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Bank Millennium – franchise holders. Millennium makes its own settlements

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Bank Millennium concluded over 4,000 settlements with franchise holders. The bank has not launched a program of agreements with borrowers on the terms proposed by the Polish Financial Supervision Authority, but instead tries to come to an agreement with them on its own terms, “Rzeczpospolita” writes on Tuesday. PKO Bank Polski announced earlier that at the end of September it wants to propose a large-scale settlement process.

Rzeczpospolita reports that the settlements concern approx. Swiss franc loans at Bank Millennium. The bank assures that it is continuing talks with borrowers on this matter, and the terms of the settlements proposed by Millennium differ from those suggested by the Polish Financial Supervision Authority.


Bank Millennium – franchise holders

The newspaper points out that they are less beneficial for customers, because the conversion rate is not so low, and in addition, the settlement only concerns the future. On the other hand, the KNF model converts the loan as if it were in PLN from the beginning, and in addition, it reduces the outstanding loan balance more (which makes it more costly for the industry).

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“Even greater financial benefits for customers may bring about the cancellation of the contract by the court. So why do customers decide to settle according to the Millennium rules? The rule that speaks to them is: ‘a better sparrow than a pigeon on the roof.’ Millennium did not launch a universal agreement program according to the KNF plan, it only declares that it analyzes the case “- we read. Rzeczpospolita points out that lawsuits, in turn, are time-consuming, costly and do not guarantee success.

“Millennium informs that settlements are offered to clients regardless of whether they are in a legal dispute with them. If the client has not received the offer, he may contact the bank himself. The bank does not comment on it, “the newspaper reports.

Frankivichi – settlements

PKO Bank Polski announced earlier that it wants to propose on a large scale at the end of September the process of concluding settlements with franchisees. Jan Emeryk Rościszewski, the president of PKO BP, pointed out that as the basic option, customers will probably be able to convert a Swiss franc loan into a loan in PLN with a fixed interest rate. The president of Santander Bank Polska, Michał Gajewski, recently informed that the bank is running tests of concluding settlements with Swiss franc borrowers.

BNP Paribas previously indicated that it will make a decision on the settlement after the resolution of the Supreme Court. The full body of the Civil Chamber of the Supreme Court at the beginning of September this year. however, it did not issue a resolution on foreign currency loansinstead, it was decided to ask three questions to the Court of Justice of the European Union on the procedure for appointing judges.

mBank has so far not made a decision to offer agreements to clients as proposed by the Chairman of the Polish Financial Supervision Authority, and has not taken any steps to obtain any corporate approvals in this matter. It is not known how Raiffeisen will behave in this case.

The president Brunon Bartkiewicz announced in mid-April that ING Bank Śląski is ready to settle with franchise holders. These would be settlements based on a proposal presented by the chairman of the Polish Financial Supervision Authority. Bank Pekao also announced that it plans to settle deals, but is still working on the details of the conversion mechanism.

Financial Ombudsman Mariusz Golecki recently indicated in an interview with the Polish Press Agency that banks submitted settlement proposals require careful examination in terms of whether they are not unfavorable to customers. At least a lawyer should see them, ‘he said.

PAP / Adam Ziemienowicz

Rzeczpospolita, TVN24 Biznes, PAP

Main photo source: Shutterstock

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