Kredyt frankowy a kredyt złotowy – perspektywa zmian cash-flow
Swiss Franc-Denominated Loan Vs. Zloty-Denominated Loan – a Cash-flow Perspective

Summary/Abstract: Purpose – The main aim of the article is to conduct a comparative analysis of payments for the zloty currency CHF denominated (indexed) loan in relation to a proper zloty loan (discounted cash-flow). Design/methodology/approach – The analysis has been carried out based on a loan granted in March 2005. The descriptive, comparative and simulation analysis method was applied. Findings – A comparison of a Swiss franc loan and a Polish zloty loan in long term should take into account the changing value of money over time, due to different cost/profit distribution over time in both cases. In the case studied, the franc loan, due to a lower interest rate in relation to the zloty loan, generated potential savings in the initial period of the agreement (2005–2015), which could constitute a safety buffer in case of further franc rate increase. The sooner those savings were generated, the higher their discounted value is. Originality/value – To the knowledge of the author, the previously published comparative analyses of the franc loan and the zloty loan in Poland as well as the projects supporting the franc borrowers did not take into consideration the important aspect of the changing value of money over time. Taking into account the changing value of money over time can have significant impact on the potential selection of a fair formula of supporting the franc borrowers, that is, such a formula which will not discriminate the zloty borrowers against the franc borrowers as well as will not favour specific groups within the franc borrowers.

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