Foreign currency loans – Together-PM: Regan admits no action until spring

by Raymond Goforth

According to Együtt-PM, Anjo Regan, leader of the Fidesz faction in the Magyar Nemzet on Wednesday, not only admitted that Fidesz-KDNP is no longer sure of converting foreign currency debtors into forint, but the article believes the government will nothing in the matter.

Clemente Rupa, the economic politician of the Alliance PM, said in a statement sent to the MTI that the cabinet continues to postpone and do nothing, and is still unwilling or unable to solve the social crisis caused by the collapse of retail currency lending.

The union’s economic politician has stated that Together-PM insists on the need to convert foreign currency loans at market rates. This will only be possible if the government and the central bank change their policies so far, and the forint exchange rate reaches a more stable level than at present, he continues.
Clemente Rupa also said it was unacceptable to “reward the more affluent once well-off with early repayment,” which is why Együtt-PM continues to insist that regulations do not apply to loans that have already been repaid.
They summarize their view that the social crisis resulting from the collapse of retail foreign currency lending can only be tackled by a “three-legged” solution, in which the state, banks and the general public must be involved. In addition to the financial solution, there is a need for targeted social policy measures that provide real help in the housing crisis, which the government says.


The government will submit the bill

foreign currency loan

Anjo Regan stated to the Hungarian Nation that the government will submit the bill to the Parliament on Friday, following the decision of the factional meeting, the hearing will begin on 16 and the members will vote on it on 24.
The leader of the Fidesz faction said in an interview published in the newspaper Wednesday that the task of the legislature is to create a law that sets out how much debtors will repay, how they will be paid to them, and what will happen to these loans in the future.

“I consider it important to look at the possibility of returning to the original interest rate. We also need to decide whether to put in place a moratorium on interest rate increases while we work out the rules for a fair banking and credit system, ”the group leader said.


Not only live-denominated foreign currency borrowers

foreign currency loan

This will be able to recoup the amount they consider unfair, due to unilateral increases in interest rates and exchange rate margins, but also those who have previously paid off their loans without a discount. For the former, the bank credits the return as a reduction in capital, the latter receiving the cash in cash. Those who have been made redundant and have been unfairly sued, according to today’s position, have to sue individually, he added.