Bloomberg: Poland Rushes to Cut Swiss Franc Risk With Pain-Sharing Plan

In Polish News

(Bloomberg) – Poland wants domestic banks to pass on negative interest rates in Switzerland to borrowers to ease the impact of the surging Swiss franc on $35 billion of mortgages denominated in the currency.

Finance Minister Mateusz Szczurek, central bank Governor Marek Belka as well as financial and antitrust regulators met with the country’s biggest mortgage lenders on Tuesday after Croatia this week proposed fixing the exchange rate on similar loans to help borrowers. Banks should refrain from demanding additional collateral and extend home loan maturities for clients having problems with debt repayments, Szczurek said.

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