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Vienna / Zurich The object of the franc peg to the euro is likely to bring a decent Switzerland the economic downturn: The Swiss banking giant UBS has cut its forecast yesterday for the federal GDP growth this year from 1.8 to 0.5 percent. But a real recession is not likely, it said. Also on the growth of 2016 the higher franc exchange rate will still unpleasant effect: This UBS economists are now taking 1.1 to 1.7 percent instead of
As for exports, expect the bank analysts on the assumption that the franc to remain at current levels, a decrease of five billion francs. However, an expected acceleration of growth in the euro zone in the second half of 2015 will provide relief for heavily intertwined with the euro area Swiss economy, it said
A rare Premiere experiencing the holders of Swiss government bonds. The price of the ten year benchmark issue yesterday climbed to 115.6 percent, bringing the return is pressed to minus 0.012 percent. A bit of spoken boldly (the secondary market yield yes does not apply to newly issued bonds), so you have already paid for the privilege of borrowing money Switzerland. Less positive is the reaction of the Swiss Exchange: The slumped again on Friday by more than four percent. For a euro were to pay on Friday, only about 1.1 francs. The day before yesterday to valid minimum rate stood at 1.20 francs
franc loans. “Waiting”
It is significant the further course of the Swiss franc exchange rate especially for those 150,000 Austrians who have run franc loans. Your debt increased by the task of the course of 1.20 francs per euro by the SNB on Thursday abruptly to 4.5 billion euros. Further losses are not excluded. However, the customer should the time being “once wait a few days,” said First Bank CEO Peter Bosek at a press conference. It shares the view of many experts that the course could exaggerate currently and would arrive back on a better level of borrowers in the coming days.
Bosek expected that the course again, to 1.10 to 1 will rise 12. “That would probably be a good time to convert the loan into euros.” The bank advises – just as the other domestic Finanzinstitute- their customers quite some time now, completely exit the Franks. In any case, this contact should contact their advisor. A dedicated hotline was set up for it.
For most customers, a loss will remain below the line, Bosek expected. As a rule, the loans at a rate of about 1.55 francs per euro and an interest rate of around three per cent had been completed. A former interest rate advantage but had been long since devoured by the monetary losses. Today the banks offer their customers in euro loans with interest rates of 2.5 percent.
A noticeable increase in loan defaults Bosek not expected for the Austrian business. “We award such credits to people who could not afford it.” In addition, always had a buffer of at least 20 percent between loan amount and security have been installed. Threaten
losses franc loans, Austrian federal states. As reported, the debt of indebted to one third in Franconia Community Vienna yesterday by almost 200 million euros increased (which is in Vienna still seen as meaningless “book loss”, which can not be realized). Carinthia expects its franc loan of 100 million euros 14.7 million euros “additional costs” in Salzburg liability for a franc loan increases from 15 to 27 million euros.
failures in foreign exchange dealers
Caught on the wrong foot, the Swiss National Bank, with its startling step by currency traders: On Friday already slid the British Alpari Forex traders and distributors of New Zealand Global Brokers in bankruptcy. (Red. / Jaz / ju)
The Swiss central bank brakes with its decision, the franc minimum course abandon the euro, the Swiss economy rather abruptly: According to a forecast of the Swiss bank UBS growth this year will not, as previously thought, amount to 1.8, but only 0.5 percent. In Austria banks advise the franc borrowers, meanwhile, wait and see for calm before any action. The franc exchange rate will fall somewhat
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(“Die Presse”, print edition, 17:01 .2015)
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