Austrian finance minister's stand on early FX repayment scheme unchanged

Interview

The Austrian finance minister's stand against an early forex loan repayment scheme in Hungary that makes banks cover the cost of a discounted exchange rate is unchanged, the ministry's spokesman told MTI on Thursday.

Austrian Finance Minister Maria Fekter protested the plan in a letter after the scheme was announced.

Hungarian National Economy Minister György Matolcsy's reply to Fekter's letter has not changed her stand on the matter, said spokesman Harald Waiglein.

Fekter said in the letter sent to Matolcsy on September 12 that the repayment scheme would lead to "enormous and immediate losses" in the Hungarian banking system and put the financial stability of the whole of Central and Eastern Europe at risk.

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