A few days ago, the Chairman of the Polish Financial Supervision Authority, Mr. Jacek Jastrzębski, informed the public that he had found the perfect "cure" for the so-called Swiss franc disputes.
In his statements, the Chairman of the Polish Financial Supervision Authority (KNF) emphasized, among other things, that the Polish Financial Supervision Authority (KNF) is proposing that banks begin offering borrowers attractive court settlement terms. He further indicated that such action is intended to protect the banking sector from a further wave of court defeats and the enormous costs incurred by banks. At the same time, the Chairman of the KNF added that reaching a compromise on Swiss franc matters would ultimately benefit all parties.
From the statement of the Chairman of the Polish Financial Supervision Authority it can be concluded that the solution proposed by the Polish Financial Supervision Authority:
1) takes into account the interests of the Borrowers;
2) ensures the security of the banking sector;
3) is fair to PLN borrowers – they should not be in a less favourable position than if they had decided to conclude a loan agreement in a currency other than PLN a dozen or so years ago.
In connection with the above, the Chairman of the Polish Financial Supervision Authority indicated that: "the reference point would be a PLN loan, bearing interest at the appropriate WIBOR reference rate, increased by the margin applicable to PLN loans at the time the foreign currency loan was granted." In such a situation, a loan simulation would be necessary - how much would a PLN loan taken out several years ago cost the consumer if the loan was actually taken out in foreign currency - in CHF.
This solution, proposed by the Chairman of the Polish Financial Supervision Authority, will avoid unfair actions towards borrowers, including the defendant banks demanding additional amounts from consumers for the unauthorized use of capital. Furthermore, by taking the proposed actions, it is possible to abandon cheap loans (if the court rules the loan agreement invalid). Furthermore, this is the last moment to take action in this regard to avoid escalating disputes and misunderstandings between banks and borrowers.
At the same time, it should be noted that the settlements proposed by the Bank to Consumers will only be successful if they are economically and legally beneficial (avoiding litigation). In this situation, the most important factor will be the offer the Bank presents to Borrowers. The Chairman of the Polish Financial Supervision Authority (KNF) emphasized that eliminating ambiguity, legal risk, and litigation is crucial.
