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Hungary PM Orban pledges further help to fx borrowers
February 3, 2014 / 1:42 PM / 4 years ago

Hungary PM Orban pledges further help to fx borrowers

BUDAPEST, Feb 3 (Reuters) - Hungary’s government will take further measures to help households indebted in foreign currency once Hungarian courts pass decisions that will lay out the legal ground for action, Prime Minister Viktor Orban said on Monday.

Orban told parliament that earlier government relief schemes had already helped some 350,000 families laden with foreign currency mortgages. These loans had turned sour after the 2008 crisis as the forint weakened.

“As soon as the Hungarian court makes the necessary two decisions, we will take further steps -- in a legally clear situation -- to help the remaining (households) out from their difficult situation,” Orban said.

The government’s earlier relief schemes had caused massive losses to Hungary’s mostly foreign-owned banks, and banks fear that further measures would impose new losses on them. (Reporting by Krisztina Than and Gergely Szakacs)

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