The Act on Special Solutions Related to Prevention and Eradication of COVID-19, Other Contagious Diseases and Crisis Situations Caused by the Diseases (“the COVID-19 Act”) dated 31st March 2020 introduces inter alia radical cut in the cap on non-interest costs of consumer loans regulated in the Polish Consumer Loan Act.
The Company assesses that such far-reaching limits on maximal non-interest costs of consumer loans do not allow the Company to continue lending – the credit action under the new regulations would not be profitable.
Therefore, Management Board of the Company has decided to cancel the Company’s Strategy 2019-2021, suspend new credit action, until further notice, and commence the Review of Strategic Options of YOLO S.A.
More details on the above Company’s decision are provided in the Current Report 6/2020 dated 1st April 2020.
The Company is going to disclose any further decisions regarding the above situation.