The franc is gaining against the zloty on Monday, the Swiss currency is approaching the PLN 5 limit. According to Monday’s Rzeczpospolita daily, the more expensive franc is one of the reasons for the increase in the number of court cases regarding foreign currency loans.
On Monday, around 12.50, you had to pay nearly PLN 4.97 for the Swiss franc. “Record gas prices in Europe they dragged the euro to the bottom, which again caught up with the dollar. The franc benefits from it, and the zloty suffers. As a result, the CHF exchange rate exceeds the July highs, exceeds PLN 4.95 and is close to the March record and the PLN 5 ceiling “- wrote Bartosz Sawicki, financial market analyst at Cinkciarz.pl on Twitter.
Swiss franc loans – the number of lawsuits is growing
According to Rzeczpospolita, among other things, due to the rising CHF / PLN exchange rate, the number of claims filed by Swiss franc borrowers is growing dynamically. At the end of June 2022, there could have been about 95,000 of them in total. against about 80 thousand. at the end of 2021.
The newspaper notes that a similar dynamics can be seen in the reports of individual banks. For example, PKO BP, the institution that granted the most loans in francs, reports that at the end of June this year, 15.87 thousand were fought against it. court proceedings (with a total dispute value of PLN 5.5 billion). It’s about 29 percent. more than at the end of 2021 and by 77 percent. more than a year earlier. In turn, mBank reports about 15.7 thousand. individual lawsuits, which means an increase by 20 and 56 percent, respectively.
“In total, the seven banks we took into account in our analysis currently have to litigate 61,500 franc cases. Meanwhile, at the end of December 2021, there were 49,400 such cases (+24%). and at the end of June – 36.6 thousand (almost +70 percent) “, writes Rzeczpospolita.
The Frankivskis win in the courts
“Moreover, bankers expect that the wave of lawsuits from franchise holders will remain at an elevated level for the next few quarters” – adds the daily.
According to Rzeczpospolita, the number of convictions in Swiss franc cases has been steadily increasing in recent months, and, importantly, the court usually agrees with the Swiss franc people. This is confirmed by data provided by banks.
“Here, the ratio of decisions favorable to borrowers ranges from 70% in the case of BNP Paribas to about 90% in the case of mBank. Another thing is that these are not always decisions in the most favorable dimension for clients” – writes the newspaper.
“Rzeczpospolita”, TVN24 Biznes
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