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CHF loans – opinion of the CJEU spokesperson. Paweł Borys, president of PFR, comments

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The opinion of the spokesperson of the Court of Justice of the European Union (CJEU) threatens a serious macroeconomic crisis, the government and the Polish Financial Supervision Authority (KNF) must consider how to prevent it, believes Paweł Borys, president of the Polish Development Fund (PFR).

– The interpretation of the CJEU threatens a serious macroeconomic crisis, because according to the estimates of the Polish Financial Supervision Authority, such a solution is over PLN 200 billion, which all taxpayers would have to pay at the end. Several banks would find themselves in a very difficult situation and would have to be bailed out with our money. That is why I believe that it is not fair to impose the costs of this solution on all taxpayers and to treat them in a preferential way compared to borrowers in zlotys – said Borys.

The President of the PFR on the opinion of the CJEU spokesperson

– I assume that the government and the KNF must analyze the statements of the CJEU spokesperson and consider what solution is possible in order to prevent such a macroeconomic crisis in Poland. The negative impact of such statements on the Polish economy can already be seen zloty exchange rate, which has weakened, can be seen in the decline (of exchange rates – ed.) of the banks. I omit the issue that all banks that would be burdened with such costs would not be able to finance the growth of lending, i.e. de facto finance the economy. The consequences would be very serious and we would all pay for them.”

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According to Borys, a socially fair solution is for zloty and foreign currency borrowers to have equal rights, i.e. for them to be able to convert FX loans, as previously proposed by the Polish Financial Supervision Authority. In his opinion, the costs of such a solution would be bearable by the banking sector.

Opinion of the CJEU spokesperson

On Thursday, the Advocate General of the Court of Justice of the EU, Anthony Michael Collins, announced that after declaring a mortgage contract invalid due to unfair terms, consumers may pursue claims against banks that go beyond the reimbursement of cash benefits.

The bank may not pursue claims against the consumer that go beyond the return of the loan principal transferred and the payment of statutory interest for delay from the time of request for payment.

The Defender stated that it is for national courts to determine, based on national law, whether consumers have the right to pursue such claims and, if so, to decide whether they are justified.

The Advocate General stated that the argument concerning the stability of the financial markets in Poland is irrelevant in the context of the interpretation of Directive 93/13, which is primarily aimed at protecting the interests of consumers.

Read more: There is an opinion of the CJEU spokesman on CHF loans >>>

Main photo source: PAP/Tomasz Wiktor



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