“It is gratifying that on the same day that we drew attention to the dramatic situation in our industry, one of the major nuisances is now being eliminated. The Financial Market Stability Committee has apparently recognized that the Credit Institutions Real Estate Financing Measures Ordinance (KIM Ordinance) represents a huge obstacle for residential construction and therefore also for the furnishings industry,” says Hubert Kastinger, chairman of the furnishings retail sector in the Austrian Chamber of Commerce (WKÖ). He thus welcomes the decision made this afternoon by the Financial Market Stability Board to allow the KIM Regulation to expire.
“We have warned that the KIM regulation will mean the ruin of many businesses because it has led to a huge drop in new housing construction. It is to be hoped that when the regulation expires, more people will be able to afford apartments and houses again and this will also help our industry,” says Kastinger, who hopes that further measures to invigorate the industry will follow. (PWK443/DFS)
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