The set of measures introduced by the FMA to limit the risk arising from foreign currency loans is having a lasting effect. The amount outstanding of foreign currency loans (FX loan volume) owed by Austrian households again clearly decreased in Q2 2013. At the end of June 2013, € 28.9 billion still had to be repaid. After allowing for exchange rate fluctuations, this is € 5.3 billion or 15.4% lower than during the same period one year earlier. The FX loan volume to private borrowers thus again fell below € 30.0 billion, for the first time since 2005. Compared with Q1 2013, the decline amounts to € 0.9 billion or 3.0%. In autumn 2008 the Austrian Financial Market Authority (FMA) announced a ban on new FX loans, along with other initiatives intended to limit the risk posed by such outstanding FX loans. Since then the volume of borrowings has fallen by € 17.0 billion or 37.0%, after exchange rate adjustment. This information was disclosed in the FMA Q2 2013 Survey on Changes in Foreign Currency Loans.
At the end of Q2 2013, the majority (94.5%) of outstanding FX loans continued to be denominated in Swiss francs, with the rest almost exclusively in Japanese yen. Since the beginning of 2008, the Swiss franc has climbed in value by 34.1% against the euro. To prevent any further rise, the Swiss National Bank intervened in 2011 and pegged its currency at 1.20 Swiss francs per euro until further notice.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43 (0)1 24959-5106
+43 (0)676 882 49 516