Data from Poland’s Bank Guarantee Fund (BFG), Financial Supervision Authority (KNF), and National Bank of Poland (NBP) reveal a great deal about the current state of the country’s mortgage portfolio. The situation is evolving rapidly due to ongoing legal disputes and settlements concerning Swiss franc–denominated loans. As a result, the portfolio of mortgages indexed to the Swiss franc has been shrinking swiftly—leading to an unexpected outcome: when it comes to housing loans in foreign currencies, the euro has now overtaken the franc as the dominant one among Polish borrowers.
Experts from RynekPierwotny.pl highlight both the scale and the speed of this shift.
The table below—based on KNF data—illustrates how the gross balance sheet value of housing loans denominated in various currencies has changed between July 2018 and July 2025. Notably, by mid-2024, the gross balance sheet values of mortgages denominated in euros and Swiss francs had already converged, reaching around PLN 14–15 billion each.
However, by July 2025, as the experts point out, the Swiss franc mortgage portfolio had dropped to just PLN 8 billion. This marks a significant decline not only compared with the previous year, but also in historical perspective: as recently as July 2019, franc-indexed home loans in Poland were worth roughly PLN 100 billion. The euro-denominated portfolio has also been gradually shrinking, but at a much slower pace—largely because it has not been subject to the same wave of lawsuits and settlement agreements with banks.
