Mortgage banks aim for 100%

In order to compete better with universal banks, mortgage banks hope soon to be able to issue mortgages of up to 100% of the banking-mortgage value. They also want to broaden their horizons, to include services such as lending money to local authorities. But for these and other changes to take place a new mortgage banking law needs to come into effect. There are currently 3 mortgage banks in Poland: HypoVereinsbank, Rheinhyp-BRE Bank Hipoteczny and, most recently, Slaski Bank Hipoteczny. The law, they believe, gives them a disadvantage against universal banks. "Both the three mortgage banks and the Banking Supervisory Commission realised the need to introduce changes to the current act of Parliament which governs mortgage banking," says Jacek Furga, President of Hypovereinsbank. "Together with Rheinhyp-BRE we reported our reservations to the commission at the beginning of 2000, suggesting some changes to the law to make us more competitive. We are also wo