|Hungarian banks are working on a complex proposal to support troubled borrowers with foreign currency-denominated home loans, which will be presented to the government within a week, MTI news agency reported citing local daily Nepszabadsag. Under the proposal, borrowers could either convert the balance on their loans into forints at current exchange rates and take a write-down of part of the principal, or borrowers could keep their balance in foreign currency but take a write-down on part of the amount they are behind on their payments, which would allow them to join an earlier launched exchange rate limit scheme. The Hungarian Banking Association is currently holding talk on a bailout package for FX borrowers but has not scheduled any announcements on the progress of negotiations. Hungarian lenders have expressed readiness to write off part of overdue FX mortgage loans in exchange for a reduction of the bank tax.
Hungary's investment funds had aggregate assets of HUF 3.657tn (EUR 11.98bn) as of end-February 2013, up by 3.2% m/m, MTI news agency reported citing data from the association of investment funds ... more
The number of employees in Hungary's public and private sectors fell for the tenth straight month in January 2013 declining by 0.6% y/y to 2.574mn, the statistics office informed. The decline ... more
The assembly of state-owned Hungarian Electricity Works (MVM) has approved the purchase of the local gas business of German power utility E.ON, Hungary AM reported, citing local daily Magyar ... more