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Nova KBM: Slovenian National Assembly passed retroactive Law impacting loans in Swiss Francs (CHF) | NKBM

Nova KBM: Slovenian National Assembly passed retroactive Law impacting loans in Swiss Francs (CHF)

Nova KBM: Slovenian National Assembly passed retroactive Law impacting loans in Swiss Francs (CHF)

3 February 2022
OBVESTILA
In accordance with the Rules & Regulations of the Luxembourg Stock Exchange and Article 17 of the Regulation (EU) No 596/2014 (Market Abuse Regulation - MAR) we hereby provide the following information:
 

On 2 February 2022, the National Assembly of Slovenia passed a “Law on limiting and distributing currency risk among creditors and borrowers of loans in Swiss francs” ("CHF Law"). The law will enter into effect on the 15th day after its publication in the Official Gazette.

 

The CHF Law will require lenders to restructure consumer loans denominated in CHF (or containing a currency clause in CHF) that were concluded between 28 June 2004 and 31 December 2010. Lenders are required to retroactively introduce an exchange rate cap clause in relation to all such loan agreements concluded in the relevant period. Such an exchange rate cap will be activated when the change in the exchange rate causes: (1) the actual credit balance to differ by more than 10% from the credit balance calculated based on the exchange rate applicable at the date of drawdown; or (2) the actual instalment to differ by more than 10% from the instalment calculated based on the exchange rate applicable at the date of drawdown.

 

60 days after the CHF Law has come into effect, lenders are obliged to share a new calculation with the relevant borrowers. Several of the provisions of the CHF Law raise concerns as to their compliance with the Slovenian Constitution and the European rules on prudential supervision. Also, several provisions are unclearly drafted and do not allow for a clear interpretation.

 

NKBM is in the process of assessing the financial impact of the CHF Law on its profitability and its financial status. According to a preliminary assessment, it expects the financial impact not to exceed EUR 45-50 million, subject to further detailed analysis, and considers this as a non-adjusting event after the reporting period.

 

Maribor, 3 February 2022

 

Nova KBM d.d.

 

 
 
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