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About 10-15% of forex borrowers seen to apply for early repayment, says Matolcsy

Government calculations estimate that 10-15% of the borrowers of foreign currency denominated loans would avail of the option of early full repayment at a discounted exchange rate, affecting loans worth a combined HUF 500bn-750bn, National Economy Minister György Matolcsy said in a reply to a question submitted by an MP.

The minister's reply has been published on Parliament's website.

An amendment passed on October 10 extending the scheme to loans disbursed and serviced in foreign currency would not alter the figure significantly, he said.

Matolcsy confirmed that the government is watching closely the new schemes it introduced and will intervene if necessary.

The government will decide whether there is a need to take further measures to save forex borrowers after the exact number of those availing of the early repayment option has become known, the minister said.

He noted that, under a government decision announced on October 12, retail borrowers of home loans with repayment difficulties can receive an interest subsidy for a home loan if they decide to move into a home with lower market value and lower maintenance costs.

The minister noted that forex borrowers have until December 30 to apply for the early repayment option.