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Orłowski, Witold

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NaTemat - Poland | 26/01/2015

Work together to help Poland's franc victims

Thousands of people who took out loans in Swiss francs and are now in trouble as a result of the currency's rise in value demonstrated in Polish cities on Saturday. They called for state support and hurled accusations at the banks. But now is not the time for pointing fingers, economist Witold Orłowski writes on his blog at the portal naTemat: "Everyone is partly to blame. ... The borrowers knew risks were associated with these loans but they disregarded them. ... The Financial Supervision Authority, the National Bank and the government, for their part, also can't claim to have clear consciences because they should have done more to explain the risks such loans entail. And the banks saw the customers as cash cows: their advisers did all they could to play down the risks. So since everyone bears some responsibility, they should all act together to find a solution to the problem and think about how the costs can be shared."

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