ZBP wants restructuring for FX mortgages granted before '09, and clients to share costs

Banking lobby ZBP wants FX mortgage restructuring to apply only to loans granted before 2009 and proposes that clients would co-finance the restructuring process. Moreover, it proposes that such costs would reduce the lenders’ tax base. ZBP claims that the presidential FX-denominated mortgage relief bill poses a risk to the stability of the financial system and proposes that the restructuring fund should be established only for a fixed period of time. “The proposed solutions will lead to the situation where will be the borrowers with the biggest mortgages instead of those with smaller loans but significant problems in repaying them. Additionally, the high cost of the mass FX conversion may lead to destabilizing the Polish banking sector,” ZBP said in its opinion.