FinMin to meet bankers on Swiss franc

Finance Minister Mateusz Szczurek will hold a meeting with bankers next week to assess the impact of the franc crisis on the market after the Swiss Central Bank decided to abandon the euro cap on Thursday.

Poland’s Financial Stability Committee is chaired by Minister Szczurek as well as representatives from the central bank, and financial regulator.

Over half a million Polish families own mortgages in francs, with a majority taken out before the financial crisis in 2008, when the value of the Swiss currency stood at half of current levels.

Opposing views

Poland’s largest opposition party, Law and Justice (PiS) has called for a relief plan whereby Poles would be able to pay off their mortgage at levels noted on 14 January.

“When an earthquake hits, the government has to act,” Paweł Szałamacha, PiS MP. “We propose to allow Poles to pay off their loans at an exchange rate from before the earthquake.” (rg)

Source: Bloomberg