Hungary to get rid of household forex loans by end 2015 minister

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BUDAPEST Nov 10 Hungarian household foreign currency loans will be phased out by the end of 2015 if parliament approves two laws on fair banking and on the conversion of these loans into forints this year, Economy Minister Mihaly Varga told public television on Monday. The Economy Ministry announced on Sunday that it had signed an agreement with the Hungarian Bank Association about the terms of the loan conversion.

The central bank said on Sunday that it would launch from Monday a series of tenders to provide commercial banks with billions of euros as they prepare for the conversion.

Major banks in Hungary include Austria's Erste and Raiffeisen, Italy's Intesa SanPaolo and UniCredit, Belgium's KBC as well as the market leader, Hungary's OTP.