The European Union's (EU) top court ruled on Thursday in favor of Polish co...
Attracted by lower interest rates some 700,000 Poles took out mortgages in foreign currencies, mainly in Swiss francs, nearly a decade ago. They are now paying far bigger instalments than they expected after the Swiss franc soared against the local zloty currency.
Poland’s bank lobby group, ZBP, said on Wednesday that the verdict would likely cost banks less than their previously expected estimate of at least 60 billion zloty spread out over a number of years. Poland’s ruling nationalist Law and Justice party ruled out state help for borrowers in 2017 saying instead that debtors should ask the courts for help. Some poor borrowers are, however, eligible for support from a special dedicated fund.
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