POLAND Finance Minister Profuturis

Former Polish Finance Minister: if the SNB were sincere about its declarations we might find solution for the Swiss denominated FX loans in Europe

Posted on 27/07/2015 · Posted in Articles, Poland, Videos

Cracow, July the 24th 2015
Prof. Mariusz Andrzejewski, former Polish vice-Minister of Finance at the Pro Futuris` organised Conference: „If the SNB Chief were sincere about his declarations that he would like a lower CHF  value, then negotiating with all the National Banks Chiefs of the countries concerned with the FX loans he would put at the lenders` disposal at the repayment day each month`s outstanding share of the total of some 220 billion CHF outstanding for these loans in Europe (see: https://www.wsws.org/en/articles/2015/02/16/reva-f16.html),  at, say 3,0 PLN (todays` Polish Zloti value to CHF is roughly of 3,99) or less, and the
same for the other concerned countries` currencies, he could make actually lower the Swiss Frank value as he wished and helped repay these by the clients concerned. (…) This however seems not to be truly sincere a wish of his, he added. So what we have left here as a solution is a political solution or hard negotiations with the banks by the borrowers”.

Polish Government has just proposed a Law in which an estimated 10% of those concerned could, under strict conditions, reverse their loans back to the national currency at the actual exchange rate splitting the future benefits 50/50 between the borrower and the bank. The banks say they would loose benefits of some 9 billion Polish Zlotis (some 2,25 billion euros) over the next 20-30 years, nothing when compared with the annual benefits of the banks concerned of some 40 billion zlotis in 2014 (not all of the Polish banks would lend money based on the CHF exchange rate in the past).

See the video of the Pro Futuris Conference in Cracow: