I think it is true to say that there has not been a lot of unhedged foreign currency borrowing occurring among Australian corporates since the days of the «Swiss
franc loans» of the mid-eighties, but I will postpone discussion of that topic until I deal with foreign debt in the second half of this talk.
You see, many Eastern European borrowers like the idea of borrowing in Swiss
francs or Euros, because the nominal interest rate is currently drastically lower than what they'd pay on a local currency
loan.