Poland aims to help citizens with Swiss loans

Polish authorities unveiled proposals on Wednesday aimed at helping more than 500,000 Poles with Swiss franc loans, the payments of which are spiking after a surge in the franc.

However, Economy Minister Janusz Piechocinski said Poland would not follow Hungary in making banks convert Swiss franc mortgages to the local currency at below the current market rate.

Instead, he said Poland will urge banks to let borrowers convert their loans into zlotys using the exchange rate of the day and with no commission. The Economy Ministry also suggests that banks allow a three-year suspension on loan repayments in case the franc appreciates further.