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Tuesday, June 25, 2024

CHF loans – opinion of the CJEU spokesperson. WIG-Banki is falling, the zloty is weakening

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Bank shares lose value during Thursday’s session on the Warsaw Stock Exchange. The market reacted strongly to the opinion of the spokesperson of the Court of Justice of the European Union (CJEU), who sided with the franchise holders.

Just a few minutes after the publication of the CJEU spokesperson’s opinion, the WIG-Banki index began to fall sharply. Around 11:00 a.m., the index was down about 3 percent.

PKO BP’s share price fell by over 4%. – one share costs less than PLN 32. Bank Pekao falls by almost 2 percent. up to approx. PLN 92 per share. mBank shares fell by almost 4.5 percent. and Millennium – by more than 6 percent.


The zloty is also weakening – the Swiss franc jumped by approx. 0.3 percent. to almost PLN 4.84, euro by 0.3 percent. to PLN 4.77, and the dollar by approx. 0.2 percent. up to PLN 4.46.

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Frankowicz versus banks – opinion of the CJEU spokesperson

“The opinion of the Advocate General is very negative for banks. The opinion announces that banks will lose in many lawsuits and actually deprives banks of the chance to obtain additional benefits for the so-called remuneration for the use of the loan capital” – said Radosław Górski from the Radosław Górski Law Office and Accomplices.

He added that “consumers, if only they manage to prove the existence and amount of their own claim, will be able to demand additional benefits for themselves”, and “the legitimacy of such claims will be decided by Polish courts”.

Thus, a situation may arise in which the concept of remuneration for the use of the loan capital created by the banks will turn against them and cause additional severe “damage” to the banks, stressed Górski.

Opinion of the CJEU spokesperson

The opinion of the Advocate General of the Court of Justice of the European Union concerned the legitimacy of claims for other amounts due (remuneration, compensation, reimbursement of costs or indexation of benefits) for the use of capital. Therefore, the opinion concerns whether banks or franchise holders, if the court finds the Swiss franc loan invalid, will be entitled to, for example, remuneration for the use of capital. This is not yet an official judgment, but it will establish the jurisprudence of the CJEU.

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

As regards the bank’s ability to pursue similar claims against consumers, Advocate General Collins takes the opposite view. He proposed that the Court should rule that 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.

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

Main photo source: Shutterstock

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