The rich are taking higher and higher foreign currency loans
You earn a lot, you borrow a lot … in foreign currency. Although loans in Swiss franc and the euro are offered by a few banks and the criteria for granting them are much more stringent, the richest Poles can still afford them. As it turns out, if they decide on a foreign currency loan, they borrow above-average amounts, well above the average value of a PLN loan. Foreign currency loans are no longer the dominant player on the housing loan market.
The Polish Financial Supervision Authority
Through its recommendations, effectively reduced lending in foreign currencies. For several years, we have been observing a systematic decline in the share of foreign currency loans, and so, for example, in 2009 they accounted for 27 percent of all loans granted, and in the first quarter of 2012 the share of this type of loans fell to 15.80 percent. It should of course be emphasized that the limited availability of loans in foreign currency in recent months is caused not only by changes in regulations, but also by the overall situation on European financial markets.
As a reminder, it is worth noting that, according to the latest Recommendation SII KNF for loans in foreign currency, the sum of the borrower’s loan burden may not exceed 42 percent. For comparison, when taking out a loan in our native currency this ceiling is much higher and amounts to 50 percent or 65 percent for people earning above the average salary in the economy. In practice, this means that the highest earners can apply for a foreign currency loan.
Large foreign currency loans
Recently, the average loan amount has increased significantly, taking into account the division into the requested currencies. In the case of loans in foreign currency in the first quarter of this year, this value was PLN 361 471, while for loans in PLN the average value was PLN 187 865. Compared to the same period last year, this means an increase of 2.23 percent for loans in foreign currency and 0.32 percent for loans in PLN. Importance of more interesting data, however, shows comparisons with 2009. For loans in our native currency, the increase in the average loan amount was only 1.30 percent, however for denominated loans the average amount increased by as much as 16.56 percent.
Data on the average loan amount seem to confirm the assumption that only customers with above average income will be able to apply for a loan in a foreign currency.
High-income people usually also take above average loans
Often worth several hundred thousand zlotys. The practical elimination of people with low incomes from the foreign currency market and leaving such loans to the highest paid clients resulted in a significant increase in the average amount of foreign currency loan. At the same time, although the average amount for currencies is growing, and for zloty loans it remains practically unchanged, this means and confirms that the share of foreign currency loans is decreasing. The increase in the average amount of foreign currency loan was not so much reflected in the average loan amount for the entire market. Compared to 2009, the average amount, the average loan amount calculated for all currencies increased by just over 3 percent, from PLN 202 448 in 2009 to 209 348 in the first quarter of 2012.