Gov’t in talks with banks on how personal bankruptcy could be introduced

Parliament

Hungary's government is in talks with the Hungarian Banking Association on how personal bankruptcy could be introduced in Hungary without endangering the stability of the banking system, National Economy Ministry state secretary Gábor Orbán said at a conference organized by Portfolio.hu on Wednesday. Introducing personal bankruptcy would require an appropriate period of preparation, Orban said. “I would be surprised if personal bankruptcy would be introduced this year,” he added. National Bank of Hungary Márton Nagy said one idea would be to give troubled borrowers a “clean slate” 4-5 years after declaring personal bankruptcy. Parliament asked the government a year ago to consider the possibility of introducing personal bankruptcy in Hungary.

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