Vladimír Urbánek (Kurzy.cz)
Markets  |  August 17, 2012 12:39:09

Erste loans of CHF exchanged into euros for 400 million euros


Erste Bank announced that later this year so far exchanged loans (mostly mortgages) issued in Swiss francs to euros in total volume of 400 million euros. Other mortgages worth about 270 million euros were paid.
Erste handles mortgages and other loans issued in Swiss francs worth a total of about 2 mld.EUR. Since last autumn, the Bank seeks to motivate clients for these loans to the transition to euro denomination. Erste is concerned about the negative impact of expected changes in key interest rates set by the Swiss central bank and also the possibility that the SNB will not be able to continue to maintain rapid growth in demand due to the current fixation franc at 1.2 CHF / EUR. Swiss Franc investors are increasingly used as "an investment in safe havens," which increases the pressure on the already mentioned fixation.

So far, the bank's efforts reflected about a quarter of clients.

Austrian households have total loans in foreign currencies for the equivalent of about 36.7 billion euros.
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