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Hello,
I don't know if the percentage is correct, but it is true that
very significant part of mortgage loans were taken in CHF
due to much lower interest rates compared to PLN (Polish Zloty).
And it is also true that CHFPLN rate was below 2.00 in August 2008
and only 6 days ago it was above 3.10. Today it dropped to 2.93.
Large part of those violent moves are caused by speculation involving
expiring currency options that many Polish companies were involved with.
What isn't said is that Polish currency was strenghtening all the time
since 2001 til mid-2008 so against US dollar now it is 3.41
and in late 2001 it was 4.60, so even considering all turbulence
it experiences now, dollar still has lost against Polish zloty 25% of its value
since 2001
USDPLN chart
http://finance.yahoo.com/echarts?s=PLN=X#symbol=PLN=X;range=5y
and now we are back to 2006 levels.
CHFPLN chart:
http://finance.yahoo.com/echarts?s=CHFPLN=X#symbol=CHFPLN=X;range=5y
Since polish households were taking loans during all that period,
the average price of Swiss frank in which loans were taken is about 2.6.
Only people who got their loans in 2008 may be in trouble, however
they monthly payment is still LOWER than payment for loan taken
in our currency because of interest rate difference.
Also according to recent research only 5.5% of households have
any problems with paying their bills and only less than 2% of mortgage loans are at risk.
As for myself, I am 100% debt free since 2004 :-)
Best regards,
Tomasz Janeczko
amibroker.com
----- Original Message -----
From: "sidhartha70" <sidhartha70@xxxxxxxxx>
To: <amibroker@xxxxxxxxxxxxxxx>
Sent: Monday, February 09, 2009 8:24 PM
Subject: [amibroker] Off topic - Polish Mortgages
> TJ,
>
> I read an article in yesterday's 'Telegraph' here in the UK stating
> that 60% of Polish Mortgage debt is denominated in Swiss Francs... and
> the Zloty has halved against the franc since July...
>
> Is that credible...?
>
>
>
> ------------------------------------
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------------------------------------
**** IMPORTANT ****
This group is for the discussion between users only.
This is *NOT* technical support channel.
*********************
TO GET TECHNICAL SUPPORT from AmiBroker please send an e-mail directly to
SUPPORT {at} amibroker.com
*********************
For NEW RELEASE ANNOUNCEMENTS and other news always check DEVLOG:
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For other support material please check also:
http://www.amibroker.com/support.html
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