Hungarian Banks Lost $960 Million on Mortgage Plan, PSZAF Says
February 08, 2012, 1:36 PM ESTBy Zoltan Simon
Feb. 8 (Bloomberg) -- Hungarian banks lost 210 billion forint ($960 million) from a government plan that allowed early repayment of foreign-currency mortgages at below-market exchange rates, PSZAF, the financial regulator, estimated.
Lenders were able to deduct part of an extraordinary bank tax from their losses, which cut the total cost of the mortgage initiative by 88 billion forint, PSZAF said today in a report on its website.
--Editors: Andrew Langley, Eddie Buckle
To contact the editor responsible for this story: Zoltan Simon at zsimon@bloomberg.net
To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net
