In Decision No. DOZIK-13/2020 of 22 September 2020, the President of the Office of Competition and Consumer Protection deemed the provisions of standard contracts used by Bank Millennium Spółka Akcyjna with its registered office in Warsaw in its dealings with consumers to be unlawful and prohibited their use. These provisions are as follows:

  1. “The FX rate, which is used to convert the Borrower’s liabilities expressed in foreign currency to Polish zloty, is provided in the Bank’s FX Rates Table. The basis for determining the buy and sell rates included in the Bank’s FX Rates Table is the baseline rate which is the arithmetic mean of the buy and sell bids of this currency submitted by professional participants of the FX market and published on the Reuters website at the time of creating the FX Rates Table.

    The values of buy rate and sell rate from the FX Rates Table may differ from the baseline rate by no more than 10%”

  2. “The Bank’s FX Rates Table is built at least once a day every working day. The Bank’s first FX Rates Table is built between 8.00 a.m. and 10.00 a.m. of the particular day. The Bank’s FX Rates Table is published each time on the website www.bankmillennium.pl”

A final and binding decision recognising a provision of a contract template as unlawful has effect on the business entity found to have used the unlawful contractual provision and on all consumers who have concluded an annex to the contract/a contract with that business entity on the basis of the template indicated in the decision. In connection with the above, these provisions are not binding on consumers who have concluded an annex to a contract/a contract based on a template containing the disputed provisions. The ineffectiveness of these provisions arises by operation of law and does not need to be confirmed by a court. A clause deemed abusive should be treated as if it were not included in the annex to the contract/contract at all.

The decision of the President of the Office of Competition and Consumer Protection No. DOZIK-13/2020 is available at www.uokik.gov.pl. The decision is final and binding.

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