Top EU Court Deals Blow To Polish Banks On FX Mortgages
Law360, London (October 3, 2019, 9:55 PM BST) -- Polish consumers who took out mortgages in Swiss francs can ask their country's courts to annul the contracts, Europe’s highest court ruled Thursday in a blow to Poland's lenders.
The European Court of Justice held that unfair terms in Polish mortgage contracts cannot be replaced by general provisions in Polish law, ruling that European Union law does not preclude them being annulled.
“In loan contracts concluded in Poland and indexed to a foreign currency, unfair terms relating to the difference in exchange rates cannot be replaced by general provisions of Polish civil law,” the ECJ said in its judgment.
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