Institutions and registers — glossary

The institution responsible for, among others, for the deposit guarantee system in banks and credit unions covered by the Polish system.

Standard protection covers the equivalent of PLN 100,000. euro per depositor in a given institution; there are statutory exceptions. It does not represent a guarantee of an investment or any company offering financial products.

In practice: Check who accepts money and what protection system covers them.

Source: BFG - guarantee amount.

Economic information office providing data on payment obligations on statutory terms. It may be one of the sources of information used to assess payment credibility.

In practice: BIG InfoMonitor and BIK are different entities. Economic information may also concern liabilities unrelated to a loan. When you receive a request regarding the entry, check the creditor, the legal basis, the amount and the possibility of clarifying the matter.

The Credit Information Bureau collects and provides information on the history of credit obligations. The data may describe both timely repayment and delays reported by cooperating institutions.

In practice: BIK is not just a "blacklist" and does not make loan decisions on its own. The report helps check visible liabilities and detect irregularities. In case of an error, determine which institution provided the data and should correct it.

A person helping you understand financial products and prepare to choose an offer. It may work for one institution, an intermediary or handle the products of several companies.

In practice: Ask what range of offers she is comparing and who is paying for her work. Commission-based compensation may influence recommendations. The advisor's help does not replace reading the contract or checking the total cost of the obligation yourself.

Economic information office collecting information on payment obligations. The data may concern both arrears and timely payment of receivables, in accordance with the rules for their transfer.

In practice: ERIF and BIK are separate entities. Repayment of the debt requires correct updating of data by the authorized entity. If an entry is incorrect, check its source and use the clarification or correction procedure.

A brand associated with financial intermediation and assistance in choosing loans. The intermediary presents offers from cooperating institutions, and the financing decision is made by the lender.

In practice: When using an intermediary, check the entity indicated in the documents, the scope of offers compared and the remuneration rules. Brand recognition alone does not mean that all market offers are available or that your application will be accepted.

A colloquial term for an entrepreneur who grants loans. A lending institution operating on the consumer credit market is a separate type of entity from a bank and is subject to specific legal requirements.

In practice: Check who actually provides financing: the website owner may only be an intermediary. Lending institutions are subject to statutory supervision by the Polish Financial Supervision Authority. Their activities should not be equated with maintaining accounts or accepting bank deposits.

A mechanism of assistance for people who meet statutory conditions and have difficulties repaying a housing loan.

The Fund may provide repayable support or loans in certain situations. It is not automatic loan forgiveness; the rules for granting and returning are specified in the regulations.

In practice: Check the application and current criteria with the bank that granted the loan.

Source: BGK - Borrower Support Fund.

The Polish Financial Supervision Authority supervises specific financial market entities. From January 1, 2024, its supervision also covers lending institutions in the field of granting consumer credit.

In practice: Registration and supervision do not guarantee the advantageous nature of each offer. It is worth checking the relevant register and the list of public warnings, and then comparing the terms of the contract and the data of the entity providing financing.

An abbreviation of the historical name Conference of Financial Enterprises, used by the financial market industry organization. In current materials, you will also see the name of the Association of Financial Companies in Poland, i.e. ZPF.

In practice: An industry organization represents market entities and may adopt standards of conduct. It does not replace state supervision. Membership of the company itself is not a guarantee of credit, refund or favorable terms of the contract.

The National Debt Register BIG is an economic information office. It provides authorized entities with information on the obligations of consumers and entrepreneurs on the terms specified in the regulations.

In practice: It is not the same as BIK or a list of all loans taken out. The entry may also refer to an overdue bill for other services. Before reacting to information about the debt, check the creditor, the amount and the basis for the entry.

The National Bank of Poland is the central bank of Poland. Responsible for, among others: for the issuance of money and carries out tasks related to price stability and the functioning of the payment system.

In practice: NBP rates are important for the credit market and part of the statutory interest limits. The National Bank of Poland does not grant ordinary cash loans to consumers. Decisions regarding rates are made by the Monetary Policy Council.

Brand name related to credit intermediation. The intermediary can help you compare products, collect documents and submit the application to the cooperating institution.

In practice: The lender, not the intermediary, decides on whether to grant a loan. Before cooperation, check the legal name of the entity, its authorizations for a given type of product and remuneration rules. The comparison may only cover part of the market.

A historical brand of financial intermediation found in older publications on the credit market. The name in the archived article should not be treated as a confirmation of the availability of the current offer.

In practice: In the case of old contracts, determine the exact side of the obligation: the intermediary and the bank are different entities. Check service information from documents and official records, instead of relying on old phone numbers or advertisements.

An imprecise term used in discussions about financial activities outside banks. It is not a single formal legal category or a synonym for every legal lending institution.

In practice: Instead of judging a company by its label, check its actual operating model, required entries and the entity indicated in the contract. Granting loans and accepting deposits are different activities, subject to different requirements.

An entrepreneur participating in offering or preparing a financing agreement within the scope specified by law. It can introduce products, help with formalities or forward applications.

In practice: Not every intermediary provides money himself. Check the required register, scope of cooperation and remuneration. Submitting one form may mean analysis by several partners, if the terms of service and data processing rules so provide.

The Monetary Policy Council is the NBP body that makes decisions regarding monetary policy, including the level of the central bank's basic interest rates.

In practice: The Monetary Policy Council's decisions may affect the terms of new loans and some existing contracts. However, the fixed rate installment does not have to change immediately. The type of interest rate and the update dates provided for in the contract are important.

An institution supporting clients of financial market entities within the scope provided for by regulations. Can assist with individual disputes and explain rights related to the service.

In practice: In many cases, you must first go through a complaint procedure with the service provider. Prepare the contract, settlements and response to the complaint. The Ombudsman's assistance does not mean that the request will be automatically accepted or that the court's decision will be replaced.

A municipal or district ombudsman providing assistance to consumers in matters relating to their rights. He or she may explain the problem, help prepare a letter or take other actions within the scope of competence.

In practice: It is worth reporting with documents and a well-organized description of the events. Assistance may also apply to financial contracts. Check the local jurisdiction and scope of support; do not confuse a consumer ombudsman with a company offering paid debt relief.

The Office of Competition and Consumer Protection supports the President of the Office of Competition and Consumer Protection in activities promoting competition and collective consumer interests. This also applies to practices in the financial market.

In practice: The Office does not resolve each individual customer complaint. Regarding your own contract, it is worth complaining about the service first and then seeking appropriate consumer assistance or the Financial Ombudsman. UOKiK decisions can provide important information about companies' practices.