First meeting of Economy Ministry, Banking Association on forex mortgages

Conferences

The process of determining just want to do about a reported 570,000 forex-based mortgage loans began for the National Economy Ministry yesterday morning, as Minister Mihály Varga held a meeting which represented the first in what should be a long series of negotiations with the Hungarian Banking Association (MBsz).

MBsz Chairman Mihály Patai met with Varga, and the two managed to achieve some decent progress in solving the sticky, economy-shaping problem, with Varga’s ministry assessing a successful establishment of “the principles for addressing issues relating to foreign currency mortgages” achieved. Both parties presented their proposals in the meeting, but a solid compromise solution could not be reached.

While Patai and Varga have both assured that they seek to complete negotiations within “a reasonable period of time” so as to avoid further deleterious effects of the falling forint on mortgaged Hungarian households, the only conclusion reached at this meeting’s end was that “in order to work out the details of their proposals, they will hold regular consultations over the coming weeks.”

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