A year ago the Constitutional Tribunal declared the civil code provision which does not permit courts to set the current value of prewar bonds is inconsistent with the national constitution. Courts had, for a very long time, refused to review claims presented by bond holders. By early April around 120 cases concerning purchase of bonds had been heard and around 1000 sessions concerning potential amicable settlement had taken place. The courts dismissed all litigations for two reasons – due to limitation. Holders of prewar bonds stress that limitation is a contentious issue, with a precedent already on the files: a holder of prewar securities succeeded in winning a large sum of money in a court. A Podlasie war veteran in 2003 received more than PLN 33,000 as compensation granted him by the Regional Court in Warsaw
The Association of Owners of Prewar Bonds estimates that only a bare 5 pct of securities of a present-day value of PLN 1 bln survived the turbulence of the last war. Should the courts decide in their favour, that amount plus interest of several dozen years would be the cost of buying out the obligations of prewar Poland by the present state.
The Parliament press office let it be known that to carry out the Tribunal’s decision would cause enormous financial effect to the national budget. A letter presented by the prime minister before the Constitutional Tribunal’s trial, sets the value of the bonds as high as PLN 5 bln 318 mln.