Image: APA/ROLAND SCHLAGER
The industry responded with criticism to the announcement by the Financial Market Authority (FMA) that it would review banks’ lending.
“Populist rhetoric is not helpful. We are in the process of collecting all the figures, data and facts. Then, if necessary, the rules can be changed or tightened up,” said Willibald Cernko, Erste Bank boss and federal branch chairman of banks and insurance companies in the Austrian Economic Chamber . We have to get back to a sensible conversation.
As reported, the FMA sees no reason to relax the stricter rules for home loans again.
“The FMA has every opportunity to check the loans. Banks have an obligation to provide information about the opportunities and risks,” said Cernko. If an institution does not adhere to the rules of the game, the supervisory authority can intervene, said Cernko. “If a family decides to only go on vacation once a year and invest in a property, they should have the choice,” added the manager.
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Source: Nachrichten
