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Poland splits FX loan conversion cost equally between banks and clients
September 4, 2015 / 12:55 PM / 2 years ago

Poland splits FX loan conversion cost equally between banks and clients

WARSAW, Sept 4 (Reuters) - Poland’s upper chamber of the parliament decided on Friday to restore the foreign currency mortgage conversion bill to its initial form when it comes to splitting the cost equally between banks and credit holders, speaker of the Senate said.

The draft law assumes now that banks will pay half of the cost of the currency conversion or around 10 billion zlotys ($2.6 billion). Earlier, the lower house of the parliament amended the bill, so lenders would foot 90 percent of the costs.

Now the bill goes back to the lower house where it will be further discussed in the finance panel. Head of the panel told Reuters on Friday that it may take a long time before the bill become the law.

Gazeta Wyborcza daily suggested that the parliament would not be able to approve the bill before October general election. ($1 = 3.8063 zlotys) (Reporting by Pawel Sobczak; Writing by Marcin Goclowski; Editing by Adrian Krajewski)

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