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Austrian finance minister protests government fx-mortgage repayment plan - newspaper

History

Finance Minister Maria Fekter of Austria on Monday sent a letter to Minister of National Economy György Matolcsy of Hungary protesting the government's plan to allow Hungarians to repay their foreign-currency-denominated mortgages at a fixed rate in one installment, the Austrian press agency APA quoted financial daily Wirtschaftsblatt as reporting.

The newspaper said that Fekter told Matolcsy in the letter that the plan would generate immediate and heavy losses in Hungary's banking sector and jeopardize the financial stability of the entire central and eastern European region.

The planned measures undermine legal stability to an extent unprecedented in the EU, the letter said according to the report.

Fekter also wrote that if the proposal is adopted, the equal treatment of Hungarian and foreign banks must be ensured.

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