The number one topic currently among Swiss franc borrowers is the financial situation of Getin and its compulsory restructuring, as well as topics titled "what's next with my case" or "what's next with my Swiss franc loan".
The situation for borrowers who concluded foreign currency-indexed loans with Getin Noble Bank SA is indeed bleak. This is primarily due to the fact that Swiss franc loans – unlike the bank's other products – remained with Getin. This means that foreign currency loans remained with the residual entity that initiated compulsory restructuring.
According to the latest data (as of the end of the first quarter of 2022), Getin has been sued in over 9,500 cases to date, with a total value of PLN 3.3 billion. This represents a small fraction of all foreign currency-related agreements concluded by Getin's legal predecessors. Therefore, the largest "shock wave" of lawsuits is yet to come, while Getin's provision for the legal risk of foreign currency loans amounts to PLN 1.3 billion, or just 15% of the value of its entire "foreign currency loan portfolio" (approximately PLN 9 billion).
How should borrowers behave in such a situation?
Contrary to appearances, borrowers who still haven't repaid the amount of capital initially provided by the bank are in a much better situation. This applies to both borrowers who have already filed a lawsuit and those who have not yet decided to pursue legal action. Their situation is better because they don't have to worry about the bank not returning the overpaid amounts (above the initial capital).
Borrowers who have already overpaid the capital initially provided to them are in a much worse situation, as the Bank's solvency is declining day by day due to Getin's limited financial resources. Even if the case is won in its entirety, i.e., the loan agreement is invalidated and, consequently, a judgment is issued, these Borrowers may not recover the amounts overpaid above the initial capital provided. In such a situation, the "first come, first served" principle will prevail.
Furthermore, Borrowers who have already overpaid the original capital and whose case is already pending in Court should immediately submit applications for security by ceasing to pay further principal and interest installments to the Bank for the duration of the proceedings.
Therefore, Borrowers whose cases are not yet in Court should immediately consider whether to file a lawsuit against the Bank this year.
