The Polish Financial Council, citing Bloomberg, has warned that a European Court decision in favor of clients of unfair foreign currency loans by Polish banks may lead to the bankruptcy of many financial institutions in the country and worsen the economic situation.
Successive EU rulings have undermined creditors’ valuations because rulings by Polish and EU courts favor mortgage holders. The ruling against the banks will allow customers to borrow interest-free loans.
“The European Court of Justice must realize the consequences of its decision on society,” Jastrzybski told reporters in Warsaw. “Adding a banking crisis to the economic slowdown would have a very negative impact,” he added.
Jastrzebski will attend this week’s hearing where his written opinion was rejected. The trial is expected to take place within 6 to 12 months and could affect around 400,000 Swiss franc clients, of whom more than 100,000 have sued their banks.
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