"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%.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
