Polish Assets Dive as Court’s $12 Billion Opinion Risks Crisis
- Banks face setback in efforts to recoup Swiss-franc home loans
- Previous ECJ ruling has led to billions in banking provisions
Visitors at Castle Square in the old town in Warsaw, Poland.
Photographer: Damian Lemański/BloombergThis article is for subscribers only.
Warsaw’s stock index fell on Thursday and the zloty slid, with banks selling off on an EU legal opinion that a Polish official said risked triggering an economic crisis in the eastern European nation.
Poland’s largest lender, PKO Bank Polski SA, fell as much as 7.2%, while Commerzbank AG’s Polish unit MBank SA dropped 6%, dragging the overall WIG20 index down as much as 1.5%, among the worst losses in emerging markets. The currency also took a hit, sliding 0.5% against the euro.