15:09 7 December 2023
Shares in banks fall after the European Court of Justice's decision
Shares in banks listed on the Warsaw Stock Exchange slumped after the European Court of Justice's decision regarding loans in Swiss francs. The court stated that borrowers do not have to submit to the court a declaration of consent to invalidate the contract.
In addition, according to the court, borrowers have a right to receive the full value of claims, without a reduction of the amount by interest rate. In practice, this means that banks are not entitled to any additional claims if the loan agreement is deemed invalid.
After the decision, mBank shares fell by 2.9% to PLN 544, PKO BP fell by 1.9 % to PLN 48.45, and Pekao shares declined by 1.7% to PLN 144. The WIG20 index lost 1.6%, and mWIG40 decreased by 1.4%.
