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Banks asked to accelerate processing of exchange rate limit scheme applications

The management of the Hungarian Banking Association is asking all of its members to accelerate the processing of applications to participate in an exchange rate limit scheme at the request of National Economy Minister György Matolcsy, the association told MIT on Monday.
The association is asking banks to start offering clients the chance to join the scheme from May 2, instead of June 1, in the case of foreign currency-denominated home loans, said chief secretary Levente Kovács. Clients with free-use mortgages could get the chance to join from August 1, instead of September 1, he added. About 30,000 clients have made inquiries about the scheme so far.
Under the exchange rate limit scheme, borrowers may opt to cap their repayments based on the limit. The difference between the rate of repayment and market rates is to be placed on a separate account for later repayment.
Banks and the government will share in equal part the interest costs on the separate account. Borrowers who took out loans up to HUF 20 million may participate in the scheme.