Szczurek: FX loan conversion bill would destabilize banking system
16:28
The Financial Stability Committee (KSF), Poland's top financial system overseer, criticized heavily the bill that would allow Swiss franc mortgage conversion, saying its implementation would negatively affect the zloty, lending activity, as well as economic growth.
"The Financial Stability Committee unanimously gives a negative opinion to the solutions included in the FX mortgage bill approved by the lower house," Mateusz Szczurek, the Finance Minister told reporters. "Adoption of the law in its current shape will limit banking sector lending to the economy, both for households and businesses," he added
The lower house of the parliament approved the bill that put the burden of FX loan conversion mostly on banks. The law needs to be approved by the senate and signed by the president.
Upon approval, the bill "will result in a slowdown of economic growth and the destabilization of the banking sector in Poland," the Committee said in a formal statement.
