Wpływ zmian kursowych CHF a kształtowanie dochodów kredytobiorców
The impact of CHFPLN rate changes on borrowers’ income creation

Summary/Abstract: On January 15th 2015, when the Swiss National Bank (SNB) suddenly announced that it wouldno longer hold the Swiss franc at a fixed exchange rate with the euro there was a panic. The francsoared, which drastically affected the cost of loans taken out in the Swiss francs and the current borrowersincomes.The issue of perturbations caused by providing by banks credits in foreign currencies and creditsdenominated in foreign currencies is multi-layered and complex. It comprises relations on economic,legal and ethical planes between three players: banks and government in the form of empire: the executive(regulations, the Office for Competition and Consumer Protection and the Financial SupervisionAuthority), judicial and legislative authorities.The denominated currency credit has become a speculative instrument with four risk groups.Besides the traditional interest rate risk and currency risk of principal and interest the consumers wereexposed to currency margin risk of the bank and currency spread risk. Systemic risk is a specific typeof risk, for which effects of amplification, leverage or positive feedback are built into system. Financialmarkets and banking systems are especially prone to “the herd instinct” behavior.Large amounts of denominated debt and an increase in CHFPLN can lead to an increase in systemicrisk and a decrease in borrowers’ incomes. This can lead to positive feedback in the economicsystem which can result in a complete collapse of consumer incomes.

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