend 2,501 court hearings (13% higher mom) related to pursuing claims from abusive clauses in FX mortgage loan agreements. Ahigh number of hearings in February naturally means a high number of judgments that should appear this month.
Votum; a monthly number of court hearings in the segment of pursuing claims from abusive clauses in FX mortgage loan agreements (preliminary data)
New clients acquired in the segment of pursuing claims from abusive clauses in FX mortgage loan agreements. In January a number of new contracts stood at 704 (3% down yoy). This shows a comparable interest from customers. A certain element delaying the clients' decision may be the effect of waiting for February 16, 2023 and the expected opinion of the advocate general at Court of Justice of the European Union. The Management Board of Votum in a press comment indicates that the Group intends to significantly increase the number of new contracts this year.
Votum; contracts acquired monthly in the segment of pursuing claims from abusive clauses in FX mortgage loan agreements (preliminary data)
Analyst
Michal Sobolewski, CFA, FRM
GPW’s Analytical Coverage Support Programme 3.0
This report is prepared for the Warsaw Stock Exchange SA within the framework of the Analytical Coverage Support Program. 3.0.
84/2023/AR February 15, 2023
