In the 1st quarter of 2023, the outstanding volume of foreign currency loans to private households compared with the previous quarter fell by € 330 million or -3.9%; or by € 1.52 billion or -15.7% compared with the 1st quarter of 2022. The outstanding volume has decreased by -85.6% adjusted for exchange rate effects since its the ban on new lending in 2008. In absolute terms there are still € 8.14 billion outstanding in foreign currency loans. The proportion of foreign currency loans to the total outstanding loans to households has already been reduced to less than one-twentieth, 4.5% (cf. Q1-22: 5.3%); at the height of the foreign currency lending boom it was just shy of one-third (31.8%). 97.9% of foreign currency loans are denominated in Swiss Franc, the remainder almost entirely in Japanese Yen. Since the start of 2008 the Swiss Franc has strengthened by 67.9% against the Euro. During the 1st quarter of 2023, the Swiss Franc exchange rate stood at around CHF 0.9968 to the Euro. These are the findings of the FMA Survey on the Development of Foreign Currency Loans for the 1st Quarter of 2023.
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