Banking association cannot back support for borrowers that extends beyond those who really need it

The Hungarian Banking Association on Wednesday said it cannot back support for borrowers that extends beyond those who really need it in minutes from an annual meeting of the professional body’s board.

“The defining goal of the [repayment] moratorium and the fundamental task of the banking sector is to offer targeted and effective assistance expressly to those in need. The banking association cannot professionally support a programme that extends beyond this, as additional costs to the banking sector for

clients that have sufficient income or enough savings at their disposal

to make good on liabilities they have committed to pay are unjustifiable,” the association said.

The association said the blanket repayment moratorium had “helped clients the most” of any other in Europe, adding that lenders had taken on “significant additional work and extra costs” as a result.

The association estimated costs related to the moratorium would add up to