Gide Warsaw advises PKO Bank Polski on a settlement scheme with foreign currency borrowers
26 March 2021
Deals | Varsaw | Dispute resolution | Real Estate
The client was advised by counsel Krzysztof Ciepliński and associate Hubert Karniewski from the Litigation and Arbitration Department in developing a scheme for the amicable settlement of disputes arising under foreign currency housing loans, as proposed by the Chairman of the Financial Supervision Authority. Competition law issues were analysed by associate Szymon Chwaliński from the Department of Competition and Distribution Law, while associate Dawid van Kędzierski, PhD, from the Department of Capital Markets Law supported the client in matters of corporate law and capital markets. The client was also advised by the law firm Kubas Kos Gałkowski.
“We were pleased to be able to advise the client on this landmark project, the success of which also depends on how borrowers in general receive the bank's proposal, in light of the development of the jurisdictional line on foreign currency loans. Working out systemic solutions for loans denominated in or indexed to a foreign currency, also in the context of a pandemic and economic slowdown, is one of the greatest challenges currently faced by the banking sector,” said counsel Krzysztof Ciepliński.
PKO Bank Polski is currently running a pilot settlement scheme under which it participates in mediation before the arbitration court at the Polish Financial Supervision Authority (KNF) and concludes settlements before the common courts.