Thursday, May 15, 2025
News
  • Home
  • Politics
  • Business
  • Culture
  • Opinion
  • Health
  • Sports
  • Technology
No Result
View All Result
News
Home Business

Banks to pay as Hungary extends scheme to cap loan rates

vwdhfgeyug by vwdhfgeyug
October 22, 2022
in Business
0
Banks to pay as Hungary extends scheme to cap loan rates
0
SHARES
115
VIEWS
Share on FacebookShare on Twitter


BUDAPEST, Oct 22 (Reuters) – Hungary will embody variable-rate loans to small- and medium-sized companies in a scheme designed to cap mortgage charges and keep away from a recession, Minister for Financial Growth Marton Nagy stated, including banks might “simply” bear the price of the measure.

With inflation above 20% and nonetheless rising, and the economic system slowing, Prime Minister Viktor Orban’s authorities faces the problem of curbing worth development whereas making an attempt to stave off a recession. It has already capped the worth of gas and fundamental foodstuffs in addition to mortgage charges. Vitality payments are additionally capped for many households.

On Saturday, the federal government introduced subsidies price 150 billion forints ($362 million) for big corporations who make investments to enhance vitality effectivity, and expanded its scheme of capped rates of interest on loans.

Register now for FREE limitless entry to Reuters.com

Nagy stated charges on enterprise loans will likely be capped on the 3-month interbank price of June 28, which was 7.77%, versus the present price of 16.69%, after an emergency price hike by the central financial institution on Oct 14. The cap is efficient till July 1, 2023, much like the present cap on family mortgage charges.

Related posts

Business as usual in BVA blowout – The Mon Valley Independent

Business as usual in BVA blowout – The Mon Valley Independent

October 22, 2022
Quad Cities Chamber expands minority business councils

Quad Cities Chamber expands minority business councils

October 22, 2022

Banks pays the price of the scheme which is able to complete about 80 billion forints to July 1, Nagy stated, including it was a sum they might “simply have the ability to bear”.

“Rising rates of interest convey additional income for banks,” Nagy added.

When requested if the federal government held talks with the banks earlier than launching the brand new cap, he stated it had “notified” the Financial institution Affiliation concerning the transfer.

Nagy stated the inventory of variable-rate loans amounted to shut to 2 trillion forints held by about 60,000 small corporations, and the measure aimed to keep away from these companies paying 20% or greater charges on their loans.

“We want to keep away from the economic system going into recession subsequent 12 months and we have now each likelihood to have 1% development,” Nagy instructed a briefing.

“With this mortgage cap we wish to forestall one more shock to the company sector stemming from a surge of their repayments.”

In Could, the federal government introduced windfall taxes price 800 billion forints on what it known as “additional income” earned by banks, vitality corporations and different corporations. These taxes, designed to plug a price range deficit, hit Budapest shares and rattled buyers.

($1 = 413.9900 forints)

Register now for FREE limitless entry to Reuters.com

Reporting by Krisztina Than; Enhancing by Kirsten Donovan and Christina Fincher

Our Requirements: The Thomson Reuters Trust Principles.

Previous Post

Stephen A. Smith ripping Knicks’ culture is back

Next Post

Craft Beer Week celebrates the culture of a growing industry

Next Post
Craft Beer Week celebrates the culture of a growing industry

Craft Beer Week celebrates the culture of a growing industry

RECOMMENDED NEWS

Amid surge in COVID-19 cases, Bay Area health officers affirm in-person school instruction

Amid surge in COVID-19 cases, Bay Area health officers affirm in-person school instruction

4 years ago
Enverus Solves Diverse Business Challenges With Fusion Connect Data Integration

Enverus Solves Diverse Business Challenges With Fusion Connect Data Integration

3 years ago
Want to Prevent Flooding? Turn ‘Parking’ Into Greenspace – Streetsblog New York City

Want to Prevent Flooding? Turn ‘Parking’ Into Greenspace – Streetsblog New York City

3 years ago
Madison team uses 3-D technology to find lake artifacts

Madison team uses 3-D technology to find lake artifacts

3 years ago

FOLLOW US

  • 139 Followers
  • 87.1k Followers
  • 196k Subscribers

BROWSE BY CATEGORIES

  • Business
  • Culture
  • Health
  • Opinion
  • Politics
  • Sports
  • Technology

POPULAR NEWS

Plugin Install : Popular Post Widget need JNews - View Counter to be installed

Recent News

  • Craft Beer Week celebrates the culture of a growing industry
  • Banks to pay as Hungary extends scheme to cap loan rates
  • Stephen A. Smith ripping Knicks’ culture is back
  • Business as usual in BVA blowout – The Mon Valley Independent
  • How To Escape From Hustle Culture And Regain Work-Life Balance

Category

  • Business
  • Culture
  • Health
  • Opinion
  • Politics
  • Sports
  • Technology

Follow us on social media:

Contact Us

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2021 Copyright N The News

No Result
View All Result
  • Home
  • Politics
  • Business
  • Culture
  • Opinion
  • Health
  • Sports
  • Technology

© 2021 Copyright N The News