(Bloomberg) Talks in Poland for settling $32 billion in foreign-currency mortgages have practically stalled because of lenders’ concern over legal risks, according to five bankers with direct knowledge of the situation. The negotiations which include the Polish units of Commerzbank AG, Banco Santander SA and BNP Paribas SA have been difficult with lenders failing to agree on even basic issues, such as the cost of the planned out-of-court settlements, said the people, who asked not to be named because they’re not authorized to speak on the subject publicly. Lenders also have questions about the legal standing of the proposed settlements, according to the people. The zloty weakened to a 2021 low against the euro and Warsaw-listed bank stocks dropped the most in three months on Wednesday amid concerns about the lack of progress in the negotiations. The limbo is likely to persist. The Supreme Court decided on Wednesday to postpone until April 13 a meeting that was expected to cla
Swiss-Loan Talks Stall as Polish Banks Fret Over Legal Risks
This content was published on March 17, 2021 - 16:26
March 17, 2021 - 16:26
(Bloomberg) Talks in Poland for settling $32 billion in foreign-currency mortgages have practically stalled because of lenders’ concern over legal risks, according to five bankers with direct knowledge of the situation.
The negotiations which include the Polish units of Commerzbank AG, Banco Santander SA and BNP Paribas SA have been difficult with lenders failing to agree on even basic issues, such as the cost of the planned out-of-court settlements, said the people, who asked not to be named because they’re not authorized to speak on the subject publicly.
Interview
The state of Open Banking in Central and Eastern Europe â Finqware interview Tuesday 16 February 2021 09:25 CET | Editor: Vlad Macovei | Interview
Cosmin Cosma,
Finqware’s CEO, shares insights on Open Banking’s presence in CEE, its struggles, benefits, and use cases, along with how banks react to this new environment
What can you tell us about Finqware’s story and how would you describe the company’s business model and services? What role does the company play in the Open Banking ecosystem in Romania?
On short, Finqware is an infrastructure and innovation provider for banks, fintechs, and businesses to consume data and collect value from Open Banking.
Solution for Polandâs Swiss-Loan Row Is Nearing, Regulator Says
This content was published on February 11, 2021 - 13:39
February 11, 2021 - 13:39
(Bloomberg) Poland is getting closer to resolving $30 billion Swiss-franc mortgage issue, the head of financial regulatory said after the central bank vowed to help convert the troublesome loans into zloty.
Most banks with foreign-currency mortgages on their books are sounding out their clients or preparing pilot programs for out-of-court settlements amid a wave of lawsuits, Jacek Jastrzebski told radio Tok FM. He described as âpromisingâ a survey that showed the vast majority of Swiss-franc borrowers interested in a deal.
âThe work is ongoing and moving quite intensively,â Jastrzebski said on Thursday. âWeâre at the stage when banks are preparing, or already launching pilot schemes.â
Polish Bank at Last Reckons With Mortgage-Loan Disaster
This content was published on January 21, 2021 - 13:34
January 21, 2021 - 13:34
(Bloomberg) Polandâs MBank SA and ING Bank Slaski SA are recognizing potential losses from legal battles over Swiss-franc loans, moving the industry closer to resolving a dispute that has long clouded its prospects.
The unit of Commerzbank AG set aside a record 439.5 million zloty ($118 million) to cover risks from its foreign-currency mortgages in the final three months of 2020, likely putting the lender in red for the quarter. ING Slaski followed with a 250 million zloty quarterly hit, boosting provisions to a whopping 35% of its non-zloty loans, roughly four times more than its competitors.