PM: new law on 'fair' banking planned for January

Parliament

New legislation ensuring fair banking practices in retail lending could take effect on January 1, Prime Minister Viktor Orbán said in an interview on public channel Kossuth Radio this morning.

New regulations will "protect families and provide banks with a solid basis", Orban noted. A draft bill will be submitted to the government by the end of October.

Head of governing Fidesz' parliamentary group Antal Rogán said on Wednesday that his party would like Parliament to pass a law on the transparent pricing of retail loans, citing the example of Germany. MPs of the governing alliance are expected to vote the law before the end of the year, Rogán added.

Orban also talked about next year's budget. The government rejects the idea of austerity measures and has lead the country out of the economic crisis without them since 2010.  "There will be no austerity measures, no matter how much the Socialists would like to see them", Prime Minister said.

Opposition parties have accused the government of having “austerity plans” after economy minister Mihály Varga declared on Tuesday that state expenditures should be gradually reduced to 45% of GDP. 

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