A draft Polish law, requiring the written consent of property owners to transfer mortgages, would have “significant adverse effects on Polish banks’ funding” said the European Central Bank, with respect to the covered bond and securitization markets. However, a legal expert said there would be no direct impact on covered bonds.
At the request of the Polish parliament the ECB was asked to give an opinion on the draft which, according to legal experts, is understood to be an amendment of Article 95 of Poland’s Banking Law that was submitted by a minority group of parliamentarians on June 12.
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