Marcin Bogdan: Where were the Frankovists?

Who are the francs? Frankoowice is simply a common word for people who in 2004 – 2008 have drawn mortgage loans indexed or denominated in Swiss francs. These loans appeared to be attractive, with lower interest rates than gold loans, while the franc was considered unchangeable and had a low rate. Credits in francs were promoted by lending banks. Bank employees:

• noted the stableness of the Swiss franc
• They've underestimated course risk.
• presented credit repayment simulations taking into account only tiny current exchange rate fluctuations
• They suggested that the gold debt was unprofitable and frequently even refused to grant specified a loan, claiming that customers did not have the ability to borrow in PLN

The scale of the phenomenon was enormous. In 2008, nearly 70% of the mortgages granted were indexed or denominated in francs, leading to a situation where nearly 40% of all active mortgages were linked to abroad currency. Nearly 750,000 active credit agreements were included in the francs. In 2008, there was a global financial crisis, after which the Swiss franc course began to grow. In January 2015, the Swiss National Bank released the course of the franc, which led to its leap growth. The amounts of loans in terms of gold have increased sharply, and the instalments paid have besides increased significantly. There were situations where, despite respective years of payment of instalments, debt to banks grew alternatively than fell. Many families were on the brink of financial bankruptcy. Desperate Frankovians referred cases to courts that in many cases acknowledged them right.

It seemed that Poles had done this painful lesson and learned the right conclusions from it. Today, people who do not gain in abroad currency are virtually no longer granted mortgages in Poland. However, the individual experience of Poles concerning their private budgets does not translate into decisions concerning the protection of our common state budget. Following specified painful experiences, the government proposes to enlist on our behalf, besides on behalf of the franceits, a debt in abroad currency, which is the euro. At the same time, we hear a self-sounding argument presented by representatives of the ruling coalition that:

• The euro is simply a very unchangeable currency
• foreign exchange hazard should not be taken into account
• there are credit repayment simulations that include course fluctuations, but only in the short term, although the credit is to be drawn for 45 years
• This is the cheapest debt for us, due to the fact that unlike Germany or Sweden, we do not have specified credibility and, consequently, the ability to borrow better credit.

You don't request to be an economical expert to realize the hazard of borrowing abroad currency. If anyone else had any illusions about it, then the example of the Frankish should be a lesson enough. I don't think there is simply a individual in Poland who doesn't have a household associate or a friend of individual affected by this problem. What? Nothing. Here we let Members to vote on the Act, which may lead to the bankruptcy of the Polish state. The session of the Sejm held on 27 February 2026 was like the deliberations of the Parliament on 21 April 1773. As at that time, the ambassador listened to the proceedings. but this time it's not Russian, it's German. The only thing missing was the Reytan. There were no francs, there was no tearing of clothes. And in the ears there were words from Jack Kaczmarski’s song “Reytan, the ambassador's report‘:

"The writings and arrangements fell in this confusion.
– Traitors! – they were shouting, but to whom, it is hard to say.
After all, a politician does not know the word "success",
And political customs must be safeguarded.”

Marcin Bogdan (Zakuty Łeb)

P.S.

Japan's debt is nearly 250% of its GDP. This is 1 of the highest public debt among developed countries. A advanced debt-to-GDP ratio did not lead Japan to a debt crisis, as most of this debt is held by nipponese investors. If Japan goes bankrupt, the nipponese will take over. The full value of Polish savings is about PLN 2.8 trillion. The value of the SAFE debt is about PLN 184 billion. Who wants Poles to owe themselves to strangers?

***