Banks should negotiate with clients regarding FX loans conversion mid-year - Glapiński

The president of the Polish Central Bank (NBP) Adam Glapiński said that he thinks, lenders should launch massive talks with their clients regarding the FX loans conversion in mid-year, after the details of the new law will be announced in March or April and the new regulations should come into force in September. “These details are already approved and the banks will get them. This will be a proposition, banks won't have to apply to them, but if they won't, they'll find themselves in a tough spot,” Glapiński said, adding that this should result in “massive” talks with their clients and the process of converting FX loans into PLN ones will begin. Some of the new regulations, including the FX spread returns deal will have to be approved by the EU, which might push it back a little further till September to come into force. A team of NBP, market regulator KNF and the Finance Ministry experts has been working on the draft bill which was already presented to Polish president for review.