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HUF 160 billion Hungarian savings on Austrian bank accounts

An estimated €600 million (HUF 160 billion) of savings of Hungarian clients are held on Austrian bank accounts, Hungarian daily Magyar Hírlap wrote in its Saturday issue.

Hungarian clients put €130 million in Austrian banks in 2007 and €425 million in 2008.

The figures from 2010 will be published only in March, 2011.

According to Magyar Hírlap, the security of savings is the main reason why clients choose more expensive Austrian banks over Hungarian ones. Deposit and loan interests rates,  however, are lower in Austria.