Forex borrower groups initiate talks with banks


Civil organizations representing troubled borrowers with foreign currency-denominated loans are initiating talks with the Hungarian Banking Association to reach a solution by November 1, government commissioner for financial rights György Doubravszky said yesterday. 

The government has given banks until November 1 to come up with a solution for the problem of forex-based loans or the government will take unilateral steps. Doubravszky said five civil groups had joined the open initiative but more were expected to join, and stated that the civil groups welcomed the government's aim to find a solution to the problem of forex loans in the shortest time possible.

“They consider especially important and progressive the need, expressed by parliamentary group leader [of governing Fidesz] Antal Rogán and National Economy Minister Mihály Varga that financial institutions that provide foreign currency-based loans should first negotiate with their forex loan clients on proposals for possible solutions,” he said.


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