Saturday, 15 March 2025
Bank Millennium finalized 1,088 new settlements with Swiss Franc mortgage borrowers in Q3 2024, bringing the total to 24,600 since the program’s launch. This reflects the bank’s ongoing effort to mitigate legal risks associated with foreign currency mortgage loans, Bank Millennium President João Bras Jorge announced.
“With these additional settlements, we have now resolved 40% of the active Swiss Franc credit agreements as of the program’s launch,” said Jorge, noting that legal claims related to foreign currency mortgages have decreased to under 1,500 cases. An increasing number of these claims now involve repaid loans, which make up 19% of all active claims.
Bank Millennium’s quarterly report highlighted that expenses tied to foreign currency mortgage portfolios, including reserves, settlements, and legal costs, dropped by 13% year-over-year to PLN 738 million before tax. Despite this decline, legal risks continue to weigh on the bank’s core operations. Cumulative legal risk reserves reached PLN 533 million before tax in Q3, while total reserves for 2024’s first nine months stood at PLN 1.656 billion, reflecting updated estimates on potential claims.
Bank Millennium, a major player in Poland since its 2003 rebranding, is backed by Portuguese shareholder Banco Comercial Português (Millennium bcp), Portugal’s largest commercial bank. The bank reported total assets of PLN 125.5 billion as of year-end 2023.
Source: Bank Millennium and ISBnews
