The so-called “credit leave” will cost you dearly German Commerzbank and its subsidiary – mBank. Under the law introduced to help in the face of rapidly increasing loan installments, borrowers will be able to suspend the payment of monthly obligations to the bank up to eight times by the end of 2023.
Commerzbank anticipates that this will have a negative impact on its financial results in the third quarter of 2022. Thus the bank may lose even From 210 to 290 million euros. Therefore, it is considering taking legal steps against the Polish regulations.
However, Bettina Orlob, chief financial officer at Commerzbank, still expects a net profit of more than €1 billion this year. In her opinion, these forecasts are subject to the condition that the economic situation does not deteriorate significantly, for example due to insufficient gas supply. The financial outcome also depends on whether Commerzbank has to increase mBank’s Swiss Franc reserve.
According to the DPA, the dispute over old loans taken in Swiss francs in mBank has been going on for years. To date, Commerzbank has recorded expenditures of 900 million euros on this account.
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