Swiss franc surge hits Austrian mortgage holders -central bank

May 28, 2015 1:51 PM

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VIENNA May 28 The Swiss franc's surge this year has sharply widened the gap between what Austrian households owe for mortgages in the Swiss currency and what they have saved up to repay them at maturity, the Austrian National Bank said on Thursday.

"The 'coverage gap' has risen clearly from 3.1 billion (euros) at the end of 2014 to, by our estimates, 6.1 billion in the first quarter of 2015," Governor Ewald Nowotny told a news conference on the central bank's annual report.

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