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The Warsaw Voice » Business » October 4, 2018
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FX mortgages issue to be solved this year
October 4, 2018   
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The Polish government is prepared to hack down its FX-mortgage relief bill in order to get out some form of legislation by year-end, head of parliamentary committee for FX mortgages Tadeusz Cymanski told PAP.
"I hope we can get this moving; it's tough to drag it out infinitely," Cymanski said. "I would like for this bill to be passed this year, regardless of its shape."
Questions remain how to handle the problem of banks under recovery proceedings and the basis for utilizing premiums paid into the restructuring funds, Cymanski said, adding that the issue is now being discussed with lawyers, financial market regulator KNF and the Finance Ministry.
Mid-August head of public finance committee head Andrzej Szlachta said the presidential bill should be adopted in the autumn.
At issue is presidential bill plotting an expansion in the system of mortgage relief funds, expanding a current fund and opening a new fund to help grease the path to voluntary restructuring deals between banks and clients.
The new fund to encourage voluntary restructuring would, fueled to the tune of max 0.5% of FX-loan books quarterly, would be used to partially reimburse losses banks would suffer on such deals, the Presidential legislation showed. Failure to strike deals to cover one's own payments leaves the remaining funds open for other banks to utilize.
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