Polish banks are braced for a verdict on Thursday from the European Union's top court on foreign currency loans that a regulator says could cost the sector 100 billion zlotys $24.1 billion), but analysts say they can cover the costs.
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EU Court Puts Onus on Polish Courts to Solve Forex Mortgage Fights
Apr 29 2021, 5:49 PM
April 29 2021, 1:41 PM
April 29 2021, 5:49 PM
(Bloomberg) The European Unionâs top court said it was up to Polish judges to resolve lawsuits over the countryâs $31 billion pile of foreign-currency mortgages, sending bank valuations sharply higher.
(Bloomberg) The European Unionâs top court said it was up to Polish judges to resolve lawsuits over the countryâs $31 billion pile of foreign-currency mortgages, sending bank valuations sharply higher.
Analysts saw Thursdayâs ruling by the EU Court of Justice as causing no further harm to lendersâ legal position in disputes with clients, boosting Warsawâs WIGBank index to a 13-month high. The Polish bank association, an industry lobby group, said the verdict was âpositive,â while MBank SA Chief Executive Officer Cezary Stypulkowski called it âencouraging.â