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Committee concludes bank sector study

A committee of specialists, assigned by the Prime Minister’s Office to take a survey of the local retail banking services market, found a number of anomalies, but it also recommended solutions to the problems.

The committee claimed that the unusually strong market position of OTP Bank Nyrt does not provide for a strong competition between the financial institutes, resulting in a net interest rate margin doubling the EU average, amongst others. To fuel competition, banks should ease the burdens for clients who wish to switch lenders, the committee proposed.
A clear indicator for a weak financial culture in the country is that only 54% of the general public has associated with banks, compared to the 94% in neighboring Austria. The committee suggested that every member of the adult population should have a basic bank account along with the minimum of services.
Specialists also advocated the so-called positive debtors’ list to slow down the over-indebtedness of the population, and to launch a competition for good debtors by the financial institutions. (Magyar Hírlap)