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Swiss franc bill in parliament by end of June?

PR dla Zagranicy
Roberto Galea 06.06.2016 08:36
A bill to support holders of mortgages denominated in Swiss francs will likely be discussed in the lower house of Polish parliament by the end of the month, said presidential spokesman Marek Magierowski.
Photo: Flickr.com/Martin AbegglenPhoto: Flickr.com/Martin Abegglen

Magierowski said that a team of experts in the presidential office would complete the bill on Monday.

“These suggestions and conclusions will be presented on Tuesday, and on Wednesday or Thursday there will be a debate organised by the president's office, a kind of last chance to listen to all the parties involved,” Magierowski told the TVN24 broadcaster.

A bill to help holders of Swiss-franc mortgages in Poland was one of the election pledges of Polish President Andrzej Duda.

Hundreds of thousands of Polish families took out mortgages denominated in foreign currencies up until around 2010. Later, the removal of a fixed exchange rate against the euro by the Swiss central bank meant that monthly installments ballooned almost overnight.

The outgoing head of the National Bank of Poland, Marek Belka, said that a bill to help Swiss-franc mortgage holders proposed by the president will have “very serious repercussions”.

"The bill will be particularly nasty for the budget, as it could lead to a significant weakening of the banking system with serious consequences for the economy," Belka told the TVN BiŚ broadcaster in January.

He added that the bill, which could see Swiss-franc mortgages being exchanged to equivalent ones in Polish złoty, could have a dilapidating effect on the bottom line of many banks. (rg/pk)

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