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1 2024

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FX mortgage loans in Poland – benefits of borrowers vs. financial situation and conditions for development of the banking sector

Buszko Michał

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

2024

z. 192

43--62

Purpose: The aim of the article is to characterize the specificity of fx mortgage housing loans (especially in Swiss francs in Poland), to present the conditions for granting them and to assess the financial and economic consequences, as well as the impact on the banking sector of the cancellation of these loan agreements. Design/methodology/approach: The article has been prepared based on studies of literature in the field of banking and finance, analysis of the legal acts and sectoral data from the Polish Financial Supervision Authority and the National Bank of Poland, as well as data coming directly from banks granting FX housing loans. The paper also uses own calculations using the annuity account. Findings: The research conducted in the paper indicates that the case law of the Court of Justice of the European Union in the years 2019-2023 and the adopted line of case law of Polish courts, which mainly provides for the cancellation of mortgage loan agreements in foreign currencies, contributed to the emergence of systemic credit risk among exposures that were considered to have the highest quality in the banking sector. The cancellation of loan agreements became a source of long-term free capital for fx borrowers, for whom the terms of lending in foreign currency were in many cases more favorable compared to loans in the Polish zloty. Disputes related to foreign currency loans place a significant financial burden on banks. On the one hand they cause the need to establish provisions and write-offs, and on the other hand, they contribute to the erosion of the equity and reduce growth potential of banks and ability to compete. The value of losses due to solving the problem of Swiss franc loans in Poland, estimated at approx. PLN 100 billion, may cause the bankruptcy of individual systemically important banks, as exemplified by Getin Noble Bank, and significantly reduce the capital adequacy of the entire sector, thus significantly reducing its ability to finance the economy. The legal and monetary conditions of 2020-2023 strongly encourage borrowers to take legal action against banks and limit the willingness to conclude settlements. Research limitations/implications: The study was conducted in the legal and financial conditions of 2023, in which the final number of lawsuits and settlements in the banking sector has been unknown, and thus the amount of real losses to be incurred by banks and the Polish economy. Originality/value: The article fills a research gap in the area of assessing the situation of foreign currency borrowers in Poland, the legitimacy and financial consequences of the cancellation of Swiss franc loan agreements as a result of the CJEU case law of 2019-2023 systemically sanctioning the beneficial settlement of disputes concerning Swiss franc loans for the benefit of borrowers.