Briefs

First loans by Nykredit Bank Hipoteczny Nykredit Bank Hipoteczny began operating on September 15th and in its first month granted loans of a total sum of approximately PLN 2 mln at an interest rate of 6.45 per cent. Management are expecting to make a profit in three years time and in five, plan to have claimed a 5-7 per cent share of the mortgage market. NPH is aiming to create a similar profile to that of its mother company in Denmark and interest on loans will be set at a similar level for both individual and corporate clients, so as to avoid strict association with either. The first issue of mortgage bonds is planned for the 4th quarter of 2004, though there is as yet no guarantee that it will happen. Lech Gajewski, President of Nykredit Bank Hipoteczny informed us that the total issue would probably amount to approximately PLN 500 mln. The bank's equity comes to a total of PLN 75 mln, of which PLN 50 mln is stock capital and 25 mln working capital. Nykre