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09

Poland Starts Work on Toughening Banks’ Swiss-Franc Loan Burden

By Tony Seruga

Financial Stability Committee to discuss Duda’s plan Wednesday
Poland aims to lessen franc debt burden for borrowers

Poland’s Financial Stability Committee will kickstart work Wednesday on stepping up capital requirements for banks holding foreign-currency home loans, part of a plan to unwind the country’s $36 billion in non-zloty mortgages.

The proposal, presented by President Andrzej Duda’s office last week, envisages a gradual conversion of mortgages as regulatory changes make holding loans denominated in currencies like the Swiss franc unattractive, as well as a draft law forcing lenders to repay clients as much as 4 billion zloty ($1 billion) for “excessive” exchange-rate spreads. Stocks and the Polish currency rallied on the day the proposal was unveiled as investors bet the solution will be less costly than assumed under an earlier plan…

Poland Starts Work on Toughening Banks’ Swiss-Franc Loan Burden

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