BUDAPEST, Aug 1 (Reuters) - Hungary's government aims to reach a deal with banks on a new scheme to help foreign currency mortgage holders but if there is no agreement it will submit legislation to parliament on its own, Economy Minister Mihaly Varga said late on Wednesday.
Varga told commercial television TV2 that the foreign currency mortgages were a 'bad product' which had to be phased out from the market. Varga held talks with the Bank Association earlier on Wednesday.
'If we agree with the Bank Association then we will (submit) a compromise proposal (to parliament) but if we can't reach an agreement, then we will have to submit a proposal on our own to parliament in the autumn,' Varga told TV2.
(Reporting by Krisztina Than) Keywords: HUNGARY BANKS/FXLOANS MINISTER
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