Rogán: We'll make it easy to get compensation for FX loans

In Hungary

Hungarian borrowers who have been squeezed by loan repayments that are tied to foreign exchange rates should be able to get compensation from their banks without going to court Antal Rogán, the head of Fidesz's partliamentary group, said yesterday.

Rogán, who announced last week that he will head the creation of legislation on so-called FX-loans, also said that his proposal will be ready for a vote in Parliament by July.

According to the plan outlined by Rogán yesterday, the first part of the legislation would make it possible for FX-loan holders to force banks to pay them for losses incurred because the forint dropped relative to the Swiss franc and the euro. Critics have said that forcing banks to bear this burden will hurt their profitability and drive away foreign banks.

The second phase of the legislation would be elimination of FX loans, Rogán said yesterday.

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