Government approves bill on settlement of bank refunds

History

The government has approved a bill on how banks are to settle compensation to borrowers, government spokesperson Éva Kurucz said in a statement after a cabinet meeting today, Hungarian news agency MTI reported.

The cabinet is starting talks with the parliamentary group of governing Fidesz on the matter immediately, Kurucz said.

Details on the bill will be revealed after a meeting of the Fidesz-KDNP parliamentary group in Tapolca, by the end of the week, she said.

The MPs' meeting started on Wednesday.

Under borrowers' relief legislation approved in the summer, banks must refund clients for using exchange rate margins to calculate repayments on foreign currency-denominated loans and for making unilateral changes to both FX and forint loan contracts.

Speaking at a press conference in Tapolca on Wednesday, Fidesz parliamentary group leader Antal Rogán said the settlement of the refunds would be the main theme of discussion at the meeting of MPs.

"Everybody will get back what [lenders] unfairly took from them," he said.

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