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2016 | 16 | nr 1 | 37--54
Tytuł artykułu

Relative Financial Benefits of Swiss Franc and Euro-Denominated Mortgage Loans in Poland

Autorzy
Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This paper evaluates financial benefits obtained by private clients of banks in Poland resulting from Swiss franc- and euro-denominated mortgage loans against Polish zloty mortgages. As fx mortgage loans were commonly used in period 2005-2009 and quickly dominated Polish banking sector (as well as sectors in many other CEE countries), they became a fundamental element of banks' assets and a source of risk for borrowers. The main goal of the paper is to evaluate if fx mortgage loans, are more cost-efficient, than loans taken in domestic currency (PLN). To assess the financial benefits, the author proposed mathematical model of repayment of mortgage loans taken in the period 12.2004-12.2012 based on variable interest rates and actual exchange rates. Upon the data obtained from the model, the author used eight ratios for assessments of benefits. The analysis of benefits of fx borrowers was conducted per borrower, per period (month) as well as in form of cumulated benefits for all borrowers and all months of crediting. Upon the research one may find that since 2005 most beneficial in Poland are mortgage loans denominated in euro. They are generally more cost-effective than loans denominated in Polish zloty and most popular in period 2005-2009 fx loans in Swiss franc. The investigation of relative benefits showed also that the most commonly used fx loans denominated in Swiss currency are globally more expensive for borrowers than domestic currency loans. The exception are 30-years loans taken in 2009 and 2011. (original abstract)
Rocznik
Tom
16
Numer
Strony
37--54
Opis fizyczny
Twórcy
  • Nicolaus Copernicus University, Poland
Bibliografia
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  • Brzoza-Brzezina M., Chmielewski T., Niedźwiedzińska J., 2010. "Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter?", Working Paper Series 1187, European Central Bank
  • Brzoza-Brzezina M., Kolasa M., Makarski K., 2015. "Monetary and macroprudential policy with foreign currency loans", ECB, ECB Working Papers, 1783, April
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  • Komisja Nadzoru Finansowego, 2011. "Rekomendacja S (II) dotycząca dobrych praktyk w zakresie zarządzania ekspozycjami kredytowymi zabezpieczonymi hipotecznie (concerning Best Practice in Mortgage Lending)". Warszawa
  • Komisja Nadzoru Finansowego, 2013. "Rekomendacja T dotycząca dobrych praktyk w zakresie zarządzania ryzykiem detalicznych ekspozycji kredytowych (concerning Best Practice of Risk Management of Retail Credit Exposures)", Warszawa
  • Komisja Nadzoru Finansowego, 2015. "Wpływ silnego osłabienia PLN względem CHF na stabilność polskiego sektora bankowego oraz sytuację finansową kredytobiorców", Prezentacja Przewodniczącego KNF wygłoszona na posiedzeniu Komisji Finansów Publicznych Sejmu RP 03/02/2015, Warszawa
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  • Yeşin P., 2013. "Foreign Currency Loans and Systemic Risk in Europe", Federal Reserve Bank of St. Louis Review, May/June
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171432798

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