MNB Fines Lenders for Early Repayment Compliance Shortfalls
Image by posztos / Shutterstock.com
The National Bank of Hungary (MNB) has fined four lenders a combined HUF 27 million for failure to fully comply with rules on early repayments by retail borrowers, the central bank and market watchdog said on Monday, according to a report by state news wire MTI.
Erste Bank Hungary, MBH Bank, Takarékbank and Takarék Mortgage Bank were fined for the violations because of the scale of their client numbers and "significant problems" in a review of practices related to early repayment of retail credit.
MNB scrutinized 16 lenders in the targeted probe and found just two of them were in full compliance with rules such as one requiring banks to respond to requests regarding early repayment within five work days.
Government Acknowledges Drop in Motor Fuel Prices
EU Affairs Ministry, AmCham Sign Strategic Partnership Deal
The Makings of the Future Smart Electricity Network
Aldi Opening Biggest Store in Budapest
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.
