“After the completion of the pilot phase, mBank has started offering liquidations in francs. As part of the offer, it will convert the existing loan from Swiss francs into zlotys and at the same time reduce the residual capital. The conditions for repayment will be determined individually. and it will be negotiated “- reads the bank’s announcement.
The converted loan will have a periodic variable or fixed interest rate. The bank offers a fixed rate – currently it will amount to 4.99%, he also said.
“The regulation will allow the customer to permanently eliminate the exchange risk and the interest rate risk for up to 5 years (in the future, the interest rate may vary depending on market conditions)” – reads further on.
The institute plans to offer a deal to all CHF mortgage customers by mid-2023, he also said.
mBank is one of the leading universal commercial banks in Poland. The strategic shareholder of mBank is the German Commerzbank. The bank was listed on the WSE in 1992. The bank’s total assets amounted to PLN 199.54 billion at the end of 2021.
An important decision by the CJEU for franchisees
A national court cannot replace an unfair exchange rate clause with an optional provision of national law if the consumer objects to that solution, the Court of Justice of the European Union (CJEU) said in September.
The decision of the CJEU is the answer to a preliminary question concerning the modification of loan agreements concluded in Swiss francs. The CJEU stated that if the loan agreement cannot continue to apply without this provision, it should be declared absolutely void.
The Court answered the question referred by the Warsaw District Court in Joined Cases C-80/21 to C-82/21 concerning a mortgage loan denominated in foreign currency. The borrowers brought an action before that court to have the aforementioned contractual terms relating to the trading mechanism, which formed an integral part of their contract, be declared unfair under the Unfair Contract Terms Directive.
