Duda: Banks responsible for solving FX loans issue

Image : andrzejduda.pl

President Andrzej Duda said in an interview with Reuters that banks should bear the responsibility for solving the issue of Swiss franc mortgages because they made huge profits on them, but a solution must not destabilise the banking sector.

Duda said that solving the issue of Swiss franc mortgages “should not be Polish taxpayers’ problem”.

“Of course the state can support this process, for example through legislative activity, but still the responsibility lies with banks, because it was they who benefited from those loans,” Duda claimed

“Let’s remember that banks make huge profits in Poland,” he said. “Those profits in large part travel, in one way or another, to parent companies, disappearing beyond Polish borders, and Poles do not benefit from those profits, and neither does Poland’s economy. Meanwhile, banking fees … are some of the absolutely highest in Europe.”

Asked whether Poland’s central bank should be more active in stimulating economic growth, Duda said that it had “a role to play” in this regard, echoing comments made by Law and Justice (PiS) lawmakers, who have called for the bank to increase the availability of credit to small and medium-sized businesses.

“I think that the central bank can have an active role in supporting the Polish economy, it can generate certain initiatives, which would support the economy,” he said.


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