The ruling is legally invalid. Bank Millennium appeals

Bank Millennium has filed an appeal, sustaining its position that all loans indexed to the Swiss franc remain valid and binding. Considering the Swiss franc rates from the bank’s tables, used in the loan agreement, as abusive, does not result in invalidity of the agreement or the need to convert the loan to PLN. 

In the bank’s opinion the verdict of the District Court in Warsaw is an isolated case. Moreover it stands in contrast to the jurisdiction of the Supreme Court concerning agreements on loans indexed to the Swiss franc as well to other numerous court decisions. The rulings made so far by general courts have been favourable for banks. The above ruling fails to take into account the Antispread Act, in which the legislator confirmed validity of loans denominated in or indexed to foreign currencies.  

Prevailing jurisdiction of the EU Court of Justice, the Supreme Court as well as district courts confirms in principle the validity of agreements on loans indexed to and denominated in Swiss francs as well as the existence and legitimacy of banks’ receivables on this account. So far there has been no legally valid ruling against Bank Millennium, in which validity would have been questioned of FX indexed loan agreements concluded by the Bank with customers. Also the Bank has not been obliged with legal validity to repay loan instalments subjected to indexation in any part.