Banks warn that courts are undermining loan agreements based on WIBOR indicator
Polish borrowers with złoty-denominated loans are considering lawsuits against banks, inspired by franc loan cases, after a court ruling in Suwałki declared a WIBOR-based mortgage contract invalid. The non-final ruling argues that the agreement violated consumer rights.
Around 1,200 cases challenging WIBOR have already been filed, and the EU Court of Justice (CJEU) is reviewing its first related case. Banks warn of severe economic consequences if mass cancellations occur, estimating losses in the hundreds of billions of złotys.
While industry leaders call for government intervention, BNP Paribas reassures that the lawsuit surge remains manageable. The Polish government has also opposed using EU consumer directives to undermine benchmark-based loan agreements, aiming to stabilize the banking sector.
(wnp.pl)
