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Hungary mulls conversion of fx home mortgages -minister
August 1, 2013 / 7:22 AM / in 4 years

Hungary mulls conversion of fx home mortgages -minister

BUDAPEST, Aug 1 (Reuters) - Hungary’s government seeks a solution to help families with foreign currency housing mortgages by possibly converting these loans into forints in some way, Economy Minister Mihaly Varga told public radio on Thursday.

Varga said this was the conclusion of the initial talks he held with the Bank Association and civil groups in past days.

“We will likely need to apply a solution that converts these loans into forints in some way,” Varga said.

“(Planned new measures) could help those who hold these mortgages if we can find a solution to somehow fix the exchange rate level, which has changed significantly since (they were taken out), and the hectically changing interest rate.”

Varga made it clear that now the government wanted to help those families who took out foreign currency mortgages in order to buy a home, and not those with equity-type free-use mortgages. (Reporting by Krisztina Than)

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