The decision of the Swiss central bank in June did not bring new elements to its monetary policy. Interest rates in this country still remain historically low and close to zero, and the level of 1.20 euro against the franc is still and will be defended at all costs. This is good information for all Poles who repay installments of housing loans taken in the currency of Helveti.
The interest rate on their liabilities has been practically only a banking margin for a long time
And the artificial stabilization of the EUR / CHF exchange rate means that in the current crisis times the pressure on the increase in the franc price relative to the zloty is much lower than before September 6 last year, when SNB decided to introduce this particular solution. SNB did not surprise the financial markets today and announced that interest rates will remain unchanged in Switzerland, as well as the minimum EUR / CHF rate, which the Bank has been defending since September 6 last year.
The statement confirms that the target range for the 3-month Libor rate for the franc is still 0.00-0.25%, and that this document again, as in March, lacked the previously used statement that it will “pursue to make it close to zero, “does not mean that he no longer intends to do so, as evidenced by the exact level of Libor assumed by the SNB for the purposes of inflation forecasts all the time. It also emphasized that the Bank would still be the most determined to counteract the fall of the EUR / CHF rate below 1.20 and that it was prepared to buy foreign currencies for francs in unlimited amounts.
The SNB slightly revised its GDP and inflation forecasts. Regarding the first issue, he currently expects that Switzerland’s economic growth rate will be around 1.5% this year, although in March he estimated it at 1.0%, and in December he assumed it would be only 0.5 %. In turn, regarding the consumer price index, it increased its estimates for it for the current year (to -0.5% from -0.6%), and in 2013 and 2014 it remained unchanged at 0.3% and 0.6%.
The Bank of Switzerland has kept interest rates practically zero and lowest in history since August and since September has been pursuing an official policy of preventing the price of the EUR / CHF exchange rate below the 1.20 barrier at any price.
Home loans in franc in Poland:
How many people in Poland pay back housing loans in franc? There is no fresh data on this subject, but according to published on September 7 last year. by the Polish Financial Supervision Authority preparing the results of the survey on household housing loans, at the end of 2010 the number of franc loans in households was 621.7 thousand. pieces. On the other hand, in the previous year, presented on August 31 by the Association of Polish Banks, and the AMRON-SARFiN report for the second quarter of 2011 prepared by the AMRON Center and the Committee on Real Estate Financing. franc loan owners. “
In terms of value
Loans in franc still represent almost half of all housing loans granted in our country. The latest KNF data shows that at the end of April this year. the value of housing loans granted in the Swiss currency was PLN 153.77 billion, and its share in the value of all housing loans granted was 48.8%. The value of these loans also accounted for 81.7% of the value of all currency housing loans.
The problem is that now banks practically do not grant these loans anymore. According to the latest AMRON-SARFiN report for the first quarter of this year. the share of the value of newly granted housing loans in franc in the value of all newly granted housing loans was only 1.06%. This share was record high in 2008 Q3, when it was equal to 78.10%.