KNF: Presidential bill on FX spreads will cost PLN 9.1 bln

Polish banks would suffer some PLN 9.1 billion cost from the presidential bill on partial return of FX spreads, financial regulator KNF estimated. The two drafts proposed in parliament would, in comparison, would cost PLN 11.1 and PLN 52.8 billion, the Polish Press Agency (PAP) which had an access to the calculations said. The president's bill would cut sector profits to PLN 2.9 billion in 2017, leaving ten banks with an annual net loss upon implementation. The bill, would force banks to issue partial refunds of FX spreads taken on FX-mortgage loans both at origination and in payments to date. Authors, initially estimated its cost at PLN 4 billion, while KNF initial estimate was at PLN 9.3 billion. The two draft bills proposed by Civic Platform (PO) and Kukiz'15 would cost PLN 11.1 billion and PLN 52.8 billion respectively. The more costly one would result in PLN 40.7 billion in losses this year, with 14 lenders in red, while the PO one would reduce the sector's annual result to PLN 3.1 billion and putting nine banks with losses.