Loans in Loan and Credit – there will be no conversion, there will be a refund of spreads

Return of spreads, but not currency conversion. These are the effects of the work of presidential teams. Borrowers will be able to count on the return of amounts unduly charged, and other solutions must wait a minimum of one year. The proposed solutions probably do not satisfy anyone.

Who will receive a refund of spreads?

The spread repayment will be available to all foreign currency borrowers, not just those in debt in Swiss currency. It is worth remembering that especially since 2009 interest in loans in euros has increased and in this case banks also often used high spreads. All persons who signed a foreign currency loan agreement in the period from July 1, 2000 to August 26, 2011 will be entitled to a refund.

Unless the starting date raises any controversy, limiting the entitlement to only those in debt before August 26, 2011 raises great doubts. The authors of the project note that the provisions of the so-called Anti -reading Act.

At that time, the provisions of the banking law and the Act on consumer protection were changed and borrowers were allowed to repay loans with the currency also purchased outside the lending bank, so it was possible to avoid excessive spreads at the bank.

The currently proposed solutions


Are to lead to the return of undue spreads collected at the time of the loan. However, the 2011 Act only allowed borrowers to pay back without spreads. When converting a loan from PLN into a foreign currency, when preparing the contract or launching the loan, spreads were still used. It therefore seems unfair to deprive some people of the possibility of recovering these amounts.

How much can you recover?
The highest amounts will be able to be recovered by those in debt at the lowest exchange rate, which in the case of Swiss franc loans means borrowers from 2007 and 2008. The low exchange rate used when converting a loan from CHF to PLN means that these people borrowed a lot more francs than, for example, people taking loans of the same value, but a few years earlier.

If the bank is obliged to refund the difference in the amount of undue spread falling for each currency unit, then a large amount expressed in currency means a larger amount to be refunded. For example, people who borrowed 350,000 zlotys for 30 years in July 2008 from the same “payout” spread will recover about 14,360 zlotys. If we take into account the amounts that were excessively collected when paying installments, the total amount to be refunded will increase to approximately PLN 18,500.

Return, but incomplete

It should also be remembered that 50% of statutory interest will have to be paid by the bank for unduly downloaded spreads. The debt balance will be reduced by this amount, which will translate into lower installments. However, you should not expect big declines – the installment will decrease by around PLN 20-30.

Spreads will be cleared only up to PLN 350,000 per person. If only one person took a higher loan, then only part of the liability will be settled. The limit will be increased if more people have signed the loan agreement. For example, if the loan was contracted, then the amount of up to PLN 700 thousand is settled.

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