Joao B. Jorge, the chief executive of Bank Millennium in Poland (MILP.WA), said that they aim to settle 1,000 Swiss franc loan settlements with their customers every quarter.

Bras said at a press event following the third-quarter results of the bank that “we aim to reach 1,000 settlements (…) this year, our energy and focus is on trying to achieve as many agreements with borrowers as we can.”

Attracted by the lower interest rates, hundreds of thousands of Poles have taken out mortgages in foreign currencies at Polish banks, mostly in Swiss Francs. After the Swiss franc rose against the zloty and interest rates in Switzerland increased, they are now paying them back in much larger installments.

Fernando Bicho, Chief Financial Officer of Millennium Bank, said at the press conference that the bank will not provide any cost estimates for an extension of credit vacation for borrowers as the eligibility criteria are still unknown.

The Polish government implemented a “credit vacation” last year to help borrowers cope with the higher interest rates. The scheme allowed homeowners to delay up to eight mortgage payments in 2022 or 2023. There are plans to extend the project next year.

Bicho stated that “the impact will depend on the interest rates that are applied during the implementation (…). We are not providing any estimates because we still have some questions regarding the eligibility criteria for these credit holidays”.

He said that the bank’s risk cost is going to increase.

“We expect that the cost for risk will increase in the coming quarters. It will be closer to the 50 basis point level. The CFO stated that it won’t be in the fourth quarter, but next year, we should reach this level.

Bank Millennium, which is majority-owned by Millennium BCP (BCP.LS ) of Portugal, has announced that it will not be proposing a dividend in 2023.

“(…) Bras stated that the bank would be prudent to continue strengthening its capital structure and not to jump into dividend payments too soon.

Bank Millennium reported a net profit for the third quarter of 103 million zlotys (24.40 million dollars), which reversed a loss of 1 billion zlotys a year ago.

($1 = 4.2214 zlotys)

Reporting by Marta Maciag, with additional reporting by Adrianne Ebert and Anna Banacka. Editing by Susan Fenton

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