Adjusted for exchange rate effects, the outstanding volume of foreign currency loans (FX lending) to private households has fallen by EUR 26.26 billion or 57.7% up to 30 June 2016, since the introduction of the ban on granting of new loans in the autumn of 2008. The broad range of initiatives launched by the Financial Market Authority (FMA) to limit the risks emanating from foreign currency loans has therefore been effective on a sustainable basis. Compared with Q2 2015 the volume of outstanding loans adjusted for exchange rate effects fell by EUR 3.00 billion or 11.9%. In the second quarter of 2016 alone, the volume of outstanding loans adjusted for exchange rate effects fell by EUR 0.86 billion or 3.8%. In absolute terms, the volume of foreign currency lending to private households fell to EUR 22.14 billion in Q2 2016. These were the findings of the FMA’s Survey on Foreign Currency Loans in Q2 2016.
The share of foreign currency loans in relating to all outstanding household loans fell to 15.6% in Q2 2016, a decrease of 3.2% year-on-year. At the height of the foreign currency loan boom this share stood at 31.8%; it has therefore decreased from almost one third to a level of below one sixth of all household loans. As of the end of June 2016, 96.0% 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 51.4% until 31 March 2016 against the euro; in the second quarter of 2016, the exchange rate varied between 1.0736 and 1.1123, with the minimum exchange rate floor of 1.20 having been removed in early 2015.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676/882 49 516