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| Friends no longer? OTP’s CEO Sandor Csanyi with PM Victor Orban in 2010 |
Hungary’s government is again taking aim at the banking sector, designing a fresh scheme to aid borrowers with foreign-currency-denominated mortgages, starting from January 1. Amid plans for a state-owned lender to challenge OTP Bank’s domestic dominance, a party official also used colourful language to attack Sandor Csanyi, OTP’s powerful CEO, in August. Hungary’s ruling party, Fidesz, which faces an election next spring, apparently wants to see more competition in the banking sector to spur lending and to give relief to voters that have outstanding foreign-currency mortgages totalling over $8 billion, roughly 6% of GDP.
Bank-bashing has been a favoured tool, as the government tries to deflect criticisms of its unorthodox policy mix.
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