Polish PM to check banks

Ewa Kopacz commissioned research regarding Polish lenders' activity in terms of the recent franc (CHF) appreciation, Tvn24.pl reported. PM Kopacz approached the president of the Polish Financial Supervision Authority (KNF) and the president of the Office of Competition and Consumer Protection (UOKiK). The offices are to check terms and conditions of the loans denominated in foreign currencies in regard to the recent SNB decision. Kopacz asked of the Minister of the Treasury, Mateusz Szczurek to discuss the matter at Tuesday's Polish Financial Stability Committee sitting. The UOKiK has already instituted proceedings on the matter of lenders' mortgage loans practices. The office will check if consumers' interests were not violated. Last week, the Swiss National Bank announced it will no longer maintain the franc’s exchange rate against the euro above 1.20, causing an upheaval on global currency markets. The price of the Swiss franc soared to PLN 4.3 from PLN 3.5 last Wednesday, putting a strain on some 700,000 Poles with franc-denominated mortgages.