October 7, 2019 / 12:48 PM / 10 days ago

ECJ ruling to have negative impact on Poland's PKO results - CEO

JASIONKA, Poland, Oct 7 (Reuters) - Poland’s biggest bank, state-run PKO BP, expects that the ruling of the European Court of Justice (ECJ) on Swiss franc mortgages will have a negative effect on its results in the third and fourth quarter, its chief executive said on Monday.

The European Union’s (EU) top court on Thursday ruled in favor of Polish consumers who took out mortgages in Swiss francs, allowing them to ask courts to convert the loans into Poland’s zloty currency or cancel the contracts.

“This will have a negative impact,” PKO BP Chief Executive Zbigniew Jagiello told reporters. He added that talks with the financial market supervisor and antimonopoly office over the Swiss franc mortgages issue will be held in the third or fourth quarter this year. (Reporting by Wojciech Zurawski; Writing by Agnieszka Barteczko)

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