The Attractiveness of FX Housing Loans for Housholds in View of Supervisory Actions in Selected EU Countries

• Autorzy: Marta Świerczyńska , Mariola Węglińska
• Języki publikacji: EN

Abstrakty

EN

The article relates to the attractiveness of FX housing loans for households which led to over increase in EU countries. Results of comparative analysis conducted for Poland, Austria, Romania and Hungary indicates that actions taken by the supervisory bodies dedicated to demand indicators influence credit increase limitation in different ways. Non-standard actions taken seem to be most effective. Nevertheless, looking at the Hungarian caseit brings high costs to the economy. (original abstract)

Słowa kluczowe

PL

Pożyczki walutowe; Ryzyko; Kredyt mieszkaniowy; Klient; Gospodarstwa domowe

EN

Foreign currency loans; Risk; Housing loan; Customer; Households

• Czasopismo: e-Finanse
• Rocznik: 2017
• Tom: 13
• Numer: nr 4
• Strony: 37-53

Twórcy

autor

Marta Świerczyńska

• The University of Warsaw

autor

Mariola Węglińska

• The University of Warsaw

Bibliografia

• Analysis on CHF - denominated loans (Feb. 2015), NBR.
• Balás, T. (2013). Households: Indebtedness and Debt Service Ratio, MNB Bulletin, 23.
• Balint, M., Fellner, Z. (2015). MNB Trends in Lending.
• Balogh. C., Gereben. A., Karvalits. F., Pulai. G. (2013). Foreign Currency Tenders In Hungary: A Tailor - Made Instrument for a Unique Challenge. BIS Papers,73, 159 - 168.
• Basso, H., S., Calvo-Gonzalez, O., Jurgilas, M. (2007). Financial Dollarization. The Role of Banks and Interest Rates. ECB Working Paper Series, 748.
• Beer, Ch., Ongena, S., Peter, M. (2010a). The Austrian Carry Trade: What Are The Characteristics of Households Borrowing in Foreign Currency? OeNB Financial Stability Report, no. 16.
• Beer, Ch., Ongena, S., Peter, M. (2010b). Borrowing in Foreign Currency: Austrian Households as Carry Traders. Journal of Banking & Finance, 34(2010), 2198-2211.
• Board Decision Dated 20 of Jan. 2009 Regarding Granting a Medium Term Financial Help for Lithuania, EU Official Journal, 2009/290/WE.
• Brief Outline of the Regulation Concerning FX Lending In Hungary (2013), ESRB.
• Brown, M., Ongena, S., Yeşin, P. (2010). Foreign Currency Borrowing By Small Firms In The Transition Economies. Journal of Financial Intermediation, 20(3)
• Brown, M., Peter, M., Wehrmuller, S. (2009). Swiss Franc Lending In Europe. SNB.
• Brzoza-Brzezina, M., Chmielewski, T., Niedźwiedzińska, J. (2010). Substitution Between Domestic and Foreign Currency Loans In Central Europe. Do Central Banks Matter? ECB Working Paper Series, no. 1187.
• Brzoza-Brzezina, M., Kolasa, M., Makarski, K. (2015). Monetary and macroprudential policy with foreign currency loans. ECB Working Paper Series, no. 1783.
• Bucharest Area Residential Market View (2013). CBRE Global Research and Consulting.
• Csajbok, A., Hudecz, A., Tamasi, B. (2010). Foreign Currency Borrowing of Households In New EU Member States. MNB Occasional Papers, no. 87.
• Dina, S. (2014). EU 28 Country Reports, Romania, Romanian Banking Association.
• Duenwald, Ch., Gueorguiev, N., Schaechter, A. (2005). Too Much of a Good Thing? Credit BoomsIn Transition Economies: The Cases of Bulgaria, Romania, and Ukraine, IMFWorking Paper, no. WP/05/128.
• Epstein, N., Tzanninis, D. (2005). Austria: Selected Issues, IMF Country Report, no. 05/249.
• ESRB Recommendations dated 21 of Sep. 2011 regarding FX loans, EU Official Journal, 2011/C 342/01.
• Extension of the FMA Min. Standards for Granting and Managing FX Loans and Loans with Repayment Vehicles of 16 Oct. 2003,
• Extension of 22 Mar. 2010, FMA.
• Financial Stability Report (2006), NBR.
• Financial Stability Review (Jun. 2010), ECB.
• Financial Stability Report (Feb. 2016), NBP.
• FMA-Minimum Standards for the Risk Management and Granting of Foreign Currency Loans and Loans with Repayment vehicles(FMA-FXTT-MS) (02.01.2013), FMA.
• FX Loans and Loans with Repayment Vehicles (2008), FMA.
• Gdy się chce, to można! Węgrzy spłacają już kredyty po sztywnym kursie franka (2015). Retrieved from http://wpolityce. pl/gospodarka/229982-gdy-sie-chce-to-mozna- wegrzy-splacaja-juz-kredyty-po-sztywnym-kursie-franka.
• Hasan, I., Marton, K. (2000). Development And Efficiency of The Banking Sector in a Transitional Economy: Hungarian Experience. Bank of Finland Institute for Economies in Transistion, BOFIT Discussion Papers, no. 7/2000.
• Information About Consequences of The Project of The Act Related Ways of Restoring an Equality of The Two Sides Of Some Loans' Agreements For Financial Institutions (2016), FSA.
• Kolozsi, P., P., Banai, A., Vonnak, B. (2015). Phasing out Household Foreign Currency Loans: Schedule and Framework. Financial and Economic Review, 14 (3), 60-87.
• Kreko, J., Endeesz, M. (2010). The Role of Foreign Currency Lending In The Impact of The Exchange Rate on the Real Economy, MNB Bulletin.
• Łaszek, J., Augustyniak, H., Olszewski, K. (2015). FX Mortgages, Housing Boom and Financial Stability - A Case Study for Poland.
• Mero. K., Piroska. D. (2015). Central and Eastern European Countries' Twist With Macroprudential Policies - The Cases of Hungary and Slovakia, International Business School Working Paper, no. 5.
• Min. Standards for Granting and Managing FX Loans of 16 Oct. 2003, FMA.
• Neagu, F., Tatarici, L., Mihai, I. (2015). Implementing Loan-to-value and Debt Service-to-income Measures: A Decade of Romanian Experience, NBR Occasional Papers, no. 15.
• Pellenyi, G., Bilek, P. (2009). Foreign Currency Borrowing: The Case of Hungary, FINESS Working Paper, no. D.5.4.
• Ranaldo, A., Söderlind, P. (2007). Safe Haven Currencies, SNB Working Papers, no 17.
• Report on Financial Stability (Apr. 2011), MNB.
• Report on Financial Stability (Nov. 2014), MNB.
• Rosenberg, Ch., B., Tirpak, M. (2008). Determinants of Foreign Currency Borrowing in the New Member States of the EU. IMF Working Paper, WP/08/173.
• Ross, A. (2012). Romania Steps in to Strengthen Leu, Financial Times, Retrieved from http://www.ft.com/intl/cms/s/0/73c6596a-dfbc-11e1-b81c- 00144feab49a.html

Identyfikatory

DOI

10.1515/fiqf-2016-0034