Bank subsidy platform to open in mid-February

The platform for the subsidy of vulnerable households by banks is expected to open in mid-February, covering half of the additional burden resulting from interest rate hikes.

The platform will tap into the "Gefyra I" program, which concerned the state subsidy for protecting main residences due to the effects of the coronavirus. It will cover all loans that have a mortgage on the first home, which according to bank data are around 30,000.

Subsidies are available to all vulnerable households that have serviced loans to banks as well as loans of vulnerable borrowers that have been securitized and are owned by the funds. The subsidy will cover 50% of the increase in interest rates that has passed to date on loan installments, as well as those that occur within the next 12 months.

The rise in interest rates began in April 2022, after a seven-year period of negative...