Locked content UOKiK launches proceedings agains three banks

Consumer watchdog UOKiK has initiated proceedings against lenders BPH, PKO BP and Pekao in relation to the way the banks calculated spreads on mortgage loans denominated in foreign currencies, UOKiK stated. The consumer protection office is alleging that the banks used imprecise wording in their mor...

Locked content KNF to present its opinion on FX mortgage relief

The financial market regulator KNF announced it will publish an opinion on the presidential bill on FX mortgage spreads return at the beginning of October 2016 at the latest. The draft bill was submitted to the lower house in Polish parliament, the Sejm, in August. The offer applies to both FX-denom...

Locked content UOKiK submits to court over FX-mortgages at mBank

The Consumer Protection Authority (UOKiK) has for the second time struck down a contractual clause in some existing mortgage loans of commercial lender mBank, the watchdog informed on Friday. “Contract clauses that too vaguely indicate the grounds for changing interest rates are prohibited, as...

Locked content UOKiK launches proceeding against mBank over FX-mortgages

The Consumer Protection Authority (UOKiK) has struck down a contractual clause in some existing home mortgage loans of commercial lender mBank which had allowed the bank to set discretionary margins on FX-mortgages, opening the door for those loans to be nullified, the head of UOKiK Marek Niechcial ...

Locked content Magierowski: CHF franc loan conversion split into stages

The CHF mortgage loan conversion process has been divided into stages because the situation on the financial markets has changed, presidential spokesman Marek Magierowski told TVP Info. “It’s the first stage of solving the problems of franc borrowers.” “Now we give ourselves ...

Locked content KNF predicts Polish bank losses due to FX mortgage bill

“In the coming periods, the law on the tax from select financial institutions may exert a lot of pressure on bank results (some banks may start generating losses or find themselves barely profitable). But the main regulatory risk is the potential implementation of extreme options for resolving...

Locked content Presidential FX loans bill will not cause financial collapse

President Andrzej Duda told TV broadcaster Polsat that he will submit a project on FX denominated mortgage loan conversion that will not cause a crash to the financial system. The president added that a group of experts is still analyzing a draft of the bill presented in January. He asserted that hi...