The outstanding volume of foreign currency loans (FX lending) to private households has fallen by EUR 26.80 billion or 58.7% adjusted for exchange rate effects up to the end of September 2016, since the introduction of the ban on granting of new loans in the autumn of 2008. Compared with Q3 2015, the volume of outstanding loans adjusted for exchange rate effects fell by EUR 2.80 billion or 11.5%; in comparison to the previous quarter the volume fell by EUR 0.54 billion or 2.4%. In absolute terms, the volume of foreign currency lending to private households fell to EUR 21.59 billion in Q3 2016. These were the findings of the FMA’s Survey on Foreign Currency Loans in Q3 2016.
The share of foreign currency loans in relation to all outstanding household loans fell to 15% in Q3 2016, a decrease of 2.3% year-on-year. At the foreign currency loan boom this share stood at 31.8%. As of the end of June 2016, 95.9% of the volume of the amount owed for loans in foreign currencies was for loans denominated in Swiss franc (CHF), with the remaining amount almost exclusively in Japanese yen (JPY).
Since the start of 2008, the Swiss franc (CHF) appreciated by 52.1% up until 30 September 2016 against the euro; in the third quarter of 2016, the exchange rate varied between 1.0807 and 1.0978, following the removal of the minimum exchange rate floor of 1.20 in January 2015.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676/882 49 516