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Deadline for proof of payment in early FX repayment scheme passes without rush

MNB

The deadline, on Monday, for borrowers registered to participate in an foreign currency-denominated mortgage repayment scheme to prove their ability to make the repayments did not produce a flood of activity at Hungarian banks.

OTP Bank, Hungary’s biggest commercial lender, said there was no rush at its branches on Monday.

Erste Bank said many clients produced proof of their ability to make the repayment, but there were no long lines at branches.

Raiffeisen Bank said it was business as usual on the day of the deadline and all clients were served.

Istvan Binder, the spokesman for financial market watchdog PSZAF, said fresh data on the number and scale of repayments under the scheme would be published on February 6.

Borrowers had until the end of 2011 to declare their intent to participate in the scheme. Monday was the deadline for showing proof of their ability to make the repayments, and repayments must be made in full by the end of February.

Participants in the scheme enjoy an exchange rate discount that is covered by lenders.

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