Unfortunately, it has been observed, the workaround I posted earlier is insufficient for IE users (and perhaps for other browser users too).
The workaround I posted earlier is sufficient for users of Thunderbird downloading Hotmail to the Thunderbird mail client.
The workaround posted earlier is needed by IE users but they also need another exception in the Standard Shield to avoid scanning the Temporary Internet folder for IE. I am reluctant to try to post how to do that since the folder name is dependent on the user name of each system: the opportunities for error are significant and it increases the risk of exposure to real problems.
Reluctantly, I would suggest that any user really needing to get to their Hotmail (before the avast team come up with a new VPS file) should pause the Webshield and the Standard Shield before accessing their Hotmail.
Please, please remember to continue the Webshield and the Standard Shield when you have finished accessing your Hotmail.