Getin Bank – What will happen to loans in francs?

At the end of the first quarter of 2022, Getin Bank was the defendant in approximately 10,000 square metres. Issues related to Swiss Franc loans. Compulsory restructuring means serious complications for clients squabbling in court.

On September 30, the Bank Guarantee Fund began the compulsory restructuring of Getin Bank. Around Details of changes to enterprise customers are written in separate text. Leszek Czarnecki Bank was particularly involved in granting mortgage loans on the basis of foreign currencies, especially the Swiss franc.

Under the compulsory restructuring, the fate of Swiss franc loans has a separate role. “Mortgage loans denominated or indexed in foreign currencies (CHF, EUR, USD, JPY) are excluded from conversion and remain at Getin Noble Bank SA, however the position of borrowers with foreign currency mortgages in terms of their service also does not change: they must be repaid according to the rules Current and checking account numbers. Transfer orders from transferred bank accounts will continue to be processed, and customers with foreign currency mortgages will be offered unchanged,” said the BFG release.

The head of the Banking Guarantee Fund indicated in the press conference that excluding the foreign currency loan portfolio from transferring to Jisr Corporation is justified through legal regulations. A bridge bank must be sold within a specified period of time, and no entity in the market would be willing to purchase such a burdened bank.

What about the cases against Getin Bank?

During the BFG press conference it was pointed out that The fund is considering steps to suspend pending actions Forensic Medicine. In addition, the Bank Guarantee Fund Act states that “during a compulsory restructuring, it is unacceptable to initiate enforcement and security measures against the entity that is subject to restructuring.” Frankovich, who was winning in court and wishing to pursue his claim, could not count on the execution of the debt.

– In the short term, we will likely face a massive suspension of court proceedings. At the morning hearing, we received information from a judge of the “Swiss Franc” section of Warsaw (the 28th civil section of the District Court of Warsaw) that starting today, Hearings With Getin Noble Bank deferred. In the long run, letting the Getin’s shell practically explode means what remains of the Getin Bank must fail, because the assets of all the “Franker cashiers” will not be enough. Today it is impossible to say how many “money changers” will be able to recover the excess amounts paid to Getin. If a person pays the bank an amount greater than what he received under the loan, there is unfortunately no guarantee that he will be able to get it back, even partially. Of course, the authorized commissioners of the borrowers have been informing the courts of such risks for a long time, but many judges ignored our comments, did not give guarantees and ordered the borrowers to continue paying installments – comments to Bankier.pl supporter Joanna and Drichowska, specializes in procedures related to foreign exchange-based loans.

We don’t have all the information about Getin’s current state yet, BFG’s statement has just come out. But surely, if someone has to pay off the loan installment in the coming days, I recommend stopping the payment, because the coming days may bring new information – adds Joanna Wodrichowska.

– BFG’s decision in the Getin Noble Bank case is of a slightly different nature from the previous case of Idea Bank. Swiss franc loans will not be transferred to the new entity operating under the Velobank brand. They remain on Getin Noble’s balance sheet.

For borrowers, this means that nothing changes in the obligations related to the payment of installments. Nowadays, it can also be said that in the event of a possible victory in court, it should be possible to carry out the debt. However, the fight against time begins. If the flow of payments is less than the payments resulting from court rulings, the enterprise may collapse. The development of accidents will be determined by a number of factors that are difficult to predict – the number of judgments, the quality of the loan portfolio, etc. – Comments of Barbara Komarnica, Counsel At Komarnicka Korpalski Law Firm.

Votum: Actions will not stop

The announcement of the restructuring of Getin Noble Bank was published by Votum, which represents several borrowers in litigation.

We note that pursuant to Article 176(2) of the Civil Procedure Code court Suspension, at the request of the Bank Guarantee Fund, of actions to which the entity under restructuring is a party. In light of the press release, the Bank Guarantee Fund is considering filing requests to suspend the pending proceedings. At the moment, we have not received such requests and are taking all necessary steps in the pending proceedings, as the initiation of the mandatory restructuring does not lead to the cancellation of the pending civil proceedings to which the Bank is a party.

Taking into account the legitimate interests of nearly three thousand clients of Getin Noble Bank SA, represented by entities of the Votum Capital Group, as well as a unified line of legal jurisprudence, which has so far led to the nullification of loan agreements in all legally terminated proceedings, we recommend Our clients to take action in accordance with legal procedures that prevent the deterioration of their situation with respect to Getin Noble Bank SA, as an entity, as a result of the use of abusive clauses, exposing them to property damage. Taking into account the status of the bank in the part not covered by the transfer of assets, as well as the content of Art. 135 sec 4 of the Bank Guarantee Fund Act, according to which enforcement and security measures cannot be initiated against the bank during compulsory restructuring, it is fully entitled to protect its financial interests by refraining from performing obligations resulting from defective legal acts. Therefore, a natural consequence of this situation is to refrain from paying principal and subsequent interest payments, as well as to thwart the mechanism of their automatic collection, particularly by withdrawing any instructions or access to funds that can be automatically liquidated.

The practice of Getin Noble Bank SA to date, which has given rise to this situation, allows for the assumption that the bank may also attempt to abuse its dominant position in connection with such behavior of its customers. We have already noted manifestations of such a situation in the form of summonses for a conciliatory attempt within the scope of claims for the so-called capital use wage. We have adequately protected all of our clients affected by this practice. In the event of the bank’s restrictive actions constituting potential retaliation in relation to the authorized actions of our clients, we will also ensure representation in this area.”

Jiten – 10000 cases in the courts

At the end of the first quarter of 2022 Getin Noble Bank had PLN 8.8 billion in Swiss franc-based loans in its portfolio. This amount was more than 40 percent. All home loans this institution. Let’s remember that this bank has not given out mortgages for many years, and therefore, unlike most other institutions, the share of mortgages “CHF” has not been “diluted” over time.

Getin Bank was also one of the institutions involved in the largest number of litigations with borrowers. At the end of the first quarter of 2022, the defendant was in nearly 10,000. Cases involving Swiss franc loans.

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