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55
They won’t spend Western amounts of money, though. The average
Pole makes just Zł 1, 500 ($375) a month. The might soon have many of the
banking products available in the West. But it will be a long time before
Poles have the money to drive a true consumer credit boom.
Article 5.
DALLAS DREAMS
Will Hungary’s new mortgage loan plan boost home-ownership?
There’s reason why Hungarians are fond of Dallas, a US soap opera
depicting the lives of rich Texans with their big cars, big wallets and, espe-
cially, their big houses. And the reason is that gawking at the TV is as close
as most Hungarians will ever get to buying a house.
In Hungary, after all, it’s common for three generations of the same
family to spend decades packed into a single, 50 – square-metre flat. "Peo-
ple get married and then have children, and then the children have children
– and they still live in the same flat," says Sandor Horvath at the Ministry of
Economic Affairs. "We have to change that."
The main problem is not a shortage of housing. It is that the country
lacks a mortgages – the state-owned Land Credit and Mortgage Bank. But it
charges 20% a year in interest. That’s quite unaffordable for most Hungari-
ans, with salaries stuck below $4,000 a year. And anyway, housing is sim-
ply too expensive for most people: a medium-sized flat costs about 15 times
the average yearly salary.
Apart from the little state mortgage bank, home lending is confined
to a few commercial banks who offer lamentable terms. The former sav-
ings-bank OTP and Belgian-owned K&H are two of the retail banks offer-
ing loans, of a sort: the demand 23% a year in interest, and rarely finance
more than 50% of the real-estate price.
There are serious economic, as well as social, repercussions. Hungar-
ian workers are notoriously immobile, for example – small wonder when
it’s nearly impossible for them to move house. Fortunately, the government
is launching a new programme of mortgage subsidies, which will go some
way to kick-starting the market.
The government hopes to lure commercial banks into mortgage lend-
ing by paying 3% of the yield on the mortgage-backed certificates they is-
sue to fund home financing. That means banks can offer cheaper loans,
which will be cheaper still because the government is offering to pay up to
40% of the interest payments as well.
56
Eventually, such subsidies will help interest rates drop to 6-7% a
year, Mr. Horvath claims. "If rates really fall below 10% it will have a
huge effect on the market," says Pal Danos, director at KPMG Property
Services. "Poorer people could afford to take out loans." About time too.
PART III. QUESTIONS ON THE TOPICS
Theme 1
Business & careers in business
1. What factors are important in defining business? (What does busi-
ness involve?)
2. What is the major goal in the functioning of a business company?
(What is a primary goal of business activity?)
3. What are five different fields of business?
4. What are some specializations within the field of finance?
5. What are some different types of managerial careers?
6. What kinds of questions should you ask in order to choose a suit-
able & successful career?
7. Rank the factors, which you consider when choosing your job ac-
cording to their importance to you?
8. Which field of business interests you most? Within that field
which specialization you find the most interesting?
9. Do you know what demand is for this specialization in your coun-
try? What do you know about salary & opportunities for advancement?
10. What skills do you think a bookkeeper (manager, etc.) should have
an aptitude for?
11. What skills do you have an aptitude for?
Theme 2
Company structures
1. What groups of people are most companies made of ?
2. What is the management structure of a typical company like?
3. What is the Board of directors responsible for?
4. Who is responsible for the running of the business?
5. Name some of the departments or functions within a company?
6. What are the structures, business activities & products of 3M/ the
Philips company?
7. What are the main factors of successful performance of the com-
pany over the years?
They won’t spend Western amounts of money, though. The average Eventually, such subsidies will help interest rates drop to 6-7% a
Pole makes just Zł 1, 500 ($375) a month. The might soon have many of the year, Mr. Horvath claims. "If rates really fall below 10% it will have a
banking products available in the West. But it will be a long time before huge effect on the market," says Pal Danos, director at KPMG Property
Poles have the money to drive a true consumer credit boom. Services. "Poorer people could afford to take out loans." About time too.
Article 5.
DALLAS DREAMS PART III. QUESTIONS ON THE TOPICS
Will Hungary’s new mortgage loan plan boost home-ownership? Theme 1
Business & careers in business
There’s reason why Hungarians are fond of Dallas, a US soap opera
depicting the lives of rich Texans with their big cars, big wallets and, espe- 1. What factors are important in defining business? (What does busi-
cially, their big houses. And the reason is that gawking at the TV is as close ness involve?)
as most Hungarians will ever get to buying a house. 2. What is the major goal in the functioning of a business company?
In Hungary, after all, it’s common for three generations of the same (What is a primary goal of business activity?)
family to spend decades packed into a single, 50 – square-metre flat. "Peo- 3. What are five different fields of business?
ple get married and then have children, and then the children have children 4. What are some specializations within the field of finance?
– and they still live in the same flat," says Sandor Horvath at the Ministry of 5. What are some different types of managerial careers?
Economic Affairs. "We have to change that." 6. What kinds of questions should you ask in order to choose a suit-
The main problem is not a shortage of housing. It is that the country able & successful career?
7. Rank the factors, which you consider when choosing your job ac-
lacks a mortgages – the state-owned Land Credit and Mortgage Bank. But it
cording to their importance to you?
charges 20% a year in interest. That’s quite unaffordable for most Hungari-
8. Which field of business interests you most? Within that field
ans, with salaries stuck below $4,000 a year. And anyway, housing is sim-
which specialization you find the most interesting?
ply too expensive for most people: a medium-sized flat costs about 15 times
9. Do you know what demand is for this specialization in your coun-
the average yearly salary.
try? What do you know about salary & opportunities for advancement?
Apart from the little state mortgage bank, home lending is confined 10. What skills do you think a bookkeeper (manager, etc.) should have
to a few commercial banks who offer lamentable terms. The former sav- an aptitude for?
ings-bank OTP and Belgian-owned K&H are two of the retail banks offer- 11. What skills do you have an aptitude for?
ing loans, of a sort: the demand 23% a year in interest, and rarely finance
more than 50% of the real-estate price. Theme 2
There are serious economic, as well as social, repercussions. Hungar- Company structures
ian workers are notoriously immobile, for example – small wonder when
it’s nearly impossible for them to move house. Fortunately, the government 1. What groups of people are most companies made of ?
is launching a new programme of mortgage subsidies, which will go some 2. What is the management structure of a typical company like?
way to kick-starting the market. 3. What is the Board of directors responsible for?
The government hopes to lure commercial banks into mortgage lend- 4. Who is responsible for the running of the business?
5. Name some of the departments or functions within a company?
ing by paying 3% of the yield on the mortgage-backed certificates they is-
6. What are the structures, business activities & products of 3M/ the
sue to fund home financing. That means banks can offer cheaper loans,
Philips company?
which will be cheaper still because the government is offering to pay up to
7. What are the main factors of successful performance of the com-
40% of the interest payments as well.
pany over the years?
55 56
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