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Bank to return money to Swiss-franc mortgage holder: report

PR dla Zagranicy
Paweł Kononczuk 29.08.2016 17:05
A Polish court has ruled that Millennium bank should return over PLN 100,000 (USD 25,000, EUR 23,000) to a customer who took out a mortgage in Swiss francs, the money.pl website has reported.
Photo: pixabay.comPhoto: pixabay.com

The sum is highest awarded so far in this type of case in Poland, where the problems of borrowers who took out mortgages denominated in foreign currency have become a highly charged political issue.

The ruling was issued by a district court in Warsaw.

“This is the first ruling in which a court attempted to analyze a mortgage indexation agreement in the context of banking law,” money.pl quoted Barbara Garlacz, of Harvest Legal House, which won the case, as saying.

“We have put forward similar arguments in cases against Raiffeisen, BPH and Getin Noble” banks.

A Millennium spokeswoman said that the bank would appeal against the court’s decision, money.pl reported.

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 instalments for many Poles ballooned almost overnight.


Source: www.money.pl

tags: banks
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