29 Jan 2015
Polish banks’ shares climb after the Ministry appeals to convert CHF loans into PLN – KBC
FXStreet (Barcelona) - The KBC Market Research Desk shares that Polish Banks’ shares climbed after the Economic Ministry published a proposal that should help households repay their mortgages denominated in CHF.
Key Quotes
“The Ministry appealed to banks to enable households to convert their CHF debts to zlotys (at the current CHF/PLN rate and free of charge), to take into account negative LIBOR rates, and to declare a threeyear loan repayment holiday.”
“The proposed measures have provided certain relief to market participants that had been worried of even less favorable (from the banks’ perspective) conditions.”
“Let us recall that there had been rumors about obligatory conversion of the CHF-denominated housing loans at rates effective before the sharp appreciation of the CHF in mid January. Since then, the zloty fell by about 15 % against the CHF.”
Key Quotes
“The Ministry appealed to banks to enable households to convert their CHF debts to zlotys (at the current CHF/PLN rate and free of charge), to take into account negative LIBOR rates, and to declare a threeyear loan repayment holiday.”
“The proposed measures have provided certain relief to market participants that had been worried of even less favorable (from the banks’ perspective) conditions.”
“Let us recall that there had been rumors about obligatory conversion of the CHF-denominated housing loans at rates effective before the sharp appreciation of the CHF in mid January. Since then, the zloty fell by about 15 % against the CHF.”