Today, two thirds of all mortgage credits in Poland are denominated in Swiss francs. It won’t be that easy soon. The Commission for Financial Supervision (KNF) wants to limit the access to loans denominated in foreign currencies. The LTV level will be higher but not only.
“LTV is just one of the elements. We want to regulate all rules”, Andrzej Stopczynski from KNF said.
KNF believes that people should take credits in the same currency they earn money. Swiss franc credits are supposed to be offered to certain clients, ready to take risk of exchange rate fluctuations. New rules have not been implemented yet. KNF will present them to banks in upcoming days. Banks will have 7 days to give their opinions.
Experts point out that Swiss franc credits are still cheaper than the ones denominated in PLN.
In September, mortgage loans in Poland were worth PLN 154bn. PLN 96bn are
credits in foreign currencies.