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Some help for FX borrowers
Tadeusz Cymanski
The Polish government will seek to pass a bill on relief for FX borrowers, but is unlikely to meet the most radical demands from FX mortgage borrowers, parliamentary officials said August 17.
"[I] would like it to pass in October," public finance committee head Andrzej Szlachta said.
The government will likely work just on presidential bill, as it is the only proposal with government's recommendation, head of parliamentary committee for FX mortgages Tadeusz Cymanski said.
"Unfortunately, I am convinced that expectations that have been and are expressed by some FX borrowers circles cannot be in such circumstances ... realized in that form," Cymanski said.
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.
The subcommittee is also considering three other bills, but those will most likely be rejected.