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Supreme Court Ruling On FX Mortgages: ING Expectations

POLAND

The Polish Supreme Court will rule on the issue of FX denominated mortgages on April 13. Expectations from ING:

  • "We expect the most likely option to be a widespread settlement, offering to convert FX mortgages into PLN at the original FX rate. But banks might be allowed to charge Wibor rather that Libor CHF. This should limit the overall loses to PLN30-60bn. The conversion is likely to take place via the central bank, rather than via the market. The National Bank of Poland's Chairman Adam Glapiński has admitted this is a possibility and recently added that the central bank is aiming for PLN stability."

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