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EU Top Court To Issue Opinion On FX Loans, President Duda Tours European Capitals

POLAND
  • The Court of Justice of the European Union (CJEU) will today issue its opinion on whether banks may charge interest on Swiss franc mortgages terminated by the court. The opinion will be closely watched as it presages a verdict in a case brought by Polish borrowers in another phase of their legal battle with lenders. A ruling in favour of the consumers could impose massive costs on the local banking sector, which the local financial watchdog estimates at around PLN100bn. This poses a significant systemic risk for the sector and would call for a swift government response to prevent a financial crisis. Any mitigation efforts would be complicated by the political sensitivity of the issue, with the incumbent administration trying to appeal to borrowers struggling to repay FX loans in the past electoral campaigns. Meanwhile, the scale of the potential hit to local lenders could reduce demand for POLGBs and weigh on the Zloty. It is difficult to assess how the market is positioned ahead of this risk event, with the CJEU expected to issue its opinion anytime now.
  • Government spokesman Piotr Muller Says there are no doubts about the term of the current Constitutional Court Chief Justice and played down Poland's spat with the European Commission over the primacy of EU law.
  • Polish President Andrzej Duda has started his foreign tour of European capitals. He is currently in Brussels where he meets with NATO Secretary General, from there he will head to London, before going to Munich for a security conference.
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