Poland mortgages: Homeowners win fight over Swiss Franc loans

Around half 1,000,000 indebted Polish householders have received their fight to be free of crippling Swiss franc mortgages.

The Swiss foreign money has doubled in worth since 2008, sending mortgage-holders’ money owed hovering.

Now, the European Court of Justice (ECJ) has dominated that they’ll ask Poland’s courts to allow them to convert their loans into the Polish zloty.

More than one in 5 Polish mortgages is held in Swiss francs.

Finance Minister Jerzy Kwiecinski mentioned it was excellent news for shoppers however the ruling was an surprising blow for Poland’s banking sector. Officials mentioned the banks have been properly ready however the banks are making ready for losses working into tens of billions of zloty.

Justyna Dziubak, who introduced the case, celebrated her victory: “I’ve been fighting the banks for three years. It was worth it.”

Around 700,000 Polish households took out mortgages in foreign exchange in the years after Poland joined the EU in 2004. They have turn out to be recognized in Poland as “Frankowitzes”.

They weren’t alone – Hungarians, Croats and Austrians did the identical, attracted by low rates of interest.

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