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Monday, February 26, 2024

Loan in Swiss francs. Raiffeisen Bank offers its clients three settlement options

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Raiffeisen Bank International AG (Spółka Akcyjna) Branch in Poland announced the transformation of its pilot settlement program for loans granted in Swiss francs into a systemic settlement program. In accordance with the proposal of the Polish Financial Supervision Authority, the bank proposes to transform Swiss franc loans into Polish zloty loans, i.e. settle them on the same terms as if they had been offered in Polish zlotys from the beginning. The offer is addressed to individual customers who have not yet completed their repayments.

Raiffeisen Bank International AG, which started a pilot program for settlements of CHF currency loans on June 1, 2023, transformed it into a systemic settlement program. The proposal is to transform CHF loans (indexed and denominated) into PLN loans, and the mediation process is conducted before the Arbitration Court at the Polish Financial Supervision Authority.

In accordance with the recommendation of the Polish Financial Supervision Authority, Raiffeisen Bank proposes to transform loans from CHF into PLN – this means settling them on the same terms as if they had been offered in Polish currency from the beginning, with interest based on a fixed margin and a variable WIBOR 3M reference rate, including the current borrowers’ payments.

Read also: An important decision for Swiss franc borrowers. There is a judgment of the CJEU

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Three variants for customers

After converting from CHF to PLN, customers will have three options to choose from:

– continuation of the PLN loan based on the variable WIBOR 3M reference rate and a fixed margin while maintaining the current loan period,

– continuation of the loan in PLN based on a fixed period interest rate (5-year periodic fixed base rate + fixed margin) while maintaining the current loan period

– or the possibility of a one-time full repayment of the loan without additional fees and commissions.

The offer is addressed to individual customers who have not yet completed loan repayments.

The settlement process is conducted before the Arbitration Court at the Polish Financial Supervision Authority, with the participation of a mediator from this institution. The client can choose a mediator from the list available on the KNF website. The entire mediation process is conducted online and via telephone, and all documents necessary at individual stages of mediation are sent to borrowers electronically, including: via online banking.

Main photo source: Shutterstock



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