GE, Banks Protest Poland Draft Law on Swiss Franc Mortgages
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International owners of Polish banks, including General Electric Co. and Raiffeisen Bank International, protested a draft bill that would force banks to share the cost of converting Swiss franc mortgages into zlotys.
GE threatened to seek damages against the government if the bill is passed because it would violate the company’s rights as a foreign investor, Vice Chairman Keith Sherin said in a letter last week to Poland’s prime minister, president and parliamentary speaker. GE is trying to sell its Polish unit, BPH Bank SA, and the legislation could complicate the effort.