Credit agreements regarding currency risk concluded by banks with their customers has been a subject of legal controversy and raises extreme emotions for the interested parties for many years. Recognizing a foreign currency mortgage as a financial instrument would recreate for the borrower's effective judicial path to claim compensation from banks for offering them credit products that are not loans at all. If it turned out that a foreign currency loan is not a loan, but a currency option (or

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... her investment instrument), it would be a breakthrough for millions of foreign currency borrowers across the Europe. This article is based on an analysis of the case law of the Court of Justice of the European Union and Polish courts in terms of foreign currency loan agreements. It aims to indicate the problem of proper definition of currency provisions contained in credit agreements, and it is also an attempt to clarify whether the fact of placing such provisions in loan agreements allows to classify them as financial instruments covered by regulations on markets in financial instruments.