“Kim regulations are paternalism of mature citizens-government must finally act!”

FPÖ finance spokesman NABG today suffered sharp criticism. Hubert Fuchs on the continuing “harassment policy” of the financial market supervision (FMA) in connection with the KIM Ordinance: “Despite the expiry of the regulation, it should be lived on through an FMA circuit in the form of an ‘supervisable expectation’. This is a massive attack on the freedom of ownership, a patronage, but without the legal basis. once again from responsibility! “

FMA board member Helmut Ettl had only recently announced that those banks that deviate excessively from the award criteria of the expired KIM regulation will be checked more precisely in the future. Fuchs therefore called for a word of power by ÖVP Chancellor Stocker and SPÖ Finance Minister Marterbauer: “It cannot be that an ordinance will expire but will continue to be carried out. This is just as absurd as a mask obligation, in which you still check people voluntarily. This contradicts every basic principle!”

According to Fuchs, the regulations of the KIM Ordinance-such as the 20 percent-owned medium-to-dooute and the maximum loan load of 40 percent of household income: “If you want to build, you will be blocked. If you want to buy your own home, you will be slowed down by absurd credit specifications. The KIM rules punish solid households with future plans and the government.”

A simple calculation example shows the impossibility of the system: “The average Austrian earns around 1,995 euros net per month. At a 40 percent load limit, this is around 798 euros in credit rate. This could make a loan of around 165,000 euros – for four percent interest and 30 years. Region of Austria an affordable home.

According to Fuchs, the benefits of the regulation is also extremely questionable: “The Austrian National Bank itself puts the improvement of the failure rate for residential loans through the regulation with around 0.1 percent before the KIM regulation. And the entire home credit market is pressed into a forced jacket?”
Fuchs therefore called for an end to the bureaucratic defeat and a change of course towards real ownership: “Instead of overgrading banks and blocking the creation of property, politics must finally devote itself to the problems of exploding construction costs and housing shortage. Ownership must be possible again – and not with regulatory intentions!”

In conclusion, Fuchs made it clear: “If you really want to live, you have to be on the side of the people-not on the side of the decoration and overbureaucratization. Property is not a luxury goods, but the social reinsurance of the middle-and this is exactly what the loser government is again in the lift!”