Europe's highest court will rule next week whether a bank in Poland broke t...
WARSAW - Europe’s highest court will rule next week whether a bank in Poland broke the law by selling homeowners a Swiss franc mortgage, potentially unleashing lawsuits which could wipe out Polish banking profits for years to come.
Such foreign currency loans now total 124 billion zloty , almost one third of all Polish mortgages, but many homeowners are having to pay far bigger installments than they expected due to a sharp rise in the value of the Swiss franc. Many borrowers have since turned to the courts, encouraged by a cut in the cost of taking action, in what has become the worst crisis to hit Poland’s banks since the end of communism.
“The judgment will cause an avalanche of lawsuits,” Janusz Szewczak, a lawmaker for Poland’s ruling nationalist Law and Justice party, said.The ZBP banking lobby estimates that the total cost could hit 60 billion zloty if all those with such a loan were to succeed in court, four times more than the 2018 net profit of Poland’s banks.
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