FM: gov't will support banks to aid franc debtors

The government will support banks in order to help debtors with franc-denominated loans, Finance Minister Mateusz Szczurek said that told TVN23 BiŚ. “The government supports debt restructuring plans that banks are carrying out. One should remember that it is in the banks’ interest to offer such a restructuring plan that will help the client,” he said. “Any changes we make should not disturb the trust of both the citizens and the companies,” he added. The FM also said that the suggestion made by the president of the Financial Supervision Authority (KNF) Andrzej Jakubiak still requires a lot of analysis and work before it is a viable option. The KNF head said that mortgage loans denominated in the Swiss franc could be converted into the złoty at the exchange rate as of when the contract was originally signed, but the debtor would have to pay back all the money he saved by taking out a CHF-denominated loan instead of one denominated in the złoty. Szczurek also noted that the loans in question will be paid back over another 10-20 years and that the franc exchange rate could change for the debtors’ benefit.