Skip to content
Subscriber Only
Business
Pursuits

Poland Rushes to Cut Swiss Franc Risk With Pain-Sharing Plan

Poland wants domestic banks to pass on negative interest rates in Switzerland to borrowers to ease the impact of the surging Swiss franc on $35 billion of mortgages denominated in the currency.

Finance Minister Mateusz Szczurek, central bank Governor Marek Belka and market regulators met with the biggest mortgage lenders on Tuesday after Croatia proposed fixing the exchange rate on similar loans to help borrowers. Polish measures stop short of Hungarian Prime Minister Viktor Orban’s move last year to order banks to convert $14 billion of foreign-currency loans into forint to cut his country’s exposure to currency swings.