Sponsored Content
National Bank Warns against Foreign Currency Loans
People ♦
Published: February 3, 2011; 00:34 ♦ (Vindobona)
According to the governor of the Österreichischen Nationalbank (OeNB, Austrian National Bank), Ewald Nowotny, the sum of pending foreign currency loans in Austria is € 54bn.
National Bank Warns against Foreign Currency Loans / Picture: © SW Umwelttechnik
Ewald Nowotny sees a "foreign currency loans as a huge risk exposure”. Most loans of a total of € 54.0bn are in Swiss francs: € 47.0bn. In 1999, the sum of the loans in Swiss francs amounted to only € 20bn.
Nowotny considers that the reason for this development is "too little control on financial advisors". The "excessive competition” between Austrian banks has also…
or Log In
Fast News Search