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.
