Minister of Social Affairs Johannes Rauch supports the efforts of his Green Party to convert the loan into a fixed-interest variant for those affected by sharply increased variable interest rates. At the same time, Rauch sharply criticized the banks in Austria.
In Ö1’s Mittagsjournal on Friday, Rauch accused institutions of bad advice to consumers and of not adequately pointing out the interest rate risk. “If wrong advice has been given and people have been misled into taking out these variable loans, there must be an offer to put that right,” the minister said.
The technical implementation needs to be discussed. Banks could also voluntarily offer their customers a switch from variable to fixed interest rates, “which is the more useful and faster option,” Rauch said.
Chamber of Commerce: Idea “constitutionally questionable”
The proposal is not a problem for the ÖVP and is legally difficult to implement. Franz Rudorfer, director of the WKÖ’s federal banking and insurance department, also warned this week against “constitutionally questionable quick fixes.”
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
