Nagy Thanks Lenders for Cooperation in Capping Rates

Banking

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Minister of Economic Development Márton Nagy thanked lenders for their cooperation in implementing voluntary rate caps on new corporate and retail credit from October 9 in a statement issued by his ministry. 

"The voluntary rate caps mean extraordinary assistance for tens of thousands of businesses and families, on the one hand, and make a substantial contribution to the start of increased competition among financial institutions, on the other, giving impetus to market-based lending and supporting the economic recovery," Nagy said.

The voluntary rate caps, announced after a meeting Nagy held with representatives of the Hungarian Banking Association a week earlier, were set at 12% for working capital credit for businesses.

In contrast, APR for home loans, for both new and resale properties, as well as for home renovation, were set at 8.5%.

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