ECB criticises Polish draft law on mortgages

ecb

The European Central Bank (ECB) has strongly criticised a draft Polish law on mortgage loans, saying it could seriously restrict financing for the country’s banks.    

Current Polish law obliges all residential borrowers to submit a written statement to the bank offering them a loan, confirming that they want a mortgage.

Under the draft law, banks would only be able to transfer their claims under a mortgage contract to a third party if they received a similar written statement from the

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