Event: Key indicators for the banking segment in December 2022 and January 2023.
On Thursday, January 16 Votum revealed their monthly reports (link) with key indicators for the segment of pursuing claims from abusive clauses in FX mortgage loan agreements for December 2022 (number of court sentences and acquired contracts) and January 2023 (planned number of court hearings).
The court sentences in the segment of pursuing claims from abusive clauses in FX mortgage loan agreements. In December the courts of both instances handed down 1,036 sentences, including 834 in the courts of the first instance (94% of these sentences stated the invalidity of agreements with merely 3% that dismissed claims in their entirety) and 202 in the courts of the second instance (88% stating the invalidity of agreements). December has been the month where the total number of rulings increased further (11% growth versus November). The number of first as well as second instance judgments was at a record level in the period. In the press comment, the management expects, taking into account the forecasts for 2023 and the degree of advancement of the current lawsuits, and assuming maintaining the current dynamics of issuing judgments yoy, next year the number judgments issued before courts of first instance may range from 7,500 to 10,000 and over 4,000 in second instance.
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 January Votum will attend 2,211 court hearings (7% lower mom) related to pursuing claims from abusive clauses in FX mortgage loan agreements. On a month-to-month basis, we have a seasonal drop here due to a high season in December. Nevertheless, compared to January last year, which takes into account the effect of seasonality, the number of meetings should grow at 66% pace. The Management Board of Votum in the press comment indicates that due to the record number court hearings, the last months of the year may result in further increases in the number of judgments, approaching even 1,000 monthly.
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 December a number of new contracts stood at 894 (30% up yoy). Cumulative number of new signed contracts in 2022 amounted to 10,613, which constitutes a 31% yoy growth. This confirms rising customer interest.
Votum; contracts acquired monthly in the segment of pursuing claims from abusive clauses in FX mortgage loan agreements (preliminary data)
This report is prepared for the Warsaw Stock Exchange SA within the framework of the Analytical Coverage Support Program. 3.0.
20/2023/AR January 16, 2023
Analyst
Michał Sobolewski, CFA, FRM
