24 percent of total household foreign currency debt gone by March
Nearly 170 thousand families with foreign currency loans used early repayment scheme at fixed exchange rates until end of February, so the longer exposure of foreign currency risk decreased. Thanks to early repayment scheme foreign currency loan portfolio decreased by almost a quarter - reported the Hungarian Financial Supervisory Authority (HFSA).
12 March 2012
Foreign currency loans were to be paid at discounted rates until end of February . Over the past five months, a total number of 169,256 households repaid approximately HUF1,354 billion worth of foreign currency loand at fixed rates. Thus, nearly 170 thousand families have elliminated the foreign currency exposure to decrease loans with 24.1 percent - stressed the Hungarian Financial Supervisory Authority (HFSA) today.
Denominated in CHF
164,646 customers repaid foreign currency loans upfront at commercial banks. 1,757 customers closed foreign mortgages at cooperative credit institutions concluded debt clients in 1757 and 2,853 customers did the same at financial firms.
97 percent of repaid loan, 163,555 mortgage contracts were denominated in Swiss francs, 1,938 Euro-based and 3,763 Japanese yen-based loans repaid.
Tho third of repaid downpayments - Private sources
Avarage amount of rapaid mortgages at fix rate is HUF5.8 million in connection with early repayment scheme.
69 percent of the customers financed downpayments from private sources to close foreign currency denominated mortages. The financial service providers disbursed 51,858 HUF-loans (HUF312.7 billion) for customers to repay FX loans by the end of February. Financial institutions helped their customers with HUF133.5 billion while HUF179.2 billion was paid for new customers. The average amount of HUF loans is HUF6 million.
The end of February Early repayments at market price exceeded HUF1,354 billion, but customers paid off HUF984.2 billion at discount exchange rates.
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