Adjusted for exchange rate effects, the outstanding volume of foreign currency loans fell by 17.0% or € 1.52 billion during the third quarter of 2023, compared with the corresponding quarter of the previous year. Since the ban on granting new loans was imposed in the autumn of 2008, the outstanding volume adjusted for exchange rate effects has been reduced by € 41.62 billion or 87.1 %. Compared to the previous quarter (Q2/2023) the volume fell by € 480 million or 6.1%. In absolute figures the volume of foreign currency lending to private households fell to € 7.52 billion in Q3 2023 (Q3 2022: € 9.18 billion). These were the findings of the FMA’s Survey on Foreign Currency Loans in Q3 2023.
Swiss franc exchange rate risk
The share of foreign currency loans in relation to all outstanding household loans fell to 4.2% in Q3 2023, a decrease of 0.5% year-on-year. At their peak, in 2006, foreign currency loans accounted for around one third of all loans. As of the end of September 2023, 98.2% 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) has appreciated by 68.9% up to 30 September 2023 against the euro; in the third quarter of 2023, the exchange rate remained around 0.9669.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676 882 49 516