Disputes between franchisees and banks, especially now, in the conditions of an excellent line of debtors, can lead to the collapse of the Polish banking sector. “These banks will have to be preserved for the stability of the system,” Marek Belka said on TVN24.
Frankovichi are now in good shape. In February, the Advocate General of the Court of Justice of the European Union ruled in favor of Swiss franc borrowers in response to a question from a judge hearing a case against the bank. The opinion is not legally binding, but if the CJEU is expected to uphold it in a decision, Swiss franc banks will be hit with an earthquake as customers can make financial claims for abuses committed by financial institutions.
“Save the Banks”
According to the former president of the National Bank of Poland, prof. Marek Belka, this situation can be dangerous for the stability of the financial system and could provoke a new wave of crisis.
- If there is a collapse, it will happen suddenly and will not affect all banks, but some. A little weaker, less and more dependent on loans in Swiss francs. These banks will have to be preserved for the stability of the system. And it is known that we, the taxpayers, will do this, and this threatens with another wave of inflation,” Belka said on TVN 24.
- How much is it? KNF talks about PLN 100 billion, there is no such money in the Bank’s Guarantee Fund. He added that they should be covered from the budget.
Thousand francs
Hundreds of cases filed by franchise owners are pending in the courts - and above all in a special branch of the “franc” in Warsaw. In order to avoid unfavorable judgment, banks offer customers settlements, which was unthinkable even 2-3 years ago.
A class action lawsuit against the State Treasury can be added to the list of franchisee successes. According to Business Insider, “his fate was not easy.” The first decision to accept the claim for consideration was appealed and then cancelled. The next decision was also appealed, and it was not until March 15 that the Court of Appeal in Warsaw finally settled the key formal issue (case no. VI ACz 486/22) and the case will be considered as a group.
Source: Wprost
I am George Brown, author at Daily News Hack. I mostly cover economy news and I have been doing this for quite some time now. I have a lot of experience in this field and I’m always looking for new opportunities to learn more.
