The Polish banking industry’s proposals for resolving the problems of Swiss franc-denominated mortgage borrowers come under fire from all sides in the mainstream press.
Both pro-government ‘Gazeta Wyborcza’ and right-wing ‘Rzeczpospolita’ lambasted the Polish Banking Association’s (ZBP) calls for the central bank or the state budget to co-finance the resolution to the problem.
For years banks made a killing from the spread between the exchange rate they charged their mortgage clients and the market rate, ‘Gazeta Wyborcza’ points out, which makes the taxpayer bailout particularly unpalatable.
Rzeczpospolita points out the proposal’s lack of details and the unfavourable conditions the banks offer their customers. Few borrowers would convert the debt on proposed terms, which means the proposal fails in the attempt to resolve the systemic threat posed by Swiss franc mortgages.
