Poland banks might spread out mortgage conversion costs

Warsaw

BANKS in Poland may be allowed to spread the cost of converting mortgages in foreign currencies into zlotys over several years, a spokesman for the president's office said on Friday.

Around half a million Poles took out foreign currency denominated loans, mainly in Swiss francs, in 2007 and 2008. But their borrowing costs have surged since then because the Swiss franc has risen sharply against the zloty.