President presents FX mortgage loans conversion bill

Image : shutterstock
President of Poland Andrzej Duda held a meeting on Friday with the representatives of organizations of franc borrowers. After the encounter, the President presented his draft bill aimed at easing the burden of FX mortgage borrowers.

The project envisages that the borrowers would gain the opportunity to convert their FX-denominated loans into złoty-denominated credits at “a fair rate,” defined individually by an algorithm set in the legislation and used for the remaining lifetime of the loan.”We used a ‘just exchange rate,’ which stems from the comparison of the cost of the FX or FX-indexed loan to a PLN-denominated loan,” presidential Minister Maciej Łopiński said.

The mechanism of the ‘fair’ exchange rate is calculated through comparison of the cost of the FX mortgage and the cost of the similar PLN-denominated loans.

Pin It