Head of Hungary’s financial-market regulator says no emergency plans needed for forint

Budapest, September 8, 2010 (MTI-ECONEWS) – President Karoly Szasz of Hungary’s financial-market regulator PSZAF said on Wednesday that there is no need to formulate emergency plans to implement in the event of a substantial weakening of the forint.

Mr Szasz asserted that those with loans denominated in foreign currencies are still in a better position than those with forint-denominated loans, noting the percentage of delinquent loans is lower among the former than the latter.

    The PSZAF president remarked that debtors should not expect the state to assist them under all circumstances, adding that they are responsible for satisfying their loan obligations.

    Mr Szasz said that PSZAF had initiated the formulation of regulations stipulating that foreign-currency-denominated loans be repaid at mid-rates, prohibiting the unilateral modification of loan contracts and establishing an independent Financial Conciliation Body.

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