Real Estate / Poland: Swiss Franc loans come back to bite [37]


You are confusing interest rate and margin. I got 0.70 margin because my loan was large (over 1 M CHF) and the LTV low (ca 60%), which means that even today all my repayments are covered by the rental I get from the property (this is an investment property).

Real Estate / Poland: Swiss Franc loans come back to bite [37]

it isn't rocket science! As previously explained, the margin of my loan is 70 bp above 3m chf libor. Right now , 3m chf libor is at - 78bp, so -78+70 <0, so i am only repaying capital

Real Estate / Poland: Swiss Franc loans come back to bite [37]

nope, loan was unfortunately for me taken at the wrong time in 2008...

Real Estate / Poland: Swiss Franc loans come back to bite [37]


With pleasure. I have a CHF mortgage on a property in Warsaw which is priced at LIBOR + 70 bp. Given the current levels of 3M CHF LIBOR (around - 70 bp) , I have not been paying any interest for the past 6 months.

News / Regain banking assets - new Polish finance minister supports privatisation in Poland. Corruption? [33]


That is a bit exaggerated.. While PKO BP is Poland's largest bank by assets (256 bn PLN), Pekao SA isn't exactly "tiny".. With total assets of 163 bn PLN, it ranks in the top 3..

News / Regain banking assets - new Polish finance minister supports privatisation in Poland. Corruption? [33]

I am not sure I understand your point. Both Pekao SA and PKO BP exist. Pekao SA is indeed owned by Unicredito, but PKO BP is owned by the Polish Government, so already fulfills your wishes of a "major home grown bank"

News / Regain banking assets - new Polish finance minister supports privatisation in Poland. Corruption? [33]


It already exists, its name is PKO BP


Yes, but the owner is a French billionaire of Polish origin, Romain Zaleski.

Real Estate / Poland: Swiss Franc loans come back to bite [37]

Indeed!

Real Estate / Poland: Swiss Franc loans come back to bite [37]

Indeed. Let's not forget that for most CHF mortgage holders, the bulk of the negative impact is felt through negative equity attached to their property. That is an "unrealised" loss that could vary and even disappear if the exchange rate improves before they dispose of the property. It is true that there is also an impact on monthly instalments which are higher expressed in PLN, but this is at least partially offset by the low interest rates on CHF. Some mortgage holders are today not even paying any interest (eg those with a CHF LIBOR 3 months index and a margin below 80bp, since CHF 3m LIBOR is currently at -80 bp).

Real Estate / Poland: Swiss Franc loans come back to bite [37]


You're right, and the implications of this are far reaching. Event the UK market can be criticized for exactly the same reasons, ie making the client reimbursements fluctuate depending on a parameter over which average Joe has no say whatsoever, in this case interest rates, since in the UK most mortgages are variable (or fixed for a short period).

Shouldn't it be the role of banks precisely to take this risk on board and manage it? That's what happens for example in the French market, where the vast majority of mortgages are fixed over the entire maturity of the loan, ie 15, 20,25 years whatever that might be ==> Repayments are fixed over the entire duration of the loan, whatever happens to interest rates.

News / PKP buys Alstrom Pendolino trains for € 665 million [60]

When you consider shape of the country , terrain (mostly flat, with mountains limited to the south). distances between the main cities (300 to 500 km), Poland is ideally configured for building a high speed train network. A real pity it has not been done yet!

History / Give Poland back it's lost land ! [132]


I found this proverb quite stupid. Why would you have a cake if not to eat it??

News / Warsaw no longer the most congested city in Europe! [16]

Well, it is Istanbul who gets this year the dubious honour of being the most congested city of the world:

independent.co.uk/news/world/americas/istanbul-revealed-as-the-most-congested-city-in-the-world-10149543.html

Everyday, I congratulate myself for having precisely chosen my place of abode so as to minimize time to travel to the office!

