Rogán: Banks must settle by end of Feb 2015
Banks in Hungary must settle with borrowers by the end of February in the case ofcontracts that the courts have deemed unfair, Fidesz’s group leader said. Repayments on forex loans are expected to drop by 25-30%, the ruling party’s Antal Rogán told a news conference.
As part of the forex loan compensation law, a moratorium on raising rates or fees will be introduced until April 30, 2016, he said. Rogán said the bill would be submitted to parliament on Friday and the vote held on Sept 24.
The 400 lenders affected will have to calculate the compensation for all foreign currency and forint loans taken out by some 1.3 million households. This will involve around 680,000 FX loan contracts and 650,000 forint ones, he added.
The refunds will first be calculated for forex loans, he said, with various deadlines set for the settlement before the end of February. According to a central bank estimate, the compensation will cost banks a combined EUR 3 billion. The central bank will determine the formula to be used by banks for the calculation of refunds, Rogán said.
Hungary Gasoline Prices 3% Over Regional Avg
Hungary to Address Future of Cohesion Policy During EU Presi...
Cordia’s Marina City Project Begins
Budapest Airport Wins 'Best Airport in Eastern Europe' for 1...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
