Filip Wojciechowski

In two decisions dated October 16, 2020, the President of the Office of Competition and Consumer Protection found the provisions contained in annexes to loan agreements of another two banks, i.e. PKO BP and PEKAO, illegal. As a consequence, the authority imposed financial penalties in the amount of: PLN 40.74 million for PKO BP and PLN 21.88 million for PEKAO, and also prohibited the application of the challenged clauses.

The President of the Office of Competition and Consumer Protection found the provisions contained in the annexes to the loan agreements of BNP Paribas Bank Polska, Bank Millennium and Santander Bank Polska, which imprecisely defined the rules for determining foreign currency exchange rates on the basis of which banks convert loan installments – illegal.

If the court declares the contract for a mortgage loan indexed to a foreign currency null and void, the bank is not entitled to remuneration for the use of capital.