26.04.2024 | Disputes with financial institutions

The Supreme Court confirmed favorable rulings for borrowers!

On April 25, 2024, the long-awaited resolution of the Supreme Court regarding so-called foreign currency loans was issued. The Supreme Court confirmed favorable rulings for borrowers and indicated that:

1) it is not possible to replace prohibited conversion clauses in a foreign currency loan agreement with another method of determining the currency exchange rate resulting from legal provisions or custom (the NBP exchange rate cannot be introduced into the agreement);

2) the inability to establish a binding currency exchange rate for the parties to the agreement means that the agreement does not bind the parties at all;

3) settlement related to an invalid agreement occurs on the basis of two condictions – the parties independently return what they mutually provided (the bank returns installments and additional fees, and the borrower returns the capital);

4) the limitation period for the bank’s claim for the return of capital begins at the moment the borrower communicated to the bank that they are contesting the agreement (demand for payment / delivery of the lawsuit);

5) the bank is not entitled to compensation for the use of capital.

The resolution was adopted in full composition of the Civil Chamber of the Supreme Court. This means that the resolution has the force of a legal principle and the Supreme Court is obliged to apply it in every other case.

Do you have a loan indexed/denominated in a foreign currency and would like to know what rights you have? Contact our Law Firm – we will conduct a free analysis of your loan agreement and present you with options.

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