EU court leaves Polish judges to rule on FX loan contracts

The European Court of Justice (CJEU) is leaving it to Polish courts to assess the validity of FX loan contracts containing abusive clauses, according to a non-binding CJEU statement released ahead of a relevant verdict to be published later Thursday.

Specifically, CJEU said that any consequences from the existence of an abusive term in a contract should be dealt with local laws, including the issue of whether such contracts should remain in force.

Earlier comments by local experts indicated that the upcoming CJEU verdict could potentially affect the ability of local banks to claim compensation for use of capital from FX borrowers.