The amount outstanding of foreign currency loans owed by Austrian households dropped to € 26.3 billion in Q4 2014. 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 € 20.2 billion or 43.4%, after exchange rate adjustment. Compared with the previous quarter the decline in Q2 amounted to € 0.6 billion or 2.3%; compared on a year-on-year basis the figures are € 3.0 billion or 10.1%. The share of foreign currency financing in all outstanding loans to private individuals has thus decreased to 19.7%, making up less than one fifth for the first time in 15 years. This information was disclosed in the FMA Q2 2014 Survey on Changes in Foreign Currency Loans.
At the end of June 2014, the majority (95.8%) 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 more than 35% against the euro.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676/882 49 516