An exchange rate cap scheme designed to assist borrowers with foreign currency-denominated loans attracted 857 new participants in September, just a fraction of the number who joined the scheme in the months after its launch in the spring of 2012.Under the scheme, borrowers’ repayments are based on the exchange rate cap until maturity or for a period of five years. The difference between the rate and market rates is placed on a technical account for repayment later. The number of new contracts fell below 9,000 a month in February after varying between 12,000 and 18,000 between May 2012 and January of this year. The NBH data show the number of contracts signed to join the scheme between April 2012 and September 2013 came to 165,564. Including contracts signed under an earlier such programme, the exchange rate cap contracts came to 171,276. The number of contracts signed each month ranged between 12,000 and 18,000 until last February, when it slipped under 9,000. The value of participants’ loans came to HUF 1,335.1bn at the end of September. Stock of the technical accounts came to HUF 10.9bn. The NBH said earlier that more than half of eligible borrowers have joined the scheme. Cheap, Swiss franc-based loans were once the most popular retail lending product in Hungary, until the weaker forint caused repayments to grow, pushing many households close to default.