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Polish regulator says cost of FX loans bill to be known this month
March 9, 2016 / 9:29 AM / 2 years ago

Polish regulator says cost of FX loans bill to be known this month

WARSAW, March 9 (Reuters) - Poland’s financial regulator KNF has not yet calculated the cost of a foreign exchange loans conversion bill proposed by President Andrzej Duda, head of the regulator said on Wednesday, adding it will be known this month.

The president’s office laid out a draft law in January to saddle lenders with the costs of converting Swiss franc mortgages, aiming to help more than half a million Poles with such loans after the value of the franc rose. The office sent a draft of the bill the regulator to estimate its cost.

“We have promised to do it in March. First, we will inform the president’s office,” Andrzej Jakubiak told reporters. The auditors’ opinions suggest that the banks would not be able to spread the cost over time, he said.

The Polish central bank previously said the bill could cost lender up to 44 billion zlotys ($11.2 billion). (Reporting by Marcin Goclowski and Pawel Florkiewicz; Writing by Wiktor Szary; Editing by Marcin Goettig)

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