On Monday, PKO BP started a program of settlements with franchise holders. “This is a good way to eliminate the risks associated with banks’ Swiss franc loan portfolio to the benefit of both borrowers and lenders,” assesses the Polish Financial Supervision Authority in response to TVN24 Biznes’s questions.
– From today our clients will have a specific solution that will allow them to quickly and definitively solve the problem of foreign currency loans – said the president of PKO Bank Polski, Jan Emeryk Rościszewski in an interview with “Dziennik Gazeta Prawna”. On Monday , the largest bank in Poland launched a program of settlements with Swiss francs.
“The solution prepared by the bank allows to reach a settlement in a shorter time than in the case of settlements before common courts. During mediation proceedings before the Arbitration Court at the Polish Financial Supervision Authority, the client will learn all the financial parameters of the proposal, including the amount of the balance after conversion and the amount of any overpayment that the bank will return to him. The process is cost-free and customer-friendly “- it was written in the Monday PKO BP announcement.
As added, the application is submitted online in the bank’s transaction service. Mediation meetings are also held online. “The customers’ visit to the branch will be necessary only when signing the settlement. The court costs of mediation are borne” – it was indicated.
The bank stipulated that the solution is offered to individual clients whose home loan was granted in Swiss francs and who are still repaying the loan. The condition for using this form of assistance is a loan for your own housing purposes.
Comment of the Polish Financial Supervision Authority
We asked the Polish Financial Supervision Authority for an opinion on the PKO BP proposal. The KNF reminds that “the process of converting loans in Swiss francs into loans in zlotys launched by PKO BP is a response to the appeal issued by the Chairman of the Polish Financial Supervision Authority to the banking sector in December last year”.
“This is a good way to eliminate the risks associated with banks’ Swiss franc loan portfolios for the benefit of both borrowers and lenders. The Chairman of the Polish Financial Supervision Authority proposed to the banks, from the very beginning he relied on the principle of voluntary participation in this process “- we read in the reply sent to TVN24 Biznes.
The PFSA states that “mediations leading to settlements with clients are to take place with the support of the Arbitration Court at the PFSA, which, in accordance with earlier announcements of the PFSA Office, was organizationally prepared for increased activities in this area”.
“We expect other banks with Swiss franc loan portfolios will also join the process of concluding settlements. Such declarations by banks appear in the media, “reminds the Commission.
Loans in Swiss francs in other banks
As for other banks, the president of Santander Bank Polska, Michał Gajewski, recently informed that the bank runs tests of concluding settlements with Swiss franc borrowers .
In turn, Bank Millennium concluded over 4,000 settlements with frankers . The bank has not launched a program of agreements with borrowers on the terms proposed by the Polish Financial Supervision Authority, but instead tries to come to an agreement with them on its own terms, Rzeczpospolita wrote on Tuesday.
ING Bank Śląski was ready to settle with franchise holders, informed in mid-April CEO Brunon Bartkiewicz. These would be settlements based on a proposal presented by the chairman of the Polish Financial Supervision Authority. Bank Pekao also announced that it is planning to make settlements, but is still working on the details of the conversion mechanism.
BNP Paribas previously indicated that he will make a decision on the settlement after the Supreme Court has issued a resolution. The full body of the Civil Chamber of the Supreme Court at the beginning of September this year. has not issued a resolution on foreign currency loans , instead it was decided to ask three questions to the Court of Justice of the European Union on the procedure for the appointment of judges.
mBank to this so far, it has not made a decision to propose agreements to clients as proposed by the chairman of the Polish Financial Supervision Authority, and has not taken any steps to obtain any corporate approvals on this matter. It is not known how Raiffeisen will behave in this case.
Financial spokesman Mariusz Golecki recently indicated in an interview with the Polish Press Agency that the proposals for settlements submitted by banks require thorough examination in terms of whether they are not unfavorable to customers. At least a lawyer should see them – he said.
Author: mp / ToL
TVN24 Biznes, PAP
Main photo source: Shutterstock
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