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FMA Survey on Foreign Currency Loans in Q3 2018: massive reduction of outstanding volume of foreign currency loans continues

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The outstanding volume of foreign currency loans, fell by 12.2% or € 2.1 billion adjusted for exchange rate effects in the 3rd quarter of 2018 compareg 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 € 32.3 billion or 69.6%. Compared to the previous quarter (Q2/2018) the volume fell by € 350 million or -2.4%. In absolute figures the volume of foreign currency lending to private households fell to € 15.2 billion in Q3 2018 (Q3 2017: € 17.1 biliion). These were the findings of the FMA’s Survey on Foreign Currency Loans in Q3 2018.

The proportion of foreign currency loans to all outstanding loans to private households stood at 10.0% in the 3rd quarter 2018, and since 2006, where it was at its highest level has been reduced from around one third to its current level of one tenth. As of the end of September 2018, 96.3% 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 46.2% up to 30 September 2018 against the euro; in the third quarter of 2018, the exchange rate varied between 1.1217 and 1.1704. A borrower who took out a foreign currency loan of € 100,000.00 at the start of 2008 would now have to repay almost € 150,000.00 based on the development of the exchange rate alone, regardless of the additional interest payments also to be made.

Journalists may address further enquiries to:

Klaus Grubelnik (FMA Media Spokesperson)


+43/(0)676/882 49 516

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