Kaczyński: C. bank to be involved in FX mortgage loans conversion

Chairman of the conservative ruling party Law and Justice (PiS), Jarosław Kaczyński, said in an interview with Polish weekly wSieci that central bank NBP will have to be involved in dealing with the issue of franc denominated mortgage loans. "It will be a huge operation, completely possible to execute, with the banks' condition taken into consideration. The central bank will have to get involved," Kaczyński said. He stated that it is not only the problem of FX mortgage loans need to be solved, but also the state has to help those who bought financial products advertised as insurance at banks and other financial institutions. According to him, around 5 million Poles bought products worth PLN 50 billion. "What does a normal country do in such a situation? It demands return of the money and payment of a fine," Kaczyński said.