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English Section

Polish banks equipped to deal with fallout from EU court ruling: regulator

03.10.2019 14:01
Poland’s financial regulator said on Thursday the country’s banking sector is well positioned to deal with the potential repercussions of a ruling by the EU’s top court on foreign-currency mortgages.
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Pixabay LicenseImage by piviso from Pixabay

The Polish Financial Supervision Authority (KNF) was responding to a decision by the Court of Justice of the European Union, which said that EU law does not prevent contracts for mortgages in Swiss francs from being annulled.

The ruling boosted the hopes of Polish borrowers who complain they suffered after they took out unfair foreign-currency mortgages.

Some commentators had warned that banks in Poland could take a hit from the EU court decision, and that the country’s thriving economy could feel the fallout.

But the Polish financial watchdog said the strong capital base of banks in Poland means they are able to absorb any potential losses.

According to the regulator, this reduces systemic risk, bolstering confidence in the Polish financial system, including the banking sector, and in the country’s economic stability.

Hundreds of thousands of Polish families took out foreign-currency mortgages up until around 2010.

The removal of a fixed exchange rate against the euro by the Swiss central bank meant that monthly installments for many Poles ballooned almost overnight, leaving them floundering financially.

The Court of Justice of the European Union on Thursday gave the green light for contracts with unfair clauses to be annulled, public broadcaster Polish Radio’s IAR news agency reported.

The EU court added that it was up to Polish courts to make decisions on such cases.


Source: PAP/IAR