Naslov
The Impact of the Swiss Franc Loans Crisis on Croatian Households

Autori
Rodik, Petra

Vrsta, podvrsta i kategorija rada
Poglavlja u knjigama, znanstveni

Knjiga
Social and Psychological Dimensions of Personal Debt and the Debt Industry

Urednik/ci
Değirmencioğlu, Serdar M. ; Walker, Carl

Izdavač
Palgrave Macmillan

Grad
London : Delhi

Godina
2015

Raspon stranica
61-83

ISBN
9781137407788

Ključne riječi
household debt, mortgage, debt crisis, CHF loans, Croatia

Sažetak
Between 2000 and 2007 there was a period of extensive expansion in lending to households in Croatia. Due to the deep economic crisis, many households now face problems with the repayment of their significant, barely repayable debt. Among them, the most prominent are those with loans denominated in Swiss francs. The rise in Swiss franc value against the Croatian kuna (HRK), combined with high interest rates, increased the monthly loan payments for these loans by an average of EUR 220 (euros ; an average salary in Croatia being EUR 730). In 2011, when the Swiss franc was at its highest value (before the intervention of the Swiss National Bank in September 2011), there were around 100, 000 Swiss franc- denominated loans. Most of them – around 75, 000 – were long- term housing loans.The Croatian government has refused to address the problem for two years. In the autumn of 2013 it temporarily fixed interest rates for Swiss franc-indexed housing loans to 3.23, which diminished monthly payments to some extent. In August 2011, bank clients with Swiss franc-denominated loans started an NGO called Franc Association that, together with Croatian Alliance for Consumer Protection, filed a lawsuit against the eight largest Croatian banks. The Swiss franc loans crisis triggered a public debate about the consequences of and responsibility for the debt crisis, which is still ongoing. There are two main positions within this debate.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija, Sociologija

POVEZANOST RADA