Image: VOLKER WEIHBOLD
Social Minister Johannes Rauch (Greens) accused the banks of poor advice to consumers on Friday. The interest rate risk was not adequately pointed out. Every second customer in Austria has a loan with variable interest rates. Rauch: “Something went very wrong.”
Sparkasse Oberösterreich rejected Rauch’s statements on Sunday. “Last year we made all customers who had taken out a variable loan in the past aware of the upcoming development and invited them to a personal conversation,” said CEO Herbert Walzhofer. There is de facto no default on around 27,000 private housing loans.
“We have been recommending fixed-interest loans for years. “I therefore absolutely cannot understand Minister Rauch’s criticism,” said Walzhofer. At the Sparkasse there are less than 20 percent variable loans.
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