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Matolcsy says gov't involvement not needed in conversion of forex loans

There is no need for a financial involvement of the central budget in assisting the troubled foreign-currency borrowers, national economy minister designate György Matolcsy said on a television program on Wednesday evening.

Matolcsy asserted that the state could parttake in the loan conversions through guarantees and through coordinating the activity through government-controlled institutions.

Matolcsy reiterated that banks will also have to play a role in conversion of the FX loans.

The minister-designate said that foreign-currency-denominated loans would be converted into forint loans only if requested by the borrower according to plans. The ownership of the home could be converted into a lease if the borrower was not able to service the converted loan. (MTI-Econews)