ECB concerned by Hungary consumer credit plan

hungary central bank headquarters
The Central Bank of Hungary

The European Central Bank has expressed concern over a draft law that would direct the Central Bank of Hungary to issue consumer loans for the purposes of improving the energy efficiency of residential properties.

If passed, the law would represent a substantial expansion of the central bank’s role, requiring it to set up accounts and lend directly to consumers. There are few examples worldwide of central banks operating with such an explicit consumer-facing role.

The draft law seeks to give

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