The rebates reached HUF 32 bln for clients with FX mortgage loans and HUF 27 bln for clients with FX car loans with rebates averaging HUF 1.45 mln and HUF 300,000 per client for the mortgages and car loans, respectively. Budapest Bank made HUF 48.5bn in provisions for the rebates last year.
Borrowers relief legislation requires lenders to compensate retail clients for using exchange rate margins when calculating repayments on FX loans, once the most popular household lending product in Hungary, and for making unilateral changes to contracts.
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