Parliament asks government to examine possibility of introducing personal bankruptcy
Parliament asked the government to examine the possibility of introducing personal bankruptcy protection for borrowers in Hungary by the end of August in a resolution approved earlier this week.
The government has not formed an opinion on the issue, the National Economy Ministry said in a statement in early March, soon after the then draft resolution was submitted by the constitutional and judiciary committee to parliament.
The request regarding personal bankruptcy is part of a parliamentary resolution on various government measures necessary to prevent Hungary's population from accruing massive fx debt, published in the April 3 issue of the official gazette Magyar Közlöny.
The resolution also calls upon the government to introduce basic finance courses in Hungary's public schools, to analyze the effectiveness of measures that it has taken so far to assist borrowers with foreign-currency-denominated loans and initiate their modification if necessary. The government also should consider how a European Commission-proposed directive on home loans can be built into Hungary's legal system.
The parliamentary resolution also asked financial-market regulator PSzÁF to coordinate its operations with state competition authorities more efficiently and specifically conduct a joint investigation on the pricing of retail loans as the rates often rise more than Hungary's risk premium justify.
The resolution stipulates that the government and PSzÁF submit reports on the proposals and tasks outlined above to parliament's Constitutional, Justice and Procedural Committee by August 31, 2012.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.