The cost of converting loans in CHF according to the proposal of the head of the Polish Financial Supervision Authority is PLN 30-57 billion.
Conversion of the loan originally granted in CHF to PLN at the rate on the date of granting, with the change of the interest rate to WIBOR 3m + margin and with the re-settlement of the loan from the date of loan disbursement (i.e. as proposed by the head of the Supervisory Commission Financial Department) would cost PLN 30-57 billion, according to the estimates of the Research and Analysis Team of the Polish Bank Association (ZBP). The KNF Office previously estimated the costs of this operation at PLN 34.5 billion.
The calculation of the Polish Bank Association was based on the following assumptions:
• loan amount: PLN 300,000;
• loan period: 30 years (360 installments),
• margin: 1.5%;
• currency spread: 2%
• loan conversion: 30-11-2020, specified in the presentation.
The lowest costs – PLN 6 billion – would be related to the implementation of the scenario in which the loan is recalculated: granted and repaid at the average NBP rates (without bank spreads), with an interest rate of 3m LIBOR.
The highest costs, in the order of PLN 211-225 billion (according to UKNF estimates: PLN 234 billion), would result from a situation in which the bank returns the installments received from the customer due to the statute of limitations on the bank’s credit; at the same time, the bank writes off the client’s debt, the Association also said.
On December 8, 2020, the chairman of the Polish Financial Supervision Authority, Jacek Jastrzębski, proposed the introduction of a “sector” solution regarding the risk related to FX mortgage loans for the entire sector. The solution would consist in offering their clients the option of voluntarily entering into agreements, on the basis of which the client would conclude an agreement with the bank, as if his loan was from the very beginning a PLN loan with an appropriate WIBOR rate increased by a margin historically used for such a loan.
At the beginning of March, the KNF Office announced that the cost for the banking sector related to the conversion of housing loans in Swiss francs, according to the proposal of the KNF chairman, is estimated at PLN 34.5 billion. In the most costly variant for banks, i.e. canceling the loan, the cost would amount to PLN 234 billion.
President of the National Bank of Poland (NBP) Adam Glapiński said on Friday that the calculations of the costs of the NBP bank settlements are similar to the estimates of the UKNF.
Source: ISBnews
