Swiss franc loan losses are a grey rhino for EU consumer finance
Impact on Polish banks exposed a blind spot on modelling legal risk that has wider implications, says mBank CRO Marek Lusztyn
In his book Boomerang, Michael Lewis portrays Greece ahead of the 2009 sovereign debt crisis as a country in which so many people had a stake in the problem that nobody had an interest in solving it. Arguably, Poland’s Swiss franc mortgage saga followed a similar logic. But while on the surface, the lesson for risk managers appears to be about exchange rate risk, in reality, the wider implications
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