Polish auditors criticise foreign-currency mortgage practices
PR dla Zagranicy
Paweł Kononczuk
16.08.2018 12:19
Poland’s central audit office (NIK) said on Thursday that consumer protection authorities in 2005-2013 reacted too late to unfair practices by banks offering foreign-currency mortgages.
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"Audited public administration bodies did not ensure proper enforcement of borrowers' rights and counteracted the threats resulting from the nature of these loans and from unfair practices by banks too late or in an inadequate way," the office said in a report.
Hundreds of thousands of Polish families took out foreign-currency mortgages up until around 2010.
The removal of a fixed exchange rate against the euro by the Swiss central bank meant that monthly instalments for many Poles ballooned almost overnight.
(pk)
Source: PAP