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Hungary: Parliament Resolves Bank Act
Politics ♦
Published: November 5, 2013; 23:04 ♦ (Vindobona)
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The Hungarian banking sector, which is dominated by Austrian banks, faces new difficulties.
Hungary: Parliament Resolves Bank Act / Picture: © Vindobona.org
In the pre-crisis years, about 1,000,000 Hungarian households took out foreign-exchange-based mortgage loans. About 80% of the loans were nominated in Swiss francs.
In the years after the financial crisis, the Hungarian forint fell dramatically against the euro and the Swiss franc. Within a few months, the Swiss franc was up by 70% against the forint. As a result, borrowers had…
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