Life / No Easter Bunnies in Poland? [7]

From a pure religious vantage point, Easter has indeed probably more significance than Christmas..And the Easter bunny, a bit like Santa Claus, is not an 'anglo" invention but one which originates from Germany

News / Poland: A Successful case of low criminality in Europe? [97]


Well:

- he did not murder his wife but his mother in law
- no russian mafia involvement whatsoever (sorry!) but his sports coach, a Frenchman named Dauriac and 2 thugs originating from Marseilles

Law / Which bank in Poland offers the best interest for savings in Euro? [13]

3% on 200 k€? Which bank is that? If the funds are freely accessible, this is way over current IB rates, so it would indicate that your bank is in some kind of trouble for having to offer such rates. Of course, if the funds are not freely accessible (eg life insurance) it is a different story altogether..

News / Poland: A Successful case of low criminality in Europe? [97]

Very good post, Paulina!

Life / Polish Rap groups similar to Paktofonika? [5]

Recently saw here in Istanbul an all female Polish group which was described as "rap/punk" . True, their music was rather original but no way can it be described as rap/punk, group's name is I think Drekoty

News / SKM and surcharges - Fast Local Trains in Tri-City, Poland [25]


That is the rule in many countries; apart from Swizerland, which you do not seem to like, it is also the case in France.


Unfortunately, this is wrong and kpc21 is right. In case you are not aware, Poland is not (yet?) part of the UK and has its own legislation. UK rules do not apply in Poland

News / SKM and surcharges - Fast Local Trains in Tri-City, Poland [25]

never seen machines selling tickets onboard train, whether in the UK or elsewhere!

History / Polish-Turkish alliance. Is it mistake, joke or real love? [35]

And last year, Turkey and Poland celebrated the 600th anniversary of this event, making the two countries among the ones with the longest diplomatic relationships in the world. Turkey and Poland have been more frequently allies than enemies, probably also because they have shared for a long time a common enemy (the bear). Even Jan III Sobieski agreed only reluctantly to go and fight the Turks in Vienna (he was asked by the then Pope to go)


Correct

Life / Cosmetic surgery in Poland... [40]


I sympathise with the reason they gave, exchange rates keep on moving all the time, simpler to fix their prices and not revise them every day. If you are not happy with the rate, the answer is easy, exchange your GBPs in a Kantor (or Bank.;) and pay in PLN. And re your point that "EU benefits all of us", I am not aware of any benefits that the EU brings re exchange rates. The Eurozone yes, but neither Britain nor Poland are in it..

Real Estate / Poland's apartment prices continue to fall [1844]


If you see the big rise, it means that it has already happened ie you missed it and it's too late to buy.. Sad, isn't it?

Genealogy / What does the "von" in Polish (Kazubin) surnames mean/stand for? [4]

Von is German for "from"; it is used normally for nobility or ex nobility (counts, dukes..)

News / Poland angered by German new law on minimal wage for transit truck drivers [4]

Why should they become uncompetitive if they have to apply the same rules (ie pay the same wages) as Western firms? It is rather a rebalancing act, making sure everyone (at least on German territory ...) plays by the same rules. What has happened over the years is that western European haulage firms have been massively replacing their west European drivers with much cheaper East European drivers, which has created a lot of difficulties for the former..

Real Estate / Swiss Francs Mortgages in Poland [71]

i am paying 0.70% for my CHF mortgage

News / Turkey abolished visas for Poles. [80]

Göbekli Tepe is indeed the oldest man made structure on Earth and dates back to ca 11500 BC, so before the Pyramids. Near the city of Konya you have also Catalhoyük, probably the oldest city discovered on Earth (7 to 8000 inhabitants) , dating back 7000 BC. No streets between the houses, no doors, the inhabitants used to enter by the (flat) roof and down a ladder!! Turkey is really fascinating in its richness of sites, did you know that there are more Roman and Greek sites in Turkey than in Greece and Italy put together?

News / Turkey abolished visas for Poles. [80]


That's nonsense. If I compare Istanbul, where I live now, to London or Paris where I have family, I would say that Istanbul is much safer than either of those 2 cities, despite being larger.

Real Estate / Swiss Francs Mortgages in Poland [71]

Fully agree with Jon. Nevertheless, since most of the time people don't understand the risk they are taking and only see the "get rich quick" side of things, i think an outright ban on FX mortgages should have been put in place in Poland (like is the case here in Turkey), with possible exceptions for people who could demonstrate FX earnings.

News / Turkey abolished visas for Poles. [80]

Yep, Poles don't need a visa any longer to come to Turkey, Brits still do :)