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ECJ ruling on FX mortgage loans in Poland: Is it really a breakthrough?
banking & finance, European Court of Justice
One of the most critical issues captivating banks and their retail borrowers in recent years in Poland has been the future of foreign currency loans, especially those denominated in or indexed to Swiss francs. After the political battle around such loans has settled, the issue is now mainly addressed in court proceedings between borrowers and creditors. A long-awaited judgment was issued by the European Court of Justice on 3 October 2019 and has already been followed by judgments of local Polish courts. Putting aside myths and hopes, we look closer at what may be the actual consequences of the ECJ ruling for all interested parties: borrowers and both primary and secondary creditors.
How to deprive Polish roads of billions of euros
banking & finance, infrastructure, project
A lot has been published on the harmful effects on the construction industry of the legal solutions proposed in the draft Act on Prevention of Abuses in Road Projects. A disadvantage of the concept of protection of local subcontractors presented by the Ministry of Justice may be to severely limit the General Directorate for National Roads and Motorways’ external financing of projects.
The position of the security agent in in-court restructuring proceedings
banking & finance, creditor protection, insolvency and restructuring
What banks should pay attention to when granting consortium financing or considering restructuring of consortium debt.
Bank enforcement titles are unconstitutional: What next?
banking & finance, Constitutional Tribunal
Poland’s Constitutional Tribunal has held that bank enforcement titles are contrary to the Polish Constitution because they violate the constitutional principle of equality. Pursuant to this judgment, the relevant provisions of the Banking Law—Art. 96(1) and Art. 97(1)—will cease to be in force on 1 August 2016. The ruling is fundamentally important for the entire banking sector and for bank customers.
Ban on use of "Big Four-only" clauses
banking & finance, competition
With planned changes to EU regulations governing the audit market, contractual clauses limiting the selection of audit firms will have to be removed from credit agreements